Accounts Payable Specialist

Become an Accounts Payable Specialist

Accounts Payable (AP) Specialists perform a vital function in today's organizations by making sure their bills and commitments are paid on time, accurately, and completely. This 100% online course will teach you the concepts, requirements and procedures for handling accounts payable. By course completion, you will be fully prepared to pass the Accounts Payable Specialist (APS) certification, offered by the Institute of Finance & Management (IOFM).

Job Outlook for Accounts Payable Specialists

According to PayScale.com, accounts payable specialists earn between $15 and $24 per hour, depending on experience and industry. Including common bonus and profit-sharing programs, annual incomes range from $31,715 - $53,847 for accounts payable specialists.

Indeed.com notes that nearly every organization incurs accounts payable and most require specialists to organize and manage their accounts payable processes. The US Bureau of Labor Statistics (BLS) indicates that there are almost two million accounting and bookkeeping specialists in the labor force, so the overall demand for well-trained professionals is significant.

Because many organizations manage their accounting online, accounts payable specialists have strong opportunities for remote, work-from-home, contract and temporary opportunities.

Accounts Payable Specialist FAQs

What do accounts payable specialists do?

When companies purchase goods, services or commodities online, they incur obligations to repay their vendors and providers under specific circumstances. Those obligations are recorded as "accounts payable." Organizing, managing and repaying those accounts receivable keeps an organization on good terms with its creditors and may influence its ability to borrow. Accounts payable specialists may also participate in the organization's cash management procedures.

Is certification required for an accounts payable specialist?

Certification marks an employee or job prospect as one who values and practices high professional standards. While formal degrees may be helpful for accounting and bookkeeping positions, excellent certifications signal a candidate's capability, often at a much lower cost.

Is IOFM certification valuable?

IOFM AP certifications including the APS are considered the gold standard for practical accounting and bookkeeping jobs. Holders of the APS certification are recognized for their accuracy, timeliness and attention to detail in accounts payable processing.

What job titles are associated with an accounts payable specialist?

Accounts Payable Specialists may also be known as Accounts Payable Clerks, Accounts Payable Managers, Accounts Payable Accountant, Director of Accounts Payable or many other titles.

Course Objectives

• Learn the foundations of accounts payable and its best practices, including internal controls and tax and regulatory matters
• Be able to identify process improvements in the accounts payable function
• Understand automation technology, its terminology, and how it impacts accounts payable
• Prepare to take and pass the Institute of Finance & Management's (IOFM) Accounts Payable Specialist (APS) certification exam

Prerequisites and Requirements

There are no prerequisites to take this course. However, to be eligible for the APS certification exam, you must meet the following requirements:

• No degree = 3 years of AP experience
• 2-year degree = 2 years of AP experience
• 4-year degree = 1 years of AP experience

Curriculum

Introduction

Course objectives, expectations and outcomes

Overview

The role and impact of accounts payable; overview of AP business models

Internal Controls

What are internal controls and why do they matter?; types of internal controls, legislation, and best practices

Tax and Regulatory

Reporting income; blocked and denied parties, other federal regulations including Value Added Tax (VAT), Goods and Services Tax (GST) and Consumption Tax (CT)

Vendor Master File

Vendor master files basics; vendor verification and setup conventions

Invoices

Invoice fundamentals, including receiving, prepping, and entering invoices; invoice matching and approvals

Payments

Paper checks, electronic payments, and card payments

Travel and Entertainment (T&E)

Understanding T&E policies and regulations; policy enforcement and expense auditing

Technology and Automation

Solution types and functions, and security; overcoming resistance to change

Instructors

Pam Miller

Pam Miller, Senior Trainer, IOFM, was the first candidate to earn AP certification as an Accredited Payables Manager (APM) with distinction. Her professional background includes 15 years as Director of AP at BMC Select. She is recognized in the accounts payable industry as an innovator and an early adopter of AP related technologies. Before working in AP, she spent six years in the IT industry, implementing point of sale software.

Judy Bicking

Judy Bicking, APM, is a Senior Trainer for IOFM and a 27-year veteran of Johnson & Johnson. She is a recognized pioneer and leader in Procure-to-Pay and Credit Management. After a career in AR and AP management, Judy leads the development and implementation of J∓J's two Shared Service Centers, located in the U.S and Europe. These shared services handle over 2.5 million invoices across 200 decentralized companies.