Accounts Receivable Specialist - Job Description, Responsibilities, And Salary
Are you thinking about becoming an Accounts Receivable Specialist but aren't sure what the job entails? This article will provide an Accounts Receivable Specialist job description, duties and responsibilities, skills, qualifications, and salary information.
What does an Accounts Receivable Specialist do?
Accounts Receivable Specialists provide administrative and bookkeeping support to businesses and organizations' accounting departments to streamline their financial recordkeeping. They are in charge of all invoice and incoming bill communications and may collaborate with Accounts Payable Specialists to balance the company's financial records.
In addition, they keep up with company bookkeeping policies, audit business ledgers, organize invoices, and start the collection process for past-due client accounts. Accounts Receivable Specialists also handle and record any unusual billing situations, such as custom payment plans, that arise outside of normal operations.
Accounts Receivable Specialist Job Description
Accounts receivable specialists help businesses generate revenue by ensuring that customers are adequately billed for goods and services. They co-operate with other departments to ensure that the correct amounts are collected on time, verify and record transactions, resolve account discrepancies, and complete other tasks that provide client payments are secure.
Accounts Receivable Specialist Job Responsibilities
Incoming payments are managed by an Accounts Receivable Specialist, who enters them correctly into the system to keep accurate bookkeeping records.
The following are the responsibilities of an Accounts Receivable Specialist:
- Maintain up-to-date billing system
- Generate and send out invoices
- Follow up on, collect and allocate payments
- Carry out billing, collection, and reporting activities according to specific deadlines
- Perform account reconciliations
- Monitor customer account details for non-payments, delayed payments, and other irregularities
- Research and resolve payment discrepancies
- Generate age analysis
- Review AR aging to ensure compliance
- Maintain accounts receivable customer files and records
- Follow established procedures for processing receipts and cash.
- Process credit card payments
- Prepare bank deposits
- Investigate and resolve customer queries
- Process adjustments
- Develop a recovery system and initiate collection efforts
- Communicate with customers via phone, email, mail, or personally
- Assist with month-end closing
- Collect data and prepare monthly metrics
Skills and Qualifications
An Accounts Receivable Specialist will typically have the following skills and qualifications:
- Communication: Working as an Accounts Receivable Specialist necessitates the development of written and verbal communication skills. Clients are frequently contacted by account receivable specialists who request payment or set up payment plans, so an Account Receivable Specialist must have the ability to build relationships with clients as well as internal departments.
- Project management: As an Accounts Receivable Specialist, you'll need strong project management skills because you'll be managing multiple projects simultaneously.
- Organization: As an Accounts Receivable Specialist, you'll need to be organized. Paying close attention to detail will ensure the accuracy of records and reports.
- Computer Knowledge: As an Accounts Receivable Specialist, you'll need advanced computer skills. Specialists frequently use accounting and bookkeeping computer programs to identify past due accounts and report payments. In addition, an Accounts Receivable Specialist must know about accounts payable, accounts receivable, and maintaining general ledgers.
Most accounts receivable specialists require a bachelor's degree in accounting, finance, or a related field. However, Accounts Receivable Specialists with strong prioritization skills and a knack for numbers are the best.
Accounts Receivable Specialist Experience Requirements
Although prior experience is not required to work as an Accounts Receivable Specialist, some hiring managers prefer it. Otherwise, while working with experienced Accounts Receivable Specialists, Accounts Receivable Specialists will learn essential job skills. Some employers may require Accounts Receivable Specialists to obtain certification while on the job.
Accounts Receivable Specialist Salary Expectations
Salary ranges depend on various factors, including education, certifications, additional skills, and the number of years you've worked in your field. An Accounts Receivable Specialist's average annual salary is $32,064.
However, Accounts Receivable Specialist salaries can range from $13,920 to $59,328, depending on the specialist's geographic location, experience level, and industry. For example, a previous experience Accounts Receivable Specialist working for a large company can usually expect a higher salary than an entry-level Accounts Receivable Specialist working for a smaller company.
The job satisfaction levels estimated for the profession are surprisingly high for a job in finance. The accounts receivable job description can be stressful because it requires handling accounts and large sums of money daily. However, the job has a bright future with bonuses and overtime that can increase the accounts receivable salary.