How Much Does An Accounts Payable Clerk Make?

Crucially important in the company's financial operations, an AP clerk manages invoices and bill payments for a corporation. Apart from its financial accountability, this function is crucial to ensure correct and timely payment to suppliers and vendors. Let us now focus on the pay scale an accounts payable clerk is entitled to for this important position. Now it's time to concentrate on and examine accounts payable clerk pay more closely below:

Salary of the Accountable Coordinator

BLS with data gathered in 2021 shows that the accounts payable clerk's hourly pay is $19.80 and the yearly salary is $41,181. Geographic area, years of experience, field of expertise, and size of the company will all affect the exact pay scale. Still, for those in the 10th percentile, accounts payable clerks can make $27,700 a year; for those in the 90th percentile, they can make up to $58,500 a year.

The usual yearly salary for novices in the accounts payable clerk field with less than a year of experience falls between $30,000 and $37,000. Should your experience span three to five years, you would be paid average wages between $ 35, 000 and $ 45, 000. The average wage rises to between $40,000 and $50,000 or even more for those AP clerks with field expertise after five years of employment.

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There are differences based on the industry the AP clerks handle since some pay more than others. With an average yearly income and compensation above $51000, oil and gas production is the top-paying sector. Relative to other sectors, utilities, banking, insurance, and management of businesses also pay their employees above-average salaries.

Furthermore influencing the type of pay an accounts payable clerk gets in a specific state is your geographical location. Based on BLS data, the top five metropolitan regions for AP clerks pay:

1. San Francisco, CA: $60,010.
2. Bridgeport, Connecticut: $55,640
3. San Jose, California: 55,390$
4. NY, New York: $54,310
5. Oakland, CA: $51,960

Given the living expenses, West Coast and Northeast cities naturally pay AP clerks the highest wages. Wages vary and are even much lower in states such as Mississippi, Arkansas, Alabama, Idaho, and other states; they range from $ 28,000 to $ 36,000 a year.

Among the elements affecting AP clerks' pay, the following are some of the more significant ones:

Method of payment: How does it impact the pay scale for a clerk handling accounts payable? The most important elements are:

• Education & Certifications: Those with a bachelor's degree or AP/AR certification, however, can make more even in entry-level jobs as fast food employees. During your working years, get more certificates to increase professional pay.

• Years of Experience: Remunerations rise first five years of employment on the highest slope. After that, this pay increases with experience; the rate of development is slower. Every five years also presents a promotional possibility for managing roles.

• Industry: Paid more depending on the sectors they work in; the finance, technology, pharmaceutical, and other sectors connected with better-paying occupations provide better AP clerk salaries. Generally, government and charity organizations pay less for skills within their respective entities.

• Company Size: Multinational corporations offer better-remunerated roles with average wages exceeding 50K$ since their accounting budgets are higher. Usually, small business roles pay $35,000.

• Location: Another factor influencing your pay when you are working in the office is location. At now, the big metropolitan centers present the post with the highest pay.

• Job Performance: Rather, they honor initiative and accuracy more than average or below average clerks. Speak up about yearly or bi-annual raising requests.

Future Employment Prospect

The BLS projects a meager 4% rise in the employment of accounts payable clerks and other accounting/auditing clerks between 2020 and 2030. This is somewhat below the predicted average employment change across all sectors at 7 percent. The integration of artificial intelligence and machine learning poses various challenges for the AP/AR department clerk; yet, there are many positions including some degree of analysis, verification, and most significantly, connection development.

With more than half a million accounts payable and Accounts Receivable clerks employed in the United States currently, this suggests that those entering the accounting and finance sectors will still find easily available opportunities. A few years in the field gets you ready for a promotion and a possibility to finally pursue better-paid manager, analyst, or bookkeeping jobs.

The Essential Viewpoint

Based on BLS statistics, Account payable clerks make an average salary of $41,181 annually overall. Starting from $58,130 for expert clerks in major cities like San Francisco to $27,130 for new workers in rural locations, realistic salaries can differ. Although the increase in accounts payable clerk positions is moderate but steady, knowledge of AP/AR will help in other accounting professions.