Top Interview Questions for Accounts Payable Specialists

Hiring for any position within your organization requires you to know how to find the diamond in the rough and hone your abilities to better your organization. But contrary to popular belief, there are many aspects to proper hiring, the top of which is properly assessing your business needs and developing the right job description for the position you are looking for. When looking for the right person to hire for an accounts payable position, you need to know how that person impacts your organization’s operations and what their exact role will be. Many times, companies will hire someone without developing the right job descriptions and then end up with ill-fitted employees. So, here is a guide to understanding what an accounts payable specialist is and how to find the perfect one.

 

What is an Accounts Payable Specialist?

To know how to find the right kind of person for the position of an accounts payable specialist, you need to know what they are and what they do. An accounts payable specialist is a financial professional who is responsible for all the payments that are made by a company, and they ensure that bills are paid on time and with accuracy. They can be considered the financial gatekeepers of the revenue that goes out of the company, and all the investments, and transactions made to vendors and other stakeholders to ensure the smooth running of company operations.

Accounts payable specialists often work in collaboration with accounts receivable specialists as well as accountants and bookkeepers to ensure that a company’s revenue is properly managed and every penny spent and paid is properly recorded to avoid discrepancies for audits and check-ins. A comprehensive set of duties are carried out by accounts payable specialists such as:

• Processing and verifying invoices for accuracy,
• Getting proper approvals before initiating payments as well as managing all the payments, by ensuring all bills are paid by their due dates to avoid any delays,
• Maintaining detailed records of all accounts payable transactions to ensure accurate financial reporting and identify any discrepancies,
• Regularly reconciling accounts payable accounts with bank statements to identify any errors.

If there are any processes that require the go-ahead for expenditure, it will go through the accounts payable specialist as they keep a comprehensive record of all transactions that are carried out to vendors for any goods or services acquired as well as any payments and bills made to keep the organization running. In conclusion, accounts payable specialists are the money gatekeepers, and they determine when and how money is spent in an organization.

Hiring an Accounts Payable Specialist

Hiring managers often struggle with hiring the right fit for their organization, especially for positions that require specific skills like accounts payable specialists. These professionals not only need to know the technical aspects of managing finances but also have the presence of mind to tackle issues that come up with payments and transactions. So, when looking for the ideal accounts payable specialist you should have a proper interview process developed that should feature the following accounts payable process interview questions and answers that will help you determine who is the best fit for this position.

Interview questions for Accounts Payable Specialist Regarding General Skills and Experiences:

There are three things that you should be looking for in these questions; the understanding of the role that the applicant has, and the technical skills that they possess to manage accounts payable duties. In addition to that you should also test time management and assess if the applicant knows how to prioritize tasks as they come.

• What does “accounts payable” mean to you?
  To properly test the person you are interviewing knows what their expected deliverables are, they need to understand the job properly and this question will give you insights into that.
• Tell me about your experience with accounts payable software (for example QuickBooks or SAP).
  To evaluate their specific skill level in handling accounting technology and producing good results while using them.
• Describe a time you had to prioritize tasks when dealing with a high volume of invoices.
  Accounts payable specialists often must deal with high volumes of data and tasks based on the payments that must be made immediately and the ones that require more insight from other stakeholders like accounts receivable experts or accountants. A diligent accounts payable specialist will know how to differentiate between these tasks and set up their priorities for each task.

Interview questions for Accounts Payable Specialist Regarding Technical Skills and Knowledge

It is incredibly important that accounts payable specialists demonstrate proper technical abilities and have technical knowledge about their field. To test their technical skills and knowledge base, you should ask the following interview questions related to accounts payable duties:

• How do you ensure timeliness and accuracy when processing invoices?
  This question will allow you to evaluate an accounts payable specialist’s attention to detail and their adherence to deadlines so you know if they will be able to handle the complexities of processing invoices and properly plan the payment structures to save time and efficaciously make payments when they are due.
• Can you explain the difference between a two-way and a three-way match for invoices?
  It is important for an accounts payable specialist to understand the difference between a two-way and three-way match because it demonstrates their knowledge of key internal control procedures. If they are aware of these processes, they should ideally tell you why these processes ensure accurate record keeping and prevent fraudulent payments by matching invoices to prevent payment for goods not ordered or services not rendered.
• How do you handle discrepancies or errors in invoices?
  For competent accounts payable specialists, it is important that they know how to evaluate issues that come up in the payment processes and it is crucial to assess whether they have proper problem-solving skills to identify errors and analyze the situation to develop a logical approach to resolving the discrepancies. It also demonstrates their understanding of internal controls and their prudence towards invoice procedures to prevent errors and safeguard company finances.
• How do you handle a situation where a vendor insists an invoice is overdue, but you believe it hasn’t been received?
  Scenario questions are a good way to assess whether the person you are about to hire can identify issues as they come and can properly manage the challenges with innovative solutions. These questions will help you test the accounts payable’s problem-solving skills and their ability to research discrepancies. In addition to that, it also helps the interviewer judge if the accounts payable specialist has good communication skills and can communicate effectively with vendors.

Interview questions for Accounts Payable Specialist Regarding Attention to Detail and Accuracy

Accounts Payable Specialists must have a proper system of identifying issues in payments and dealing with the processes in detail, which requires them to be on top of their game when they have to ensure accuracy in the invoice generation and processing procedures as well as maintain their organizational skills to ensure their payment processing techniques are on point.

• Describe a time you identified an error in an invoice. How did you handle it?
  This question will help you with an accounts payable specialist’s ability to spot discrepancies and their critical thinking skills. They should be able to take corrective action to ensure accurate payments are being made.
• How do you stay organized and maintain accuracy in your work, especially when dealing with a high volume of invoices?
  being able to maintain a comprehensive workflow considering a high volume of invoices is the mark of a good accounts payable specialist. They need to have a proper workflow and system through which they can prioritize the invoices that need to be processed early and the ones that will require more time. They also need to be able to organize large volumes of invoices as they come and ensure proper communication with all the vendors and company stakeholders as well.

 

Finding the Ideal Offshore Accounts Payable Specialist

There are various positions within a company that require proper research when you are hiring. Most hiring managers end up with non-ideal employees because they don’t put in the work to screen and properly vet candidates before they are hired. To ensure that you find the right person, your initial job description development should reflect the exact duties of the position you are looking for. In the case of complicated jobs like accounts payable specialists, you need to properly develop a job description that outlines the duties of accounts payable specialists. During the interview process, you need to ensure that you ask the right questions that are tailored to that particular position, so you know if the candidate you have chosen has the proper credentials to fulfill the role they are interviewing for.

Remote Scouts offers a comprehensive system for hiring the right accounts payable specialist. We start screening the candidates and then create top grading protocols to weed out the non-ideal candidates to only have top contenders in the mix. These people are then thoroughly vetted and screened to be presented for interview with the clients where they go through the selection process and are onboarded into the company. All this process is eased and streamlined with Remote Scouts because we take care of all the steps that are necessary to find the ideal accounts payable specialist that can add value to your company as soon as possible.