Accounts Receivable Analyst Job Description
Job Title: Accounts Receivable Analyst
Overview/Summary of the Role:
The Accounts Receivable Analyst is responsible for managing the accounts receivable function of the organization. They are responsible for maintaining accurate and up-to-date accounts, ensuring timely collections, and resolving any discrepancies or issues that arise. The role requires an individual with strong attention to detail, excellent communication and interpersonal skills, and strong analytical and problem-solving abilities.
Responsibilities and Duties:
The Accounts Receivable Analyst is responsible for the following:
1. Invoicing and Collections Management: Responsible for invoicing customers accurately and in a timely manner, and managing collections to ensure timely payment. Follow up with customers on outstanding invoices and take appropriate action as needed.
2. Account Reconciliation: Review customer accounts to ensure accuracy and resolve any discrepancies or issues that arise.
3. Reporting and Analysis: Prepare and analyze accounts receivable reports to provide insights into customer payment patterns and identify areas for improvement.
4. Communication: Coordinate with Sales and other departments to ensure smooth payment processing, and respond to customer inquiries in a timely and professional manner.
5. Process Improvement: Continuously evaluate and improve the accounts receivable process to streamline operations and enhance the overall efficiency and effectiveness.
Qualifications and Skills:
Hard skills:
1. Strong knowledge of accounting principles and practices.
2. Excellent written and verbal communication skills.
3. Strong analytical and problem-solving skills.
4. Experience in collections management and reconciliation.
5. Proficiency with computer software programs, such as Excel, SAP, QuickBooks, etc.
Soft skills:
1. Attention to detail and accuracy.
2. Ability to work independently and as part of a team.
3. Ability to multitask and manage multiple priorities effectively.
4. Excellent customer service and interpersonal skills.
5. Strong time-management skills and ability to prioritize tasks effectively.
Education and Experience:
Required:
1. Bachelor's degree in Accounting, Finance, or a related field.
2. 2-3 years of relevant experience in accounts receivable management, accounting or finance.
Preferred:
1. Advanced degree or certification in accounting or finance.
2. Experience with SAP or other enterprise accounting software.Licensing: A license is not typically required to work as an Accounts Receivable Analyst. However, some employers may prefer candidates with certifications such as Certified Credit and Collections Professional (CCCP) or Certified Receivables Compliance Professional (CRCP).
Typical Employers: Accounts Receivable Analysts are required in various industries and can be employed by companies of all sizes. Some of the typical employers of Accounts Receivable Analysts include healthcare organizations, retail companies, financial institutions, government entities, and manufacturing companies.
Work Environment: Accounts Receivable Analysts work in an office setting and are often required to work full-time. They usually work under the supervision of the Accounts Receivable Manager and collaborate with other members of the accounts receivable team, including accounts receivable clerks, credit analysts, and collection specialists.
Career Pathways: The path to becoming an Accounts Receivable Analyst typically begins with a bachelor's degree in accounting, business administration, or finance. Some employers may also require previous work experience in accounting or finance roles. After gaining experience as an Accounts Receivable Analyst, individuals may move up to roles such as Senior Accounts Receivable Analyst, Accounts Receivable Manager, or Financial Manager.
Job Growth Trend: According to the Bureau of Labor Statistics (BLS), employment of financial analysts, including Accounts Receivable Analysts, is projected to grow 5% from 2019 to 2029, which is faster than the average for all occupations. The global trend is also expected to be positive due to the increasing demand for financial analysis expertise in companies worldwide.Career Satisfaction:
Accounts Receivable Analysts generally report high job satisfaction due to the variety of tasks and challenges they face. They enjoy problem-solving and analyzing financial data, as well as the opportunity to work with cross-functional teams.
Related Job Positions:
Some related job positions to Accounts Receivable Analyst include Credit Analyst, Collections Specialist, Financial Analyst, and Accounting Clerk.
Connected People:
Accounts Receivable Analysts would interact with various individuals including Sales Representatives, Credit Managers, Accounting Managers, Customers, and Collection Agencies.
Average Salary:
The average salary for Accounts Receivable Analysts varies by country:
- USA: $47,010 per year
- UK: £25,000 per year
- Germany: €42,990 per year
- India: ₹420,000 per year
- Brazil: R$33,650 per year
Benefits Package:
The benefits package for Accounts Receivable Analysts may include health insurance, dental and vision coverage, retirement plans, paid time off, and tuition reimbursement.
Schedule and Hours Required:
Accounts Receivable Analysts typically work regular business hours, Monday through Friday. Overtime may be required during peak times or close of fiscal year. The position may also involve remote work or being on call during certain periods.Level of Autonomy:
As an Accounts Receivable Analyst, you will primarily work under supervision but will be expected to work independently too. You may be assigned a set of accounts to manage, and you will have to analyze and reconcile accounts on your own. However, you may need to seek guidance from the Accounts Receivable Supervisor or other managers whenever necessary.
Opportunities for Professional Development and Advancement:
As an Accounts Receivable Analyst, you will gain valuable experience in financial analysis, account reconciliation, and communication with clients. This experience can help you advance to higher-level roles, such as Accounts Receivable Manager or Financial Analyst. Additionally, you may be offered training opportunities in accounting software, financial reporting, and other skills relevant to your role.
Specialized Skills or Knowledge Required:
To become an Accounts Receivable Analyst, you will need to have a basic understanding of accounting principles and the ability to use accounting software. You should be detail-oriented and comfortable working with numbers. Additionally, you should have strong communication skills, as you will be required to interact with clients and colleagues regularly.
Physical Demands:
The role of an Accounts Receivable Analyst does not involve any physical demands.
Tools and Technologies Used:
As an Accounts Receivable Analyst, you will use accounting software (such as QuickBooks, Sage, or Xero), spreadsheet software (such as Excel), and other software tools to manage accounts, analyze data, and generate reports. You will also use email, phone, and other communication tools to interact with clients and team members.Work Style:
As an Accounts Receivable Analyst, you will need to be highly analytical and detail-oriented. You should have exceptional communication, problem-solving, and collaboration skills. You should be able to manage complex data and large amounts of information. A self-motivated and results-driven approach is important in this role.
Working Conditions:
The work environment for an Accounts Receivable Analyst is typically an office setting. You may be required to work standard business hours, with some overtime or weekend work as required. You may be expected to work independently, but you will also collaborate with other members of the finance and accounting teams.
Team Size and Structure:
The size and structure of teams for Accounts Receivable Analysts can vary depending on the size of the company or organization. You may work as part of a larger accounting team or work more closely with a smaller group, such as a credit and collections team.
Collaboration and Communication Requirements:
In this role, you will need to work closely with other members of the finance and accounting teams, as well as with internal customers and external vendors. You will need to communicate findings, recommendations, and information related to accounts receivable in a clear and concise manner.
Cultural Fit and Company Values:
As with any job, cultural fit and company values are important. An ideal Accounts Receivable Analyst should be committed to accuracy and integrity in financial reporting. They should be able to work well within a team and be receptive to feedback. It is important that they align with the company's values and culture.
Overview/Summary of the Role:
The Accounts Receivable Analyst is responsible for managing the accounts receivable function of the organization. They are responsible for maintaining accurate and up-to-date accounts, ensuring timely collections, and resolving any discrepancies or issues that arise. The role requires an individual with strong attention to detail, excellent communication and interpersonal skills, and strong analytical and problem-solving abilities.
Responsibilities and Duties:
The Accounts Receivable Analyst is responsible for the following:
1. Invoicing and Collections Management: Responsible for invoicing customers accurately and in a timely manner, and managing collections to ensure timely payment. Follow up with customers on outstanding invoices and take appropriate action as needed.
2. Account Reconciliation: Review customer accounts to ensure accuracy and resolve any discrepancies or issues that arise.
3. Reporting and Analysis: Prepare and analyze accounts receivable reports to provide insights into customer payment patterns and identify areas for improvement.
4. Communication: Coordinate with Sales and other departments to ensure smooth payment processing, and respond to customer inquiries in a timely and professional manner.
5. Process Improvement: Continuously evaluate and improve the accounts receivable process to streamline operations and enhance the overall efficiency and effectiveness.
Qualifications and Skills:
Hard skills:
1. Strong knowledge of accounting principles and practices.
2. Excellent written and verbal communication skills.
3. Strong analytical and problem-solving skills.
4. Experience in collections management and reconciliation.
5. Proficiency with computer software programs, such as Excel, SAP, QuickBooks, etc.
Soft skills:
1. Attention to detail and accuracy.
2. Ability to work independently and as part of a team.
3. Ability to multitask and manage multiple priorities effectively.
4. Excellent customer service and interpersonal skills.
5. Strong time-management skills and ability to prioritize tasks effectively.
Education and Experience:
Required:
1. Bachelor's degree in Accounting, Finance, or a related field.
2. 2-3 years of relevant experience in accounts receivable management, accounting or finance.
Preferred:
1. Advanced degree or certification in accounting or finance.
2. Experience with SAP or other enterprise accounting software.Licensing: A license is not typically required to work as an Accounts Receivable Analyst. However, some employers may prefer candidates with certifications such as Certified Credit and Collections Professional (CCCP) or Certified Receivables Compliance Professional (CRCP).
Typical Employers: Accounts Receivable Analysts are required in various industries and can be employed by companies of all sizes. Some of the typical employers of Accounts Receivable Analysts include healthcare organizations, retail companies, financial institutions, government entities, and manufacturing companies.
Work Environment: Accounts Receivable Analysts work in an office setting and are often required to work full-time. They usually work under the supervision of the Accounts Receivable Manager and collaborate with other members of the accounts receivable team, including accounts receivable clerks, credit analysts, and collection specialists.
Career Pathways: The path to becoming an Accounts Receivable Analyst typically begins with a bachelor's degree in accounting, business administration, or finance. Some employers may also require previous work experience in accounting or finance roles. After gaining experience as an Accounts Receivable Analyst, individuals may move up to roles such as Senior Accounts Receivable Analyst, Accounts Receivable Manager, or Financial Manager.
Job Growth Trend: According to the Bureau of Labor Statistics (BLS), employment of financial analysts, including Accounts Receivable Analysts, is projected to grow 5% from 2019 to 2029, which is faster than the average for all occupations. The global trend is also expected to be positive due to the increasing demand for financial analysis expertise in companies worldwide.Career Satisfaction:
Accounts Receivable Analysts generally report high job satisfaction due to the variety of tasks and challenges they face. They enjoy problem-solving and analyzing financial data, as well as the opportunity to work with cross-functional teams.
Related Job Positions:
Some related job positions to Accounts Receivable Analyst include Credit Analyst, Collections Specialist, Financial Analyst, and Accounting Clerk.
Connected People:
Accounts Receivable Analysts would interact with various individuals including Sales Representatives, Credit Managers, Accounting Managers, Customers, and Collection Agencies.
Average Salary:
The average salary for Accounts Receivable Analysts varies by country:
- USA: $47,010 per year
- UK: £25,000 per year
- Germany: €42,990 per year
- India: ₹420,000 per year
- Brazil: R$33,650 per year
Benefits Package:
The benefits package for Accounts Receivable Analysts may include health insurance, dental and vision coverage, retirement plans, paid time off, and tuition reimbursement.
Schedule and Hours Required:
Accounts Receivable Analysts typically work regular business hours, Monday through Friday. Overtime may be required during peak times or close of fiscal year. The position may also involve remote work or being on call during certain periods.Level of Autonomy:
As an Accounts Receivable Analyst, you will primarily work under supervision but will be expected to work independently too. You may be assigned a set of accounts to manage, and you will have to analyze and reconcile accounts on your own. However, you may need to seek guidance from the Accounts Receivable Supervisor or other managers whenever necessary.
Opportunities for Professional Development and Advancement:
As an Accounts Receivable Analyst, you will gain valuable experience in financial analysis, account reconciliation, and communication with clients. This experience can help you advance to higher-level roles, such as Accounts Receivable Manager or Financial Analyst. Additionally, you may be offered training opportunities in accounting software, financial reporting, and other skills relevant to your role.
Specialized Skills or Knowledge Required:
To become an Accounts Receivable Analyst, you will need to have a basic understanding of accounting principles and the ability to use accounting software. You should be detail-oriented and comfortable working with numbers. Additionally, you should have strong communication skills, as you will be required to interact with clients and colleagues regularly.
Physical Demands:
The role of an Accounts Receivable Analyst does not involve any physical demands.
Tools and Technologies Used:
As an Accounts Receivable Analyst, you will use accounting software (such as QuickBooks, Sage, or Xero), spreadsheet software (such as Excel), and other software tools to manage accounts, analyze data, and generate reports. You will also use email, phone, and other communication tools to interact with clients and team members.Work Style:
As an Accounts Receivable Analyst, you will need to be highly analytical and detail-oriented. You should have exceptional communication, problem-solving, and collaboration skills. You should be able to manage complex data and large amounts of information. A self-motivated and results-driven approach is important in this role.
Working Conditions:
The work environment for an Accounts Receivable Analyst is typically an office setting. You may be required to work standard business hours, with some overtime or weekend work as required. You may be expected to work independently, but you will also collaborate with other members of the finance and accounting teams.
Team Size and Structure:
The size and structure of teams for Accounts Receivable Analysts can vary depending on the size of the company or organization. You may work as part of a larger accounting team or work more closely with a smaller group, such as a credit and collections team.
Collaboration and Communication Requirements:
In this role, you will need to work closely with other members of the finance and accounting teams, as well as with internal customers and external vendors. You will need to communicate findings, recommendations, and information related to accounts receivable in a clear and concise manner.
Cultural Fit and Company Values:
As with any job, cultural fit and company values are important. An ideal Accounts Receivable Analyst should be committed to accuracy and integrity in financial reporting. They should be able to work well within a team and be receptive to feedback. It is important that they align with the company's values and culture.