Hiring Guide for Accounts Payable Specialists in Oklahoma City
A study by the Institute of Management Accountants shows that 24% of finance professionals, including AP Specialists, plan to leave their jobs soon.
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Is there a shortage of Accounts Payable Specialists, and how are market leaders responding?
According to a recent study from the Institute of Management Accountants and Robert Half in October 2023, about 24% of accounting and finance professionals including Accounts Payable Specialists are considering leaving their jobs in 2024. What’s more, 17% are planning to move on within the next six months.
Considering the hiring challenges, many US businesses are now opting for outsourcing as a viable solution. If you’re thinking about heading in that direction too, it’s crucial to choose a provider that not only operates ethically but also promotes a strong company culture and community engagement.
Don’t overlook the importance of data security. Make sure they offer robust endpoint security, are ISO certified, and have effective Business Continuity Plans (BCP) in place. This way, you can rest assured that your data and operations are securely managed.
An exceptional Accounts Payable (AP) Specialist for Oklahoma City offers a versatile skill set to bring to the table. This includes:
- Efficient accounts payable management: They ensure everything from invoice accuracy to maintaining organized financial records, optimizing processes, and reducing manual data entry.
- Expert invoice processing: AP Specialists handle and approve large volumes of invoices promptly and accurately in accordance with company policies, leveraging accounts payable automation software to streamline the ap process and minimize human errors.
- Strong vendor relationships: They adeptly manage supplier relationships, negotiate terms for early payment discounts, and swiftly resolve disputes to keep operations smooth and improve cash flow.
- Proactive expense management: Specialists monitor expenditures, making sure all spending aligns with budget constraints and financial strategies, while maintaining accurate financial statements and a robust audit trail.
- Prompt payment processing: They ensure timely invoice payments through various methods like wire transfers and paper checks, aiding cash flow and avoiding late fees while maintaining positive vendor relations.
- Accurate reconciliation: Post-processing, they verify all entries and balance the books, preparing for any financial reviews or audits, and ensuring the accuracy of the general ledger.
- Proficiency in leading AP software: They are well-versed in top accounts payable automation tools such as SAP Concur, Tipalti, Bill.com, AvidXchange, or Kofax AP Agility, as well as ERP systems like Microsoft Dynamics.
- Streamlined AP workflow: Specialists implement automated processes to route invoices, manage approvals, and create digital files of invoices and shipping receipts, significantly reducing manual tasks and paper invoices
- Enhanced internal controls: They establish and maintain robust internal processes to prevent duplicate payments and erroneous payments, ensuring compliance and reducing financial risks.
- Optical Character Recognition (OCR) expertise: Utilizing OCR technology, they efficiently extract invoice data from various formats, reducing manual data entry and streamlining invoice management.
- Continuous process improvement: They constantly seek ways to optimize AP processes, implement new automation tools, and improve efficiency to save time and reduce manual work.
- Small business adaptability: They understand the unique challenges of managing accounts payable for small businesses, offering solutions that are both effective and user-friendly.
- Working capital optimization: By efficiently managing payment processes and vendor information, they help businesses maintain healthy working capital and back office operations.
A guide to interviewing Accounts Payable Oklahoma City Specialists:
What to ask AP Specialists in a job interview
When interviewing for an accounts payable role for your Oklahoma City company, it’s crucial to evaluate their technical abilities and understanding of the AP process. Here are some essential questions you should ask:
- How do you ensure the accuracy of invoice processing and prevent duplicate payments?
- What strategies do you use to streamline manual processes and implement accounts payable automation?
- Can you describe your experience with accounts payable software and ERP systems like Microsoft Dynamics for managing the AP department?
- How do you handle the approval process for invoices and purchase orders to maintain strong internal controls?
- What methods do you employ to ensure timely payments while optimizing cash flow and avoiding late fees?
- How do you leverage automation software to reduce human error and achieve fewer errors in data entry and invoice management?
- Can you walk us through your approach to maintaining an accurate audit trail and managing supplier details?
- What strategies do you use to track due dates and process a high volume of invoices efficiently?
- How do you collaborate with the AP team to continuously improve the payment process and achieve key goals?
- Can you describe your experience with AP automation tools for invoice data extraction and management?
- How do you ensure the accounting system and general ledger are accurately updated and reconciled?
- What approaches do you take to make the accounts payable process more user-friendly, especially for small business environments?
- How do you prioritize and manage time tracking to save time on manual tasks and focus on value-added activities?
- Can you share an example of how you’ve improved an AP workflow to boost efficiency and provide easy access to invoice information?
- What strategies do you employ to optimize the accounts payable process for businesses of various sizes and complexities?
How much does outsourcing an Accounts Payable Specialist for Oklahoma City cost?
The cost of hiring an Accounts Payable Specialist for your Oklahoma City business can vary based on their location, experience, and skills in managing the AP process and invoice processing.
When hiring Accounts Payable Specialists in Oklahoma City locally, you not only have to think about the salary, but you also have to consider additional expenses like health insurance, retirement benefits, and office overhead, which can increase your total outlay by at least 30%.
Don’t forget the costs of advertising the position on platforms like Seek, Monster.com, or LinkedIn, and possibly using recruitment firms like Hays, which could increase your costs by up to 20% of the first-year salary.
Consider outsourcing to places like the Philippines, Colombia, or India to potentially save on costs and increase efficiency. Cloudstaff’s Teambuilder can help you see how much you might save by hiring an AP Specialist offshore.
Outsourcing reduces overhead costs and makes expanding your AP team smoother and more cost-effective. It also gives you access to a diverse pool of global talent. This approach can be particularly beneficial for small businesses looking to streamline their AP department and reduce manual processes.
When outsourcing, consider the following benefits:
- Implementation of accounts payable automation and AP software to handle high volumes of invoices
- Improved invoice processing and vendor data management
- Streamlined approval process for purchase orders and payments
- Access to expertise in ERP systems and accounting systems
- Reduced human error through automated systems and internal controls
- Ability to manage many invoices and track due dates efficiently
- Experience with payable automation tools to enhance the overall AP process
By leveraging outsourced AP specialists, your business can focus on core activities while ensuring that accounts payable functions are handled efficiently, from data entry to payment processing. This approach can lead to significant cost savings and improved AP operations, regardless of your business size or the complexity of your accounting needs.
Steps to hiring AP Specialists with Cloudstaff
Here’s how Cloudstaff takes the hassle out of hiring remote Accounts Payable Specialists for Oklahoma City businesses.
Match
We use a database of 700,000 candidates and AI technology to find the right match for you.
InterviewÂ
We streamline the selection process to ensure you meet only the best candidates.
Offer
We handle all local employment paperwork, from offers to contracts.
Enable
On day one, your new hires have everything they need, including equipment and secure logins.
Induct
Our thorough legal induction ensures all new hires are compliant from the start.
Train
We provide access to training materials and to our learning platform, CS Academy, for ongoing talent development.
Manage
Our team supports productivity, staff relations, and growth, helping your workforce thrive.
Onboarding & training AP Specialists at Cloudstaff, your Employer of Record
If you’re thinking about outsourcing Accounts Payable for your Oklahoma City business, understanding remote staffing regulations overseas can be complex. We manage the complicated tasks, like payroll, taxes, and legal compliance, in places such as the Philippines, Colombia, and India, so you can focus entirely on managing your remote AP Specialists.
We also have our eyes set on cultural fit. We look for candidates who are not only fluent in English but also align well with the Oklahoma City business culture. Our thorough recruitment process assesses both technical abilities and cultural integration.
For onboarding, Cloudstaff ensures your remote Accounts Payable Specialists seamlessly integrate with your Oklahoma City team. We set clear goals, provide thorough training, and follow a supportive US-style management approach. Plus, our Client Growth Partners keep in regular touch, offering ongoing support as your team expands and evolves.
What makes Cloudstaff’s remote staffing solutions different from other outsourcing models?
Cloudstaff stands out in the outsourcing game with a fresh, unique approach to remote staffing.
Cloudstaff’s remote staffing solutions
Ethical outsourcing
- Committed to safety, employee growth, and a celebrated work culture
- Transparent pricing, and comprehensive benefits
- Robust Business Continuity Planning (BCP)
#1 Workplace
- Your trusted co-pilot to find the best talent
- Our recruitment experts offer access to over 700,000 skilled remote professionals worldwide, supported by our comprehensive Cloudstaff Academy
Operational brilliance
- Dedicated to your remarkable growth, our Client Growth Partners are always there for you whenever you need them
- We provide exceptional staff, mobilize teams, and manage performance to move your business forward
Enterprise-grade outsourcing
- Significant investment in advanced technology and platforms
- Unrivaled security features tailored for enterprise need
- Leading-edge in tech-enabled solutions with top-tier remote work technology and AI talent augmentation
- We have a Google-alum Chief AI Officer who is advancing our proprietary AI to enhance matching accuracy, ensure a private generative AI environment for secure staff usage, and develop specialized AI toolkits for various industries.
Other outsourcing models
Direct contracting
- Compliance issues due to legal concerns
Freelance hiring
- Tax obligations not met
- Lack of full-time commitment
Traditional outsourcing
- Ethical considerations
- Potential business risks
- Limited post-sales support
Establishing a local entity
- Initial investment requirement of approximately $250k
- Additional considerations for local equipment procurement
- Necessitates investment in local human resources and cultural integration
- Local bureaucratic hurdles
To keep your top talent
it’s not enough to just recognize their skills. Create a people-first culture with great perks, rewards, growth opportunities, inclusive events, and support for work-life balance. This helps everyone feel valued and integral to the team.
Check out how you can save up to 70% vs traditional hiring costs with our TEAM BUILDER.
Download a custom remote staffing business case tailored to your hiring needs.
Don’t let hiring challenges and budget constraints slow you down.
Let us help you find the right staff ready to propel your business forward.
