How to Become an Accounts Payable Analyst
Step 1: Understand the job description and responsibilities of an Accounts Payable Analyst
What does an Accounts Payable Analyst do?
AN Accounts Payable Analyst analyzes accounts payable transactions to ensure compliance with internal controls and accounting policies. Maintains and reconciles accounts payable ledger to validate charges and ensure accurate and timely payments. Being an Accounts Payable Analyst utilizes AP data to identify trends, inefficiencies, and opportunities for improvements or cost savings. Analyzes and reports buying patterns, performance indicators, and financial metrics and relays conclusions to management. Additionally, Accounts Payable Analyst communicates with vendors as needed and investigates and resolves discrepancies in billings and payments. Collaborates with adjacent departments to streamline processes and recommends improvements to accounts payable policies and procedures. May be responsible for processing payments and responding to vendor inquiries. Requires a bachelor's degree. Typically reports to a manager. The Accounts Payable Analyst occasionally directed in several aspects of the work. Gaining exposure to some of the complex tasks within the job function. To be an Accounts Payable Analyst typically requires 2-4 years of related experience.
An accounts payable analyst reviews and analyzes an organization's invoices and expenses, making certain that they’re for goods or services actually contracted for and received.
As with most administrative jobs related to finance, an AP analyst must be detail-oriented and capable of routinely performing repetitive tasks with a high degree of accuracy.
Although many organizations hire AP analysts with a high school diploma, some prefer candidates with a bachelor’s degree.
An AP analyst is generally not an entry-level position; most employers prefer that candidates for the position have previous experience in a finance, auditing or accounting department.
In addition, while AP analysts are not accountants, they are expected to have a basic understanding of bookkeeping principles, and relevant federal and state policies, procedures and regulations.
Step 2: Learn best tips to become an Accounts Payable Analyst
Best tips for those who want to become an Accounts Payable Analyst
Here are some tips to become an Accounts Payable Analyst.
Step 3: View best colleges and universities for Accounts Payable Analyst
Best colleges and universities for Accounts Payable Analyst
- Florida Southern College
- Colby College
- Dartmouth College
- University of Notre Dame
- Western Washington University
- Canisius College
Step 4: Think about whether is it worth to be an Accounts Payable Analyst
Is being an Accounts Payable Analyst Worth it?
1 year of accounts payable or related accounting experience in Share Service Center environment preferred.
The successful candidate will come with a complete understanding of the accounts payable cycle and must be able to work simultaneously on several fast-growth, start-up companies in a number of different industries.
Ensure all accounts payable policies and procedures are adhered to including travel and related vendor approval and invoice processing.
Manager, Billing & Accounts ReceivableManager, Billing & Accounts ReceivableLifeLabs Medical Laboratory ServicesToronto, Ontario, Canada1 month ago.
Accounts Payable Clerk jobs in Toronto, ONAccounts Payable Clerk jobs in Toronto, ON12 open jobs.
Step 5: Prepare relevant skills for being an Accounts Payable Analyst
What skills do you need to be an Accounts Payable Analyst?
When looking into a role like this one, you need to take account of your skills and abilities. The ability to succeed in this role depends upon the possession of the following skills: Accounts Payable, Data Entry-Keyboarding, Financial Statements, Invoice Management, Invoice Verification, Payment Posting, Payment Processing, GAAP Standards. Although not always necessary, a grasp of these skills can help: AP Automation Software. During an interview, try to convey your knowledge of these skills.
The accounts payable analyst is required by the organization to promptly verify any of the forwarding expenditure accounts accrued to the organization and to ensure such report is accurate.
Proper vetting of receipt to the organization, as well as a number of other tasks, is what the accounts payable analyst is required to handle.
The accounts payable analyst is required by the employing organization to perform a number of duties, tasks, and responsibilities, which are outlined in the following job description sample.
Minimum of 3 years working experience on accounts payable analysis, including bachelor’s degree in any field relating to accounting, such as Finance.
Experience in Prevision Accounts payable processing.
Step 6: View average salary for Accounts Payable Analyst
How much does an Accounts Payable Analyst make?
The average salary range for an Accounts Payable Analyst is from $51,782 to $68,674. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Accounts Payable Analyst jobs
Step 7: Find relevant Accounts Payable Analyst jobs, and apply.
Looking for Accounts Payable Analyst jobs?
Here are some Accounts Payable Analyst jobs in the United States.