Career Development

What Does an Accounts Payable Coordinator Do?

Find out what an accounts payable coordinator does, how to get this job, and what it takes to succeed as an accounts payable coordinator.

The role of an accounts payable coordinator is one that requires a great deal of attention to detail. They are responsible for managing the flow of information between vendors and their company, ensuring that all payments are made on time and in full.

Accounts payable coordinators may also be tasked with reviewing purchase orders or other documents related to vendor requests. This helps them ensure that vendors receive the correct materials and services from their company.

Accounts Payable Coordinator Job Duties

Accounts payable coordinators have a wide range of responsibilities, which can include:

  • Reconciling accounts payable records against bank statements or other financial records to ensure that payments were applied correctly
  • Reviewing invoices to ensure that they are complete and accurate
  • Working with vendors to ensure that their accounts are paid on time
  • Posting journal entries to adjust account balances when necessary
  • Coordinating the payment of invoices with vendors, ensuring that they are paid on time
  • Providing reports of account balances to management as needed
  • Reviewing purchase orders to ensure that they are in compliance with company policies
  • Preparing checks for payment or transmitting electronic payments via ACH to vendors
  • Preparing journal entries to record payments received from customers

Accounts Payable Coordinator Salary & Outlook

Accounts payable coordinators’ salaries vary depending on their level of education and experience, the size of the company and the geographic location of the job.

  • Median Annual Salary: $44,500 ($21.39/hour)
  • Top 10% Annual Salary: $67,500 ($32.45/hour)

The employment of accounts payable coordinators is expected to decline over the next decade.

Organizations are increasingly using automation and software to process invoices and pay bills. This will limit the need for accounts payable coordinators, who often oversee these processes. Organizations also are moving toward electronic payments, which will further reduce the need for these workers.

Related: In-Depth Accounts Payable Coordinator Salary Guide

Accounts Payable Coordinator Job Requirements

The following are some of the requirements that are often needed to become an accounts payable coordinator:

Education: Accounts payable coordinators are typically required to have a minimum of a high school diploma or GED. Some employers prefer candidates who have a bachelor’s degree in accounting or a related field. Relevant coursework includes accounting, business law, finance and economics.

Training & Experience: Accounts payable coordinators typically receive on-the-job training to learn the specific processes and procedures of their role. Training may last for a few weeks to a month, depending on the company and the role’s responsibilities. Accounts payable coordinators who transfer to a new company may need to complete additional training to learn the specific processes and procedures of their new role.

Certifications & Licenses: There are several certification programs accounts payable coordinators may consider. Certifications allow you to prove your skills and qualifications to current and potential employers. Accounts payable coordinators can also earn certifications to gain additional knowledge about their responsibilities and further their career advancement opportunities.

Accounts Payable Coordinator Skills

Accounts payable coordinators need the following skills in order to be successful:

Communication: Communication is an essential skill for an accounts payable coordinator. You might communicate with vendors, suppliers and other members of your team on a daily basis. You should be able to communicate clearly and concisely to ensure everyone understands your message. You should also be able to communicate in a friendly and professional manner to build positive relationships with others.

Organization: As an accounts payable coordinator, you may be responsible for managing multiple tasks at once. Organization skills can help you prioritize your work and stay on top of deadlines. Organization skills can also help you keep track of important documents and records.

Attention to detail: Attention to detail is a crucial skill for an accounts payable coordinator, as they are responsible for ensuring that invoices are processed correctly and that the company receives the correct products or services. Attention to detail can also help an accounts payable coordinator identify errors in invoices or payments, which can help them save the company money.

Knowledge of accounting software: A knowledge of accounting software can help you understand the data you receive from the accounting department and help you prepare reports for the company’s management. Accounts payable coordinators often use accounting software to record and track invoices, payments and other financial data. Having a basic understanding of accounting software can help you work with the accounting department and other departments in the company.

Ability to work under pressure: Working under pressure means that you can perform your duties with a sense of urgency when necessary. This is an important skill for an accounts payable coordinator because they often work with tight deadlines. For example, if a company’s bank account is low, the accounts payable coordinator may need to work with suppliers to ensure that the company receives their payments on time.

Accounts Payable Coordinator Work Environment

The Accounts Payable Coordinator works in an office environment during regular business hours, Monday through Friday. The job may require some overtime during busy periods. The work is sedentary, meaning that the Accounts Payable Coordinator sits at a desk most of the day, working on a computer. The job is often stressful because of the need to meet deadlines.

Accounts Payable Coordinator Trends

Here are three trends influencing how Accounts Payable Coordinators work. Accounts Payable Coordinators will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

The Growth of the Gig Economy

The gig economy is growing rapidly, as more and more people are turning to freelance work as a way to make ends meet. This trend is having a significant impact on the accounting profession, as businesses are increasingly looking for professionals who can handle accounts payable duties on a freelance basis.

Accounts payable coordinators can capitalize on this trend by becoming experts in managing payments and invoices. They can also develop strong relationships with freelancers and help them get paid quickly and efficiently.

More Focus on Vendor Management

As businesses become more complex, they are placing increased emphasis on vendor management. This means that accounts payable coordinators will need to have strong skills in negotiating contracts, managing payments, and overseeing vendors.

In order to be successful in this field, accounts payable coordinators will need to be able to manage multiple tasks simultaneously and stay up-to-date on the latest industry trends. They will also need to be able to communicate effectively with both internal and external stakeholders.

Greater Use of Technology

Technology is playing an ever-increasing role in business operations, and this is especially true for accounts payable departments. With the advent of electronic payment systems, accounts payable coordinators no longer need to physically sign checks or write out receipts. Instead, they can simply enter information into a computer and send it to the bank.

This shift towards technology has led to an increased demand for accounts payable coordinators who are comfortable using computers and software. In order to be successful in this field, accounts payable coordinators will need to be able to use technology to streamline their work and improve efficiency.

How to Become an Accounts Payable Coordinator

When starting your career as an Accounts Payable Coordinator, it’s important to consider the company you want to work for. Do they have a culture that supports growth and learning? Are they known for their excellent customer service? What is the turnover rate of employees in this department?

It’s also important to think about what you want to get out of this job. Do you want to be part of a team that works together to solve problems? Do you want to learn new skills and develop your career path? Do you want to be able to see the results of your hard work immediately?

Once you’ve answered these questions, you can start looking for jobs that match your needs and wants.

Additionally, make sure you are prepared for the interview process. Research the company and prepare answers to common interview questions. Practice your interviewing skills with a friend or family member so that you feel confident when you walk into the interview room.

Related: How to Write an Accounts Payable Coordinator Resume

Advancement Prospects

The accounts payable coordinator is responsible for the accurate and timely processing of invoices and payments. This position reports to the controller or accounting manager.

As the accounts payable coordinator gains experience, he or she may be promoted to accounts payable manager. In this role, the coordinator would be responsible for supervising the accounts payable staff and ensuring that all invoices are processed correctly and in a timely manner. The accounts payable manager may also be responsible for developing and implementing policies and procedures for the accounts payable department.

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