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Accounting Sector

Accounts Payable Clerk

Introduction
job description
responsibilities and duties
Qualifications
Skills Required
Work environment and Schedule
salary in India
KRA & KPI
Conclusion
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Accounts Payable Clerk Job Description

Introduction

An Accounts Payable Clerk is a person who makes sure the company that they work for pays their invoices and bills on time, whether it be by reviewing them with a department head or following up with clients directly. An Account Payable clerk is required in various industries since it refers to debts or payments needed to be paid to creditors which is a part of all businesses. Their work involves reconciling and paying approved expenditures, performing administrative and clerical duties, monitoring and preparing payroll, as well as maintaining records of a company’s debts and payments made. Accounts payable clerks usually receive, open and log invoices, as well as get approval to pay invoices from superior officers such as heads of departments or Directors.

Job Description

The accounts payable clerk will be responsible for handling the company’s bills and managing its accounts payable ledger. In other words, the work of accounts payable clerks includes compiling and maintaining accounting records. Other tasks that the Account Payable Manager has to do include tasks such as, reconciling purchase orders, paying invoices by cash, checks or electronic payment methods, sorting and matching invoices and check requests, preparing and processing accounts payable wire transfers and other payments, preparing accounts analysis, resolving invoice discrepancies, maintaining vendor files, corresponding with vendors about issues or inquiries, producing monthly financial reports, assisting in month-end closing and calculation of salaries and benefits, data encoding of batch pay sheets, and helping in the distribution of paychecks.

Roles and Responsibilities

Qualifications

Eligibility
The Account Payable Clerk doesn’t need any special education other than good accounting skills, however, to get better work opportunities, The Account Payable clerk requires to have a Three year college degree with majoring in business, Marketing or finance preferred, such as a Bachelor of Commerce (B Com), Bachelor of Business Administration in Finance or accounting (BBA), Bachelor of Accounting and Finance (BAF) etc.  If you want to have a good chance of working in a reputed organisation, A master’s degree is recommendable, such as a Master of Commerce (M. Com) or MBA in Accounting or Finance, However, it is important that the Account Payable clerk possess at least two years of experience in the Marketing industry in a starting position.

Skills Required

Analytical skills

Analytical skills are very much important for an Account payable clerk in order to analyse the accounts to find out who owes the business money and the creditors whom the business owes. It is an important part of the job and a core task. 

communication and public speaking skills

They need to have good Interpersonal and Communication Skills in order to talk to people in the organisation such as the sales department, accounting department and other relevant departments. They also need to call creditors or debtors who owe money and then talk to them. They need to be polite with debtors and maintain good relations with them and good communication skills are required for it.

Math and Accounting Skills:

Math and Accounting skills are basic requirements for an Account Payable Clerk. They need to have good math and accountancy skills in order to analyse the account, call debtors, and ask them to return the money.

Work Environment and Schedule

Account Payable Clerks typically work with the Head Accountant or Accounting Manager in a shared office space. The Work timing is usual 9 to 5 but the timing can change depending on the organisation they are working in. The work is usually not very stressful however they may require to do overtime Depending on deadlines or staffing needs.

Salary in India

The Average Salary for a Accounts payable clerk in India can range somewhere between 3 Lakh to 6 lakh INR per annum. The Amount may vary through different banks, and cities depending on workflow and workload.

Key Result Areas to Deliver

  • Maintaining Accounting Records: One of the key aspects of the job is to maintain accounting records in a proper manner so that there are no errors in the accounting
  • Sending Bill Reminders to debtors: They need to remind debtors for payment of invoices by Sending Bill Reminders after the agreed time limit is finished so all the payments are done on time
  • Creating reports: The Account payable clerks need to create reports detailing accounts payables status so that the accountant or any other in charge can analyze them and take decisions accordingly

Key Performance Indicator

  • Minimising the Bad Debts: They need to contact the debtors who are late to pay their debts so that all the payments are done on time hence, Minimising Bad debts.
  • Net cash flow: Net cash flow is the amount of cash generated or lost over a period. The Cash Flow must never be negative.
  • Accounts without Mistakes: One of the signs of a good Account Payable Clerk is that the account that they manage is up to date with all the payments received and payments that are pending.

Conclusion

The work of an Accounts Payable manager is more of a stepping stone toward a better career option and the potential is also high. The is relatively less stressful but overtimes are a part of the job. The payment is also relatively good. Anyone with a passion for accounting, math and taking money decisions has a good scope of building a perfect career out of This Job role.

To get a Detailed Overview of the Accounting Sector, Click Here. 

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