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Job description: Purchase Ledger
As a purchase ledger specialist you'll be in charge of the company purse strings.
Whether you are a clerk, manager or supervisor, it's your role to oversee all purchases made by your company so you know how much is owed at any one time.
It's your job to keep a close record of every product and service your company buys - whether it's an expensive IT investment, petty cash or just a small stationary order - and keep tabs on the payment process using a clear reference and date system. By law you have to keep records for six years, so it has to be easy to check back in the records should there be any queries or disputes.
Generally you'll be responsible for: generating internal invoices to authorise payments, coding and checking invoices, working out any additional VAT payments on top of the basic costs, paying out money via BACS or by cheque, checking and reconciling supplier statements, filing invoices and statements, dealing with all purchase enquiries and processing all staff expenses.
In addition you'll work closely with external suppliers and might find it's down to you to negotiate discounts with the ones you use regularly.
You'll rely on computerised systems to help you manage your purchase database efficiently so it helps to be comfortable with IT, not just numbers, to work in this field.
Hours and environment
The hours are good and most of the time you'll work 9am to 5pm Monday to Friday. There may be the odd time, most likely around year end when the accounts have to be filed, when you might need to put in some overtime.
Most of your time will be spent at your desk processing invoices and dealing with suppliers.
There are opportunities for part-time and job sharing, and temporary work is often available.
Skills and interests
It helps to be logical, organised and good with numbers if you want to carve out a career in the purchase ledger department. Employers will often look for these skills too:
- Bookkeeping experience
- Great interpersonal and communications skills
- Self discipline
- Good team working skills
- The ability to work to monthly deadlines
- An aptitude for IT (especially Excel and other accounting software like Sage)
Entry
To get started in the industry as a junior purchase ledger clerk, there are no minimum entry requirements. It will help though if you have GSCEs, especially in maths and English. Any computer skills you can play up will boost your CV.
If you have hands on bookkeeping or management experience and are already AAT qualified (Association of Accounting technicians) it's likely you'll be able to start in a supervisor's role before working your way up to become a purchase ledger team manager.
There is quite a technical edge to the role and although it's not necessary, it's a good idea to get some IT experience, especially using software packages like Excel, Sage, Microsoft Dynamics, Great Plains and BACS.
Training
Most employers will encourage you to take your AAT (Association of Accounting Technicians) exams and will provide IT software training to help you keep up to date with the latest tools to do your job.
Opportunities
If you are just starting out in the financial industry, as you get more experience you'll move up the chain of command to become a purchase ledger supervisor and then manager.
Prospects for purchase ledger managers are most likely to come in the shape of a promotion to credit control and later to financial controller.
If you fancy a move out of finance altogether, you'll have great IT skills and knowledge under your belt which will help you transfer into a more IT-related career.
Annual income
Purchase ledger clerks typically earn around £12,000 to £24,000. As a manager you could be on £30,000 or more, especially if you work for a London based firm.
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