Accounts Payable Manager Job Description
Whether they work for a small firm or a global corporation, Accounts Payable Managers shoulder the primary responsibility for overseeing many of the accounting practices of their employer to ensure completion and accuracy. Accounts Payable Managers are looked upon by other employees for financial guidance and support and serve as a point of contact for all payable matters.
Responsible for managerial tasks, Accounts Payable Managers often supervise a team of accounting clerks. Accounts Payable Managers can find work in many different areas such as companies, banks and small businesses. Demand for Accounts Payable Managers is expected to increase 11 percent through 2024, the Bureau of Labor Statistics reports, with more than 14,000 job openings each year resulting from economic growth and the development of stricter laws and regulations in the financial sector.
Accounts Payable Manager Duties and Responsibilities
To accomplish their main goal of overseeing all accounting functions for a firm, Accounts Payable Managers perform various duties. We analyzed multiple job listings to identify these primary Accounts Payable Manager duties and responsibilities.
Prepare Financial Documents
Accounts Payable Mangers are responsible for preparing documents dealing with finances, reporting and budgets. They may have to prepare special reports with graphics or statistics. Knowledge of various accounting software programs is a must to automate the daily processes and save time.
Examination and Analysis of Data
A keen eye for detail and accuracy is important. Accounts Payable Managers must have the knowledge to competently, accurately and patiently examine financial records, processes and other related data. Companies and firms depend on the accuracy of Accounts Payable Managers to protect their bottom line.
Accounts Payable Managers’ teams are vital to their success, so experience in managing team members via work verification, relevant training sessions and ongoing support is paramount. An ability to motivate team members is essential. In some instances, Accounts Payable Managers may be responsible for hiring team members.
Negotiate with Vendors and Service Providers
Accounts Payable Managers need to act as skilled negotiators at times. They receive invoices from various vendors and service providers and sometimes find errors that need to be corrected. Other times, they may need to negotiate different terms of payment. Whatever the issue, Accounts Payable Managers have to be able to deal with others in a tactful and effective manner.
Accounts Payable Manager Skills
Successful Accounts Payable Managers must possess excellent organizational skills as well as an ability to think analytically. They have attention to detail and an eye for accuracy in all facets of their job. They are able to manage themselves as well as an accounts-payable team. In addition to these general skills and personality traits, employers are looking for Accounts Payable Manager candidates who have the following skills and abilities:
- Managing a team of accounting employees including recruiting, hiring, and monitoring daily workflow
- Overseeing all Accounts Payable processes from petty cash to expense reports to account reconciliation
- Negotiating with vendors to receive better terms and discounts to increase company profit and avoid unnecessary finance charges
- Automating any manual accounting and financial reporting or analysis with accounting software
- Acting as a liaison for the accounting department in order to solve accounts payable disputes
- Completing month-end closing reviews, procedures and corrections as needed.
- Matching purchase orders to invoices and reviewing all invoices for accuracy before authorizing payments
Tools of the trade: Accounts Payable Managers utilize various tools in their daily work. If your goal is to become an Accounts Payable Manager, you should be skilled in using the following:
- Accounting Software – Experience with and knowledge of the main types of accounting software helps automate accounting processes
- Accounting Manuals – Knowing how to use various accounting manuals, which detail policies and procedures, to find and interpret information is vital
- Office Machinery – Accounts Payable Managers must be proficient in using all different types of office equipment such as laser printers, copy machines, 10-key calculators, fax machines and basic computer operation and troubleshooting
- Office Suite Software– Familiarity and proficiency in the full-suite of office software applications, such as Excel, is helpful.
Accounts Payable Manager Education and Training
According to our analysis of online job postings, employers are seeking Accounts Payable Manager candidates who have at least a bachelor’s degree in accounting or another related field. Some employers may prefer candidates who possess a master’s degree in accounting or business administration with a substantial number of hours in accounting. Accounting or business administration students can gain real-world experience via part-time or summer internships with accounting or business firms in their area.
Accounts Payable Manager Salary
The median annual salary for Accounts Payable Managers, categorized by the BLS as Accountants and Auditors, is approximately $68,000. Accounts Payable Managers in the 10th percentile earn about $42,000 annually, while the highest paid make in excess of $120,000 per year. Accounts Payable Mangers in New York, D.C. and New Jersey earn the highest mean hourly rate in the U.S. – $93,280, $93,210 and $88, 940, respectively.
Accounts Payable Manager Resources
We checked the Web to find the top industry resources to aid you in your exploration of a career as an Accounts Payable Manager. From relevant books to industry groups, this list offers opportunities to learn and connect.
The American Accounting Association – Founded in 1916 and considered as a thought leader in accounting, the AAA is noted for its opportunities for collaboration and innovation among its members.
The Association of International Accountants – The AIA’s first and foremost mission is to create “world-class accountants.” They offer a range of membership levels for new graduates to seasoned accountants.
Accounting Best Practices Podcast – Available on iTunes or Google Play, this podcast covers everything from accounting technology to investor relations.
The Bean Counter Podcast – If your goal is to meet with success in your accounting career, this podcast is for you. Whether you’re looking for tips from experienced accountants or you need some resume guidance to land your first job, The Bean Counter has you covered.
Accounting Best Practices by Steven M. Bragg – This book is for accounting managers who want to improve the efficiency and accuracy of their accounting department.
Accounts Payable Manager Resume Help
Explore these related job titles from our database of hundreds of thousands of expert-approved resume samples: