Career Path to become Accounts Payable Manager
Role / Profile
Who can become ?
An Accounts Payable Manager is a professional who is responsible for handling an organisation’s accounts payable processes, which are the transaction between the company and the vendors, creditors or suppliers. He/she is also associated with the task of overseeing the staff and processes which involves the payments of invoices, accuracy of the entire payment process and communication with the vendors or buyers.
What are the roles and responsibilities of an accounts payable manager?
The basic role of an accounts payable manager is to handle all accounts payable processes of an organisation. Some of the common roles associated with an accounts payable manager are:
• Managing the accounts payable activities, including customer vendor relations and related areas.
• Handling the accounting functions related to payable accounts processes, ensuring its accuracy and timeliness.
• Develop and implement policies regarding accounts payable processes that are in adherence to the company guidelines and industry standards.
• Acting as a liaison between the organisation and the vendors to ensure that there are proper communication and flow of information.
• Creating and maintaining reports of transactions, keeping a monthly record of financials and ensuring its accuracy.
• Managing the team efficiently and providing training to the member whenever required. Hiring staff and make recommendations as per performance.
What are the skills associated with accounts payable?
If you want a successful career in Accounts Payable, the following skills are required:
• In-depth knowledge of principles, practices, regulations and procedures of accounts payable.
• Basic data processing and analysis techniques.
• Advanced knowledge of preparing and managing financial accounts and records.
• High-level communication, public relations, and interpersonal skills.
• Working knowledge of common tools/software like MS Excel, Tally, etc.
What are the career outcomes with an experience in accounts payable?
With the right amount of experience and a certification in accounting, you can expect the following career growth graph:
• Financial Controller
• VP – Finance/Director of Finance
• Chief Financial Officer
What is the average salary of an accounts payable manager?
The average salary of an accounts payable manager is approximately ₹ 6.1 Lacs per annum and with experience or a certification, one can increase their earning potential. Generally, certified professionals have a better career growth as compared to non-certified professionals.
What are the advantages of becoming an accounts payable manager?
Accounts payable manager has to handle all responsibilities related to payable accounts processes. Some of the advantages of becoming one are:
• As an accounts payable manager, you will be involved in decision-making processes which will help in getting a wealth of experience.
• The position of an accounts payable manager will help in your career progression as it can open up a wealth of opportunities.
• You will get to connect with a lot of different vendors and suppliers, which will help you to improve your communication skills.
• Accounts Payable Associates
• Finance Executives
• Accountants/Accounting Officer
• Process Analyst/Financial Analyst
Who can become an accounts payable manager?
• Non-experienced professionals – If you do not have the experience in the field, it is difficult to get interviews for an accounts payable manager. To improve your chances, you can go for a certification course.
• Experienced professionals – When you have the necessary experience and skills, it is always easy to get the job you are looking for. With the right knowledge of accounts payable process, you can have easy chances of getting opportunities in the field.
Naukri Learning offers various online accounting and finance courses which you will help you to enhance your career, get better job opportunities and a higher pay package.
What are the eligibility criteria for an accounts payable manager position?
There are no fixed eligibility criteria for an accounts payable manager position but some amount of experience in the field is required. Most of the accounts payable managers have a degree in statistics, finance or mathematics. You can also improve your chances of getting a job in the profile with the help of a professional training course.
Why are candidates going for an accounts payable manager profile?
Many professionals look for opportunities as an accounts payable manager as it offers good career growth. Some of the prominent reasons are:
• Accounts Payable Associates – For accounts payable associates, being a manager is a step up in their career. Also, there will be a considerable increase in the salary and the position, leading to further career growth.
• Finance Executives – Most professionals in the finance industry start their career as finance executives and the normal career graph is slow. These professionals can go for a certification course and work as accounts payable manager. The average salary of accounts payable manager is higher than that of finance executives.
• Accountants/Accounting Officer – The job of an accountant or accounting officer often gets monotonous and has a defined career path, with a lot of competition. This is why candidates who want to have a challenging career and have the hunger to grow, can acquire skills and become an accounts payable manager. The average salary is also relatively higher.
Recruiters usually look for the following areas while hiring accounts payable managers:
• Prior experience – Any prior experience in accounting or finance is going to give you an advantage. It is also great if you can have any transferable skills like communication and vendor relations.
Enrol in a professional certification course if you do not have the requisite experience.
• Key Skills – vendor relations, accounts payable, Tally, taxation, bank reconciliation, accounting and communication.
What are the top recruiters that hire accounts payable managers?
There are a number of big companies across industries which require experienced accounts payable managers. Some of these are Genpact, Accenture, Ernst & Young, Deloitte, TCS and JP Morgan.