As a Finance Manager, you're probably struggling with hiring accounts payable (AP) professionals.
According to the Occupational Outlook Handbook, a 5% decline is projected from 2023 to 2033 in the employment of bookkeeping, accounting, and auditing clerks. This is leading to a decrease in the available talent pool.
On top of that, the Bureau of Labor Statistics reported an 11% increase in labour costs in 2024, making it even more challenging for you to offer competitive salaries while managing your AP budget. Higher wages in other industries add to the struggle, as skilled candidates may be drawn to roles with better pay and fewer entry barriers.
In this blog, we will break down the 3 key reasons for your struggle to hire for AP roles in your team and what you can do to overcome these challenges.
3 Reasons You Struggle With Hiring AP Professionals
3 Reasons You Struggle With Hiring AP Professionals
1. Decreasing Candidate Pool
As a finance team leader, you’ve probably noticed how tough it is to find skilled AP professionals. If you further observe it carefully, you will see that the competition isn’t coming from other finance teams. It’s coming from industries like mining and construction, where young job seekers are attracted to high salaries, minimal qualifications, and perks like free travel and accommodation.
According to the Australian Bureau of Statistics, only 61% of those aged between 15 and 74 years were fully engaged in work, studies, or both. For some, the choice seems clear: why spend years on education or building a finance career when you can earn a higher salary straight away with fewer barriers to entry? This shift in the job market means a shrinking talent pool for AP roles, making it harder to bring fresh, young professionals into the industry.
Like you, 93% of finance leaders report difficulties securing qualified professionals. The result? A growing shortage in the candidate pool. So, how do you compete with industries offering instant rewards? It starts with positioning AP roles as more than keying in data (more on this in a while).
2. Widening Skill Gap
You know better than anyone that the role of AP professionals has evolved. Today, your team is expected to manage compliance, build strong supplier relationships, and provide valuable financial insights. With these growing responsibilities, the demand for new skills is also increasing. In fact, 40% of employers in Australia are struggling to find skilled people to meet the role’s needs.
This can make it challenging for you to find the right hire with the technical know-how and analytical skills to satisfy these demands. A key factor contributing to this widening skill gap is the rapid pace of technological change. Automation, AI, and other digital tools have become essential in the AP workflow, but many candidates haven’t had the opportunity to upskill and keep pace with these developments.
Although this leaves you with two extremes, candidates who need upskilling and those who need industry experience, it’s important to remember that while the latter can take time, skills can be cultivated.
3. Misconceptions About Technology
Latest insights show that by 2030, around 14% of the global workforce will need new skills due to emerging technology. This makes a lot of people assume that AP automation will completely replace their roles.
Unfortunately, this misconception is leading to hesitation from job seekers, who may worry about job instability or limited career growth in the accounts payable field. So, when you're trying to hire skilled AP professionals, you're not just competing with other businesses for talent but also battling these myths.
Potential candidates might fear that the introduction of automation means a dead end for their careers, but that's far from the truth! The key here is for you to help prospective hires understand that AP roles are evolving, not disappearing.
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How Can You Improve AP Hiring & Retention?
How Can You Improve AP Hiring & Retention?
Now let’s talk about how you can combat those challenges and hire the right fit for your business and team goals.
1. Make Human Resources an Active Part
It’s time to bring Human Resources into the conversation. Hiring the right candidates isn’t just about filling a role, it’s about redefining what that role looks like in today’s finance landscape and retaining the talent pool in your team.
Work with HR to reshape AP job descriptions. Highlight strategic responsibilities, including compliance management, vendor negotiations, and process optimisation. Include career progression opportunities, from automation expertise to financial strategy roles, to make AP a more appealing and long-term career. This helps attract candidates looking for career growth in accounts payable.
2. Introduce AP Automation
You don’t have to wait for skilled candidates to come to you. You can help build them. By introducing automation into your AP processes, you’re not just streamlining workflows but also creating opportunities for your team to focus on higher-value tasks.
Reducing manual data entry and repetitive admin work gives your team more time to manage compliance, strengthen vendor relationships, and provide financial insights that drive business decisions.
Additionally, automation lets you upskill your existing team and help them take on evolving AP responsibilities. More importantly, when you highlight the career growth opportunities that come with automation, rather than the misconception that it replaces jobs, you build a team that’s equipped for the future, engaged in their roles, and invested in long-term success.
The key takeaways
The key takeaways
Have you considered rethinking how accounts payable job hiring is handled?
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