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Become An Accounts Payable Manager

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Working As An Accounts Payable Manager

  • Interacting With Computers
  • Communicating with Supervisors, Peers, or Subordinates
  • Guiding, Directing, and Motivating Subordinates
  • Coaching and Developing Others
  • Establishing and Maintaining Interpersonal Relationships
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Make Decisions

  • $64,000

    Average Salary

What Does An Accounts Payable Manager Do

Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization.

Duties

Financial managers typically do the following:

  • Prepare financial statements, business activity reports, and forecasts
  • Monitor financial details to ensure that legal requirements are met
  • Supervise employees who do financial reporting and budgeting
  • Review company financial reports and seek ways to reduce costs
  • Analyze market trends to maximize profits and find expansion opportunities
  • Help management make financial decisions

The role of the financial manager, particularly in business, is changing in response to technological advances that have substantially reduced the amount of time it takes to produce financial reports. Financial managers’ main responsibility used to be monitoring a company’s finances, but they now do more data analysis and advise senior managers on ways to maximize profits. They often work on teams, acting as business advisors to top executives.

Financial managers also do tasks that are specific to their organization or industry. For example, government financial managers must be experts on government appropriations and budgeting processes, and healthcare financial managers must know about topics in healthcare finance. Moreover, financial managers must be knowledgeable about special tax laws and regulations that affect their industry.

The following are examples of types of financial managers:

Chief financial officers (CFOs) are accountable for the accuracy of a company’s or organization’s financial reporting, especially among publicly traded companies. As head of a company’s entire financial department, they manage the lower level financial managers. They oversee the company’s financial goals, objectives, and budgets.

Controllers direct the preparation of financial reports that summarize and forecast the organization’s financial position, such as income statements, balance sheets, and analyses of future earnings or expenses. Controllers also are in charge of preparing special reports required by governmental agencies that regulate businesses. Often, controllers oversee the accounting, audit, and budget departments of their organization.

Treasurers and finance officers direct their organization’s budgets to meet its financial goals. They oversee the investment of funds and carry out strategies to raise capital (such as issuing stocks or bonds) to support the firm’s expansion. They also develop financial plans for mergers (two companies joining together) and acquisitions (one company buying another).

Credit managers oversee their firm’s credit business. They set credit-rating criteria, determine credit ceilings, and monitor the collections of past-due accounts.

Cash managers monitor and control the flow of cash that comes in and goes out of the company to meet the company’s business and investment needs. For example, they must project cash flow (amounts coming in and going out) to determine whether the company will have a shortage or surplus of cash. 

Risk managers control financial risk by using strategies to limit or offset the probability of a financial loss or a company’s exposure to financial uncertainty. Among the risks they try to limit are those that stem from currency or commodity price changes.

Insurance managers decide how best to limit a company’s losses by obtaining insurance against risks, such as the need to make disability payments for an employee who gets hurt on the job or the costs imposed by a lawsuit against the company.

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How To Become An Accounts Payable Manager

Financial managers typically have a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as an accountant, securities sales agent, or financial analyst.

Education

A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a master’s degree, preferably in business administration, finance, or economics. These academic programs help students develop analytical skills and learn financial analysis methods and software.

Licenses, Certifications, and Registrations

Professional certification is not required, but some financial managers still get it to demonstrate a level of competence. The CFA Institute confers the Chartered Financial Analyst (CFA) certification to investment professionals who have at least a bachelor’s degree, 4 years of work experience, and pass three exams. The Association for Financial Professionals confers the Certified Treasury Professional credential to those who pass an exam and have a minimum of 2 years of relevant experience.

Work Experience in a Related Occupation

Financial managers usually have experience in another business or financial occupation. For example, they may have worked as a loan officer, accountant, securities sales agent, or financial analyst. 

In some cases, companies provide formal management training programs to help prepare highly motivated and skilled financial workers to become financial managers.

Important Qualities

Analytical skills. Financial managers increasingly are assisting executives in making decisions that affect their organization, a task which requires analytical ability.

Communication skills. Excellent communication skills are essential because financial managers must explain and justify complex financial transactions.

Detail oriented. In preparing and analyzing reports such as balance sheets and income statements, financial managers must be precise and attentive to their work in order to avoid errors.

Math skills. Financial managers must be skilled in math, including algebra. An understanding of international finance and complex financial documents also is important.

Organizational skills. Financial managers deal with a range of information and documents and so they must stay organized to do their jobs effectively.

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Help others decide if this is a good career for them

Average Length of Employment
Accounting Manager 4.4 years
Cash Manager 3.6 years
Top Careers Before Accounts Payable Manager
Accountant 5.2%
Bookkeeper 4.1%
Controller 2.4%
Manager 2.3%
Top Careers After Accounts Payable Manager
Accountant 7.6%
Controller 5.8%
Bookkeeper 4.4%
Manager 2.5%
Consultant 2.4%

Do you work as an Accounts Payable Manager?

Accounts Payable Manager Demographics

Gender

Female

68.9%

Male

22.3%

Unknown

8.8%
Ethnicity

White

61.7%

Hispanic or Latino

16.0%

Black or African American

12.0%

Asian

6.9%

Unknown

3.5%
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Foreign Languages Spoken

Spanish

59.7%

French

7.1%

Russian

4.2%

Chinese

4.2%

Mandarin

3.8%

Portuguese

3.4%

Cantonese

2.9%

Italian

2.5%

German

2.5%

Polish

2.1%

Hindi

1.7%

Hebrew

0.8%

Ukrainian

0.8%

Greek

0.8%

Yiddish

0.8%

Arabic

0.8%

Turkish

0.4%

Swedish

0.4%

Cherokee

0.4%

Romanian

0.4%
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Accounts Payable Manager Education

Schools

University of Phoenix

33.9%

Strayer University

10.7%

University of Maryland - University College

4.7%

Northern Virginia Community College

4.1%

Northeastern University

3.8%

Kaplan University

3.7%

University of Houston

3.4%

Bergen Community College

3.4%

Florida Atlantic University

2.9%

Baruch College of the City University of New York

2.8%

Kennesaw State University

2.8%

Sam Houston State University

2.8%

Florida International University

2.8%

Southern New Hampshire University

2.7%

Liberty University

2.7%

Webster University

2.7%

Indiana Wesleyan University

2.6%

Ashford University

2.6%

Monroe College

2.4%

DePaul University

2.4%
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Majors

Accounting

40.4%

Business

33.0%

Finance

5.5%

Management

3.2%

Psychology

1.6%

Health Care Administration

1.4%

Marketing

1.4%

Human Resources Management

1.4%

General Studies

1.3%

Economics

1.3%

Computer Science

1.2%

Education

1.2%

Criminal Justice

1.0%

Legal Support Services

1.0%

Communication

0.9%

Liberal Arts

0.9%

English

0.9%

Computer Information Systems

0.9%

General Education, Specific Areas

0.8%

Political Science

0.8%
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Degrees

Bachelors

42.8%

Other

22.6%

Masters

15.0%

Associate

13.7%

Certificate

4.3%

Diploma

1.0%

Doctorate

0.4%

License

0.3%
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Job type you want
Full Time
Part Time
Internship
Temporary
Average Yearly Salary
$64,000
View Detailed Salary Report
$44,000
Min 10%
$64,000
Median 50%
$64,000
Median 50%
$64,000
Median 50%
$64,000
Median 50%
$64,000
Median 50%
$64,000
Median 50%
$64,000
Median 50%
$95,000
Max 90%
Best Paying Company
Kaiser Permanente
Highest Paying City
Jersey City, NJ
Highest Paying State
Alaska
Avg Experience Level
4.4 years
How much does an Accounts Payable Manager make at top companies?
The national average salary for an Accounts Payable Manager in the United States is $64,827 per year or $31 per hour. Those in the bottom 10 percent make under $44,000 a year, and the top 10 percent make over $95,000.

How Would You Rate The Salary Of an Accounts Payable Manager?

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Top Skills for An Accounts Payable Manager

  1. Vendor Invoices
  2. Accounts Payables
  3. Financial Statements
You can check out examples of real life uses of top skills on resumes here:
  • Analyzed vendor invoices for accuracy and available payment options that maximized the company's cash position while eliminating additional late charges.
  • Managed multiple projects to increase productivity and create a quality driven international accounts payables environment.
  • Prepared financial statements and coordinated annual external audit (work paper preparation, reconciliations and inventories).
  • Managed daily office procedures while independently processing weekly and bi-weekly invoices and checks.
  • Provide training on reconciliations and accounting processes, advising on correct general ledger accounts for transactions, completing complex reconciliations.

How Would You Rate Working As an Accounts Payable Manager?

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Top 10 Best States for Accounts Payable Managers

  1. District of Columbia
  2. New York
  3. Connecticut
  4. Rhode Island
  5. Massachusetts
  6. Minnesota
  7. Washington
  8. Colorado
  9. Pennsylvania
  10. Alaska
  • (89 jobs)
  • (629 jobs)
  • (142 jobs)
  • (39 jobs)
  • (453 jobs)
  • (279 jobs)
  • (282 jobs)
  • (318 jobs)
  • (446 jobs)
  • (14 jobs)

Top Accounts Payable Manager Employers

Jobs From Top Accounts Payable Manager Employers

Accounts Payable Manager Videos

Nick Wilson, Accounts Payable Manager

Accounts Payable Workflow

Product Video: FinancialForce Accounting in Action, A Day in the Life of Finance and Sales

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