WHAT IS AN ACCOUNTS PAYABLE INTERN JOB?
An accounts payable intern job is a position within a company where individuals gain practical experience and develop skills related to managing and processing financial transactions. As an intern, you will work closely with the accounts payable team and assist in various tasks such as verifying invoices, reconciling accounts, and ensuring timely payments to vendors. This role provides an opportunity to learn about the financial operations of an organization and gain hands-on experience in the field of accounting.
WHAT USUALLY DO IN THIS POSITION?
In an accounts payable intern job, you will be responsible for a range of tasks related to financial transactions and vendor management. Some of the common responsibilities include:
1. Invoice verification: Reviewing invoices received from vendors to ensure accuracy and compliance with company policies.
2. Data entry: Entering invoice details into the accounting system and maintaining proper documentation.
3. Reconciliation: Matching invoices with purchase orders and receipts to ensure consistency and resolve any discrepancies.
4. Payment processing: Assisting in the preparation of payment batches and ensuring timely payments to vendors.
5. Vendor communication: Interacting with vendors to resolve payment-related inquiries and maintaining positive relationships.
6. Record keeping: Maintaining organized records of invoices, payments, and other financial documents.
7. Financial analysis: Assisting in analyzing accounts payable data and generating reports for management review.
TOP 5 SKILLS FOR THIS POSITION:
To excel in an accounts payable intern job, certain skills are crucial. Here are the top five skills that can enhance your performance in this role:
1. Attention to detail: Accuracy is paramount in accounts payable, as even minor errors can have significant financial implications. Paying close attention to details ensures the integrity of financial records.
2. Organizational skills: Managing multiple invoices, payments, and documents requires strong organizational skills to stay on top of deadlines and maintain proper records.
3. Analytical skills: Being able to analyze financial data, identify trends, and spot discrepancies is essential for effective decision-making and problem-solving.
4. Communication skills: Clear and effective communication is necessary when interacting with vendors, colleagues, and other stakeholders to resolve payment-related issues and maintain positive relationships.
5. Proficiency in accounting software: Familiarity with accounting software such as QuickBooks, SAP, or Oracle can significantly enhance your efficiency in managing accounts payable tasks.
HOW TO BECOME THIS TYPE OF SPECIALIST?
To become a specialist in accounts payable, you can follow these steps:
1. Obtain relevant education: Pursue a degree in accounting, finance, or a related field to gain a solid foundation in financial principles and practices.
2. Gain practical experience: Apply for internships or entry-level positions in accounts payable to gain hands-on experience and develop an understanding of the processes involved.
3. Develop technical skills: Familiarize yourself with accounting software and tools commonly used in accounts payable to enhance your efficiency and productivity.
4. Seek professional certifications: Consider obtaining certifications such as Certified Accounts Payable Associate (CAPA) or Certified Accounts Payable Professional (CAPP) to demonstrate your expertise and enhance your credibility.
5. Continuously learn and adapt: Stay updated with the latest industry trends, regulations, and best practices through professional development courses and networking opportunities.
6. Showcase your skills and experience: Build a strong resume highlighting your relevant skills, internships, and achievements in accounts payable. Leverage online platforms like LinkedIn to showcase your expertise and connect with professionals in the field.
AVERAGE SALARY
The average salary for an accounts payable specialist varies depending on factors such as location, experience, and the size of the organization. According to the Bureau of Labor Statistics, the median annual wage for bookkeeping, accounting, and auditing clerks, which includes accounts payable specialists, was $42,410 as of May 2020. However, it is important to note that salaries can differ significantly based on individual qualifications and the specific industry in which you work.
ROLES AND TYPES
Accounts payable specialists can work in various industries and organizations, including small businesses, corporations, government agencies, and non-profit organizations. They play a vital role in ensuring the smooth flow of financial operations by managing and processing payments to vendors. Some common job titles in this field include:
1. Accounts payable clerk
2. Accounts payable coordinator
3. Accounts payable analyst
4. Accounts payable supervisor
5. Accounts payable manager
While the core responsibilities remain similar, the level of seniority and scope of duties may vary depending on the specific role and organization.
LOCATIONS WITH THE MOST POPULAR JOBS IN USA
Accounts payable intern jobs are available across the United States; however, certain locations have a higher concentration of opportunities. Some of the cities known for their thriving job markets in this field include:
1. New York City, New York
2. Chicago, Illinois
3. Houston, Texas
4. Los Angeles, California
5. Atlanta, Georgia
These cities are home to numerous businesses and organizations, offering a wide range of opportunities for aspiring accounts payable professionals.
WHAT ARE THE TYPICAL TOOLS?
Accounts payable specialists utilize various tools and software to streamline their work processes and enhance efficiency. Some of the typical tools used in this role include:
1. Accounting software: Popular accounting software like QuickBooks, SAP, Oracle, or Xero is commonly used to manage and track accounts payable transactions.
2. Spreadsheet software: Programs like Microsoft Excel or Google Sheets are utilized for data entry, analysis, and generating reports.
3. Optical Character Recognition (OCR) software: OCR software helps in scanning and extracting data from physical or digital invoices, saving time and reducing manual data entry errors.
4. Document management systems: These systems assist in organizing and storing invoices, receipts, and other financial documents electronically, ensuring easy retrieval and enhanced record-keeping.
5. Electronic payment platforms: Online payment platforms such as PayPal, Stripe, or ACH systems are utilized for secure and efficient payment processing.
IN CONCLUSION
An accounts payable intern job serves as a valuable stepping stone for individuals aspiring to build a career in accounting and finance. It offers hands-on experience in managing financial transactions, developing essential skills, and understanding the intricacies of accounts payable processes. By gaining practical experience, honing relevant skills, and staying updated with industry trends, you can pave the way for a successful career as an accounts payable specialist.