Accounts Payable News^®

For many finance professionals, Accounts Payable is not the most obvious choice of career path, often being overlooked by the more glamorous finance and  accounting positions. These areas also often provide a clearer direction in terms of professional development and career progression. And yet, the role performed by Accounts Payable professionals is a vital one since the team is responsible for the management of a company’s accounts and financial transactions with suppliers, contractors, and sub-contractors.

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It’s true that some elements of the job can be repetitive, but Accounts Payable is a critical area of the business and the job carried out by individuals within that team can make a direct difference to a company’s bottom line. Indeed, an efficient and effective accounts payable professional has the ability to make significant savings for their company as well as to affect its reputation with suppliers and other creditors.

The combination of these factors can make it difficult to find the talented professionals needed for accounts payable roles. The nature of the job requires an Accounts Payable professional to be meticulous, analytical and reliable. It is also necessary to have strong communication and interpersonal skills, as there can be a considerable level of interaction with suppliers as well as coordination with other members of the accounting team and often with the rest of the business.

What’s more, in today’s fast-moving business environment, particularly in the area of technology which can have a big impact on AP, it also helps to have an AP team that is flexible and open and willing to take on and try new ideas.

Matching your personal tastes with your career
It’s also worth pointing out one of the less obvious benefits of a career in AP – and indeed of most careers in finance. Because almost every organisation, however large or small, has a need for an AP function, it is often possible to work within a sector that interests you outside of your own role. For example, if you prefer to work in a non-for-profit environment, an AP career within the charity sector may appeal, while someone with an interest in the arts may choose to work in the theatre, film world or a museum.

Qualifications and experience
Accounts Payable is a very specific part of the Accounts department, so an AP professional may often begin their career in a more general accounting, or administrative role, developing into AP as he or she gains broader experience in that area.

 
In the UK there are currently three main accountancy qualifications:

•  ACA (associate member of the Institute of Chartered Accountants)
• CIMA (Chartered Institute of Management Accountants)
• ACCA (member of the Association of Chartered Certified Accountants)

In addition, the Association of Accounting Technicians (AAT) allows people to study whilst working, offering practical training and qualifications in key accounting tasks and potentially leading towards Chartered Accountancy.

Accounts Payable qualifications with IAPP
Whilst a qualification in general accounting may appeal to some, to many working, and wanting to continue working in AP, it is not necessary – and can be a waste of valuable time. Up until recently there was no qualification specific to Accounts Payable professionals in the UK. The IAPP has recognised this, and building on its 20 years of experience in the US, is planning to  launch a certification programme for Accounts Payable professionals with study materials becoming available in April 2011. Already the number one professional body in the industry in the US, it seems likely that a qualification from the IAPP will increasingly be sought by UK employers;  a factor which, in the US, generally commands a salary increase of 15%.

The IAPP (International Accounts Payable Professionals) is the only organisation solely committed to the advancement of accounts payable professionals and their organisations, so it is worth taking a look at their website to see how they could help you either advance your career or take that first step onto the ladder.

The new IAPP qualification will be a real step forward in the professional development of AP professionals but nevertheless, the onus is still very much on the individual to find training and development opportunities in the AP field. These might include:

• Training courses and master classes
  Self-study, correspondence courses and e-learning
• Shadowing a more experienced colleague
• Deputising for a senior colleague in their absence.