what is an accounts payable clerk?
As an accounts payable clerk, you perform various administrative, clerical and accounting tasks associated with the accounts payable process. These duties include tracking and recording purchase orders, handling payments, and processing and verifying invoices. Your day-to-day work also includes paying vendors, disbursing petty cash, and issuing stop payments or purchase order amendments. You also handle sales tax reporting for your organization.
An accounts payable clerk supervises existing company accounts and incoming and outgoing payments. You work in compliance with the policies and procedures of the company to perform financial transactions, prepare bills and issue bank deposits. Not only do you follow the company's procedures and policies, but you also ensure the organization complies with the legislation and accounting rules of the International Financial Recording Standards (IFRS).
As an accounts payable clerk, you play a vital role in keeping track of incoming and outgoing expenses. You organize data in a way that makes it easy to find and track information. Your job also involves reconciling entries to balance books, which you do by maintaining accounting ledgers and posting transactions on accounts. You compare system reports to balances, as even the smallest error can lead to big problems later down the road.
Would working as an accounts payable clerk suit your math skills and attentiveness to details? Then read on to find out what competencies and qualifications you need to thrive in an accounts payable clerk role.
view jobsaverage accounts payable clerk salary
According to Job Bank, accounts payable clerks take home an average salary of $45,000 per year. The average hourly rate is $23.08. In an entry-level position, you start with a salary of $37,249 annually. When you have extensive experience, you can make up to $55,000 per year as an accounts payable clerk.
how to increase your salary as an accounts payable clerk
Your earnings as an accounts payable clerk depend on the complexity of your tasks. When you are new to the role, you likely handle basic data entry tasks, which attracts a lower hourly rate. As you improve your experience, your tasks become more complex, so you attract a higher salary. Some employers pay accounts payable clerks an hourly rate, especially those working in temporary roles. However, you can increase your earnings by working overtime.
The size of the company also influences your earnings. When you work for a small company, you are likely to earn a lower salary. You handle fewer transactions and have minimal responsibilities. In large companies, you have additional responsibilities and handle many transactions. Large organizations also have more resources and can afford to pay higher salaries.
types of accounts payable clerks
Apart from accounts payable clerks, there are also accounts payable specialists. Their job is to make sure that the bills of a company are paid. Working alongside accounts payable clerks, these specialists create reports, record transactions and track expenses. It is important to note that, depending on your industry, your title may differ from that of an accounts payable clerk. For example, bookkeeping clerk, accounting clerk and auditing clerk are common titles.
working as an accounts payable clerk
If you're looking for a rewarding entry-level position in the accounting field, a job as an accounts payable clerk should be on your list. Let’s check out the specific duties, tasks and responsibilities of accounts payable clerks.
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what does an accounts payable clerk do?
As an accounts payable clerk, you have many daily duties and responsibilities. These include:
- processing invoices: as an accounts payable clerk, you are responsible for preparing and issuing documents related to bills and inventory reports. You also handle utility bills and process invoices for company supplies. You process and review invoices for accuracy before documenting them. Aside from checking discrepancies, you record them in the relevant accounts.
- processing payments for vendors and suppliers: as an accounts payable clerk, you ensure timely payments to suppliers. You organize payment schedules with accountants and execute secure, efficient payment methods. In some companies, you write cheques and deliver them to the suppliers.
- maintaining account ledgers: as an accounts payable clerk, you are in charge of accounts payable recordkeeping. Your job is to verify and reconcile transactions. You review the company’s purchase orders, invoices and bank statements, ensuring all transactions are properly recorded in the computerized accounting systems. It is important to keep an organized database for payment information, invoices and supporting documents for purchases.
- managing vendors: since you work closely with vendors and suppliers, your duties involve managing vendor accounts. Your duties include negotiating payment terms and discounts. You also resolve any conflicts that arise and build lasting relationships with suppliers. When you build a strong relationship with a vendor, it makes it easier for you to resolve issues, such as discrepancies or delays in processing invoices.
- compiling budget data and documents: as an accounts payable clerk, you perform basic data entry tasks. Some typical duties include compiling data for creating budgets and preparing cost statements or reports. You also maintain filing systems and record information in computerized accounting systems.
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work environment of an accounts payable clerk
As an accounts payable clerk, you work under the supervision of a supervisor or manager in an office environment. You spend much of your time in front of a computer, tracking and entering data into a spreadsheet. If you provide services for multiple firms, you often travel to different job sites during your workday. Some employers offer work-from-home or remote work opportunities for accounts payable clerks.
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who are your colleagues?
Depending on the company, you are likely to work in the accounting or finance department. That means you collaborate with accounts assistants, finance assistants and accountants. You will also work with administrative staff, including office managers, administrative assistants, data entry clerks and executive assistants.
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accounts payable clerk work schedule
An accounts payable clerk works regular office hours from Monday to Friday. However, you often work longer hours during the tax season, at the end of the fiscal year, and when performing monthly and yearly audits. This role is typically a full-time job, but part-time positions are also available.
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career opportunities as an accounts payable clerk
An accounts payable clerk job is a promising career choice with great growth opportunities. Between 2022 and 2031, 57,600 new accounting-related clerk jobs in Canada are expected to open, while only 51,000 job seekers will be available to fill these vacancies. That means there's a demand for accounts payable clerks. The role is also a good entry-level position for those seeking to join the accounting and finance fields.
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advantages of finding a job as an accounts payable clerk through randstad
Working with Randstad offers you a range of benefits:
- Always a contact person you can fall back on and ask for help from
- Many training opportunities
- A range of jobs in your area
accounts payable clerk skills and education
Some of the educational requirements for becoming an accounts payable clerk in Canada include:
- College course: while you can get an accounts payable clerk job with a secondary school education and work experience, a college course improves your career prospects. To improve your employment prospects, pursue a college course accredited by the Certified General Accountants of Canada (CGA-Canada) or the Canadian Bookkeepers Association (CBA). In some companies, you should be eligible for a bond, a type of insurance policy, to work as an accounts payable clerk.
- Work experience: you require clerical experience to work as an accounts payable clerk. You can gain experience through entry-level accounting positions. Some employers may provide on-the-job training.
competencies and characteristics of accounts payable clerks
Accounts payable clerks require the following skills and qualities:
- Computer skills: since you perform much of your accounts payable work on a computer, computer skills are a requirement for this position. Expect your day-to-day duties to include the use of spreadsheets and bookkeeping software. You also work with company-specific programs and systems.
- Communication skills: as an accounts payable clerk, it is vital that you develop strong communication skills. While you work alone often, you regularly communicate with employees and supervisors in your department and other areas of the company. You discuss financial reports and relay important information about company accounts clearly.
- Integrity and ethics: accounts payable clerks are privy to sensitive company information. As such, it's important that you maintain integrity and confidentiality when managing financial documentation. You also ensure that records are transparent and guard against any potential misuse of company funds.
FAQs about accounts payable clerk jobs
Here, you will find the answers to the most frequently asked questions about the profession of an accounts payable clerk.
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what are the key duties of an accounts payable clerk?
As an accounts payable clerk, you perform day-to-day financial transactions associated with processing payments. You are in charge of verifying and classifying bills in the company. You also process invoices from suppliers and check for accuracy by reviewing the items delivered to the company. Since you work closely with vendors, you ensure they receive timely payments by delivering the cheques to their business premises. Other duties include reconciling accounts payable ledgers and bank statements.
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how much do accounts payable clerks make in Canada?
As an accounts payable clerk, you take home an average salary of $45,000 annually. In an entry-level position, your salary is slightly lower due to your minimal experience. When you are new to the role, you earn $37,265 per year but can take home over $55,000 annually with extensive experience. Improve your earning potential by working for a large company and undertaking additional responsibilities.
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what is the difference between accounts receivable and accounts payable clerks?
As an accounts receivable clerk, you focus on customer payments and recording cash paid to the company. You work with customers to discuss discounts and remind them of payments. You also confirm the payments and issue receipts. On the other hand, as an accounts payable clerk, you handle the company's obligations to vendors and suppliers, including invoices and payments. You also ensure other bills and company expenses are documented and paid on time to avoid unnecessary shortages of raw materials.
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is being an accounts payable clerk hard?
Working as an accounts payable clerk involves data entry tasks and managing vendor accounts. While you have simple tasks, a high level of accuracy is expected. Minor mistakes during invoicing or payment processing can have extreme consequences. However, if you are attentive to details, you will maintain accurate accounts.
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is an accounts payable clerk a bookkeeper?
As an accounts payable clerk, your duties are similar to those of a bookkeeper, but you only focus on the expenses or accounts payable ledgers, whereas bookkeepers categorize financial transactions and prepare financial statements. Large companies often refer to bookkeepers as accounting clerks and hire specialized types of accounting clerks due to the large volume of transactions.
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how do I find a job as an accounts payable clerk?
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