India
Accounts Receivable Specialist Job Description
Job Title: Accounts Receivable Specialist
Overview/Summary of the role:
The Accounts Receivable Specialist is responsible for managing and processing all incoming payments from customers. They will maintain accurate records of all invoices, payments received, and outstanding balances. The role requires strong attention to detail, excellent communication skills, and the ability to work well under pressure.
Responsibilities and Duties:
-Process and reconcile payments received from customers
-Research and resolve payment discrepancies
-Ensure all customer payments are posted accurately to their respective accounts
-Prepare and send monthly statements to customers with outstanding balances
-Communicate with customers regarding outstanding balances and payment plans
-Prepare aging reports and analyze accounts for potential write-offs
-Generate invoices and ensure accurate billing
-Work with sales team to resolve any billing or payment issues
-Maintain accurate and organized records of all incoming payments and invoices issued
-Prepare and submit any necessary reports to management
Qualifications and Skills:
Hard skills:
-Strong math skills and attention to detail
-Proficiency with Microsoft Excel and accounting software
-Excellent time-management and organizational skills
-Knowledge of billing and payment processing
-Ability to analyze and interpret financial data
-Understanding of basic accounting principles and standards
-Experience working with collections agencies, if applicable
Soft skills:
-Strong communication and interpersonal skills
-Customer service-oriented
-Ability to work well independently and as part of a team
-Attention to detail and accuracy
-Problem-solving skills
-Time-management and organizational skills
-Comfortable working under pressure and meeting tight deadlines
Education and Experience:
Required:
-Associate's or bachelor's degree in accounting or related field
-2+ years of accounts receivable and/or collections experience
Preferred:
-Certification in accounts receivable, such as the Certified Receivables Specialist (CRS) credential
-Experience with accounting software such as QuickBooks or NetSuite
-Experience in a similar industry or with similar customers
-Experience with working with international customers or currencies.Licensing (if applicable):
There are no specific licensing requirements for Accounts Receivable Specialists.
Typical Employers:
Accounts Receivable Specialists are needed in a wide range of industries, including healthcare, finance, manufacturing, retail, and more. Some typical employers include hospitals, insurance companies, financial institutions, and retail corporations.
Work Environment:
Accounts Receivable Specialists work in office environments and typically work a standard 40-hour workweek. They may work independently or as part of a team, interacting with supervisors, colleagues, and clients.
Career Pathways:
To become an Accounts Receivable Specialist, candidates typically need a high school diploma or equivalent. Relevant work experience or coursework in accounting, finance, or business is often necessary. Some employers may require a bachelor's degree in accounting, finance, or business administration.
After gaining experience as an Accounts Receivable Specialist, individuals may move on to roles such as Accounts Receivable Supervisor, Staff Accountant, or Financial Analyst.
Job Growth Trend (USA and Global):
According to the Bureau of Labor Statistics, the employment of Bookkeeping, Accounting, and Auditing Clerks (which includes Accounts Receivable Specialists) is projected to decline 6 percent from 2019 to 2029 in the United States. However, this can vary depending on the industry, with some industries seeing growth in demand for these roles. The job growth trend may differ globally, depending on the country and industry.Career Satisfaction:
Accounts Receivable Specialist is a role that requires attention to detail and great communication skills. Many individuals find this job to be fulfilling as it involves the satisfaction of ensuring that clients pay their bills on time. You get to interact with both internal and external stakeholders, which provides you with opportunities to build strong professional relationships. Additionally, this role offers opportunities for career growth in areas such as accounting, financial analysis, or credit control.
Related Job Positions:
If you are interested in accounts receivable, some related positions that you may consider are accounts payable specialist, billing specialist, credit and collections specialist, financial analyst, and accountant.
Connected People:
As an accounts receivable specialist, you need to interact with various individuals within and outside your organization. You may communicate with customers, vendors, and internal teams such as the sales and accounting teams. You may need to work closely with bank representatives or outside collection agencies to manage overdue accounts. A good relationship with these individuals is crucial for success in this role.
Average Salary:
According to Payscale.com, the average salary of an Accounts Receivable Specialist in the United States is $44,000 per year. In the United Kingdom, the average salary is £22,500 per year. In Germany, the average salary is €35,000 per year. In India, the average salary is ₹283,736 per year. In Brazil, the average salary is R$ 37,000 per year.
Benefits Package:
The benefits package for an Accounts Receivable Specialist typically includes health insurance, dental and vision coverage, vacation and sick pay, retirement plans, and life insurance. These benefits are crucial in attracting and retaining talent in the organization.
Schedule and Hours Required:
Most Accounts Receivable Specialists work full-time, with a 40-hour workweek schedule. Some organizations may require overtime during peak business periods, such as month-end or year-end closings, to ensure that books are balanced and invoices are processed in a timely manner.Level of Autonomy:
As an Accounts Receivable Specialist, you will typically operate under a moderate level of autonomy. You will have established processes and procedures to follow when handling accounts receivable and will be expected to exercise good judgment when dealing with any exceptions or issues that arise. Depending on the organization, you may have the ability to make decisions regarding payment plans or adjustments to account balances within established guidelines.
Opportunities for Professional Development and Advancement:
There are numerous opportunities for professional development and advancement within the field of accounts receivable. You can pursue industry-specific certifications such as Certified Credit and Collections Professional (CCCP) or Certified Receivables Compliance Professional (CRCP). Additionally, some organizations offer opportunities for advancement to management or supervisory roles within the accounting department.
Specialized Skills or Knowledge Required:
To be successful as an Accounts Receivable Specialist, you should have a thorough understanding of accounting principles and practices as they relate to accounts receivable. You should also have strong communication and customer service skills to effectively engage with customers and colleagues. Additionally, you should have good problem-solving abilities and attention to detail.
Physical Demands:
The role of an Accounts Receivable Specialist is typically a sedentary position and does not have any physical demands beyond sitting at a desk and using a computer for extended periods.
Tools and Technologies Used:
As an Accounts Receivable Specialist, you will use a variety of tools and technologies to perform your job duties, including accounting software such as QuickBooks or Sage, spreadsheets, email, and other office software. You will also use phone and video conferencing software to communicate with customers and colleagues. Familiarity with electronic payment systems, credit card processing, and online banking is also beneficial.Work Style: Accounts Receivable Specialists typically work in an office setting and spend a significant amount of time working independently to manage and process financial data. They must be detailed-oriented and have excellent organizational skills to manage multiple tasks and deadlines simultaneously. Strong analytical skills and an ability to think critically are also essential for success in this role.
Working Conditions: Accounts Receivable Specialists generally work standard office hours, although overtime may be required during peak periods. They spend most of their time working on a computer and communicating with clients and team members via phone or email. Some travel may be required for in-person meetings or conferences.
Team Size and Structure: Accounts Receivable Specialists typically report to a Manager or Director of Finance and may work collaboratively with other members of the finance team, including Accounts Payable Specialists and Bookkeepers. Depending on the size of the organization, they may also work closely with sales, customer service, and inventory management teams.
Collaboration and Communication Requirements: Strong communication and collaboration skills are essential for success as an Accounts Receivable Specialist. They must maintain productive relationships with clients and vendors, as well as communicate effectively with internal stakeholders to ensure accurate and timely payment processing. They may also work with external partners, such as collection agencies or financial institutions, to resolve payment issues or disputes.
Cultural Fit and Company Values: Accounts Receivable Specialists must be aligned with the company's values and culture, which may include a focus on customer service, teamwork, and a commitment to organizational goals. They must be able to work collaboratively with colleagues from diverse backgrounds and actively contribute to a positive work environment. Professionalism, discretion, and the ability to maintain confidential financial information are also critical traits for this role.
Overview/Summary of the role:
The Accounts Receivable Specialist is responsible for managing and processing all incoming payments from customers. They will maintain accurate records of all invoices, payments received, and outstanding balances. The role requires strong attention to detail, excellent communication skills, and the ability to work well under pressure.
Responsibilities and Duties:
-Process and reconcile payments received from customers
-Research and resolve payment discrepancies
-Ensure all customer payments are posted accurately to their respective accounts
-Prepare and send monthly statements to customers with outstanding balances
-Communicate with customers regarding outstanding balances and payment plans
-Prepare aging reports and analyze accounts for potential write-offs
-Generate invoices and ensure accurate billing
-Work with sales team to resolve any billing or payment issues
-Maintain accurate and organized records of all incoming payments and invoices issued
-Prepare and submit any necessary reports to management
Qualifications and Skills:
Hard skills:
-Strong math skills and attention to detail
-Proficiency with Microsoft Excel and accounting software
-Excellent time-management and organizational skills
-Knowledge of billing and payment processing
-Ability to analyze and interpret financial data
-Understanding of basic accounting principles and standards
-Experience working with collections agencies, if applicable
Soft skills:
-Strong communication and interpersonal skills
-Customer service-oriented
-Ability to work well independently and as part of a team
-Attention to detail and accuracy
-Problem-solving skills
-Time-management and organizational skills
-Comfortable working under pressure and meeting tight deadlines
Education and Experience:
Required:
-Associate's or bachelor's degree in accounting or related field
-2+ years of accounts receivable and/or collections experience
Preferred:
-Certification in accounts receivable, such as the Certified Receivables Specialist (CRS) credential
-Experience with accounting software such as QuickBooks or NetSuite
-Experience in a similar industry or with similar customers
-Experience with working with international customers or currencies.Licensing (if applicable):
There are no specific licensing requirements for Accounts Receivable Specialists.
Typical Employers:
Accounts Receivable Specialists are needed in a wide range of industries, including healthcare, finance, manufacturing, retail, and more. Some typical employers include hospitals, insurance companies, financial institutions, and retail corporations.
Work Environment:
Accounts Receivable Specialists work in office environments and typically work a standard 40-hour workweek. They may work independently or as part of a team, interacting with supervisors, colleagues, and clients.
Career Pathways:
To become an Accounts Receivable Specialist, candidates typically need a high school diploma or equivalent. Relevant work experience or coursework in accounting, finance, or business is often necessary. Some employers may require a bachelor's degree in accounting, finance, or business administration.
After gaining experience as an Accounts Receivable Specialist, individuals may move on to roles such as Accounts Receivable Supervisor, Staff Accountant, or Financial Analyst.
Job Growth Trend (USA and Global):
According to the Bureau of Labor Statistics, the employment of Bookkeeping, Accounting, and Auditing Clerks (which includes Accounts Receivable Specialists) is projected to decline 6 percent from 2019 to 2029 in the United States. However, this can vary depending on the industry, with some industries seeing growth in demand for these roles. The job growth trend may differ globally, depending on the country and industry.Career Satisfaction:
Accounts Receivable Specialist is a role that requires attention to detail and great communication skills. Many individuals find this job to be fulfilling as it involves the satisfaction of ensuring that clients pay their bills on time. You get to interact with both internal and external stakeholders, which provides you with opportunities to build strong professional relationships. Additionally, this role offers opportunities for career growth in areas such as accounting, financial analysis, or credit control.
Related Job Positions:
If you are interested in accounts receivable, some related positions that you may consider are accounts payable specialist, billing specialist, credit and collections specialist, financial analyst, and accountant.
Connected People:
As an accounts receivable specialist, you need to interact with various individuals within and outside your organization. You may communicate with customers, vendors, and internal teams such as the sales and accounting teams. You may need to work closely with bank representatives or outside collection agencies to manage overdue accounts. A good relationship with these individuals is crucial for success in this role.
Average Salary:
According to Payscale.com, the average salary of an Accounts Receivable Specialist in the United States is $44,000 per year. In the United Kingdom, the average salary is £22,500 per year. In Germany, the average salary is €35,000 per year. In India, the average salary is ₹283,736 per year. In Brazil, the average salary is R$ 37,000 per year.
Benefits Package:
The benefits package for an Accounts Receivable Specialist typically includes health insurance, dental and vision coverage, vacation and sick pay, retirement plans, and life insurance. These benefits are crucial in attracting and retaining talent in the organization.
Schedule and Hours Required:
Most Accounts Receivable Specialists work full-time, with a 40-hour workweek schedule. Some organizations may require overtime during peak business periods, such as month-end or year-end closings, to ensure that books are balanced and invoices are processed in a timely manner.Level of Autonomy:
As an Accounts Receivable Specialist, you will typically operate under a moderate level of autonomy. You will have established processes and procedures to follow when handling accounts receivable and will be expected to exercise good judgment when dealing with any exceptions or issues that arise. Depending on the organization, you may have the ability to make decisions regarding payment plans or adjustments to account balances within established guidelines.
Opportunities for Professional Development and Advancement:
There are numerous opportunities for professional development and advancement within the field of accounts receivable. You can pursue industry-specific certifications such as Certified Credit and Collections Professional (CCCP) or Certified Receivables Compliance Professional (CRCP). Additionally, some organizations offer opportunities for advancement to management or supervisory roles within the accounting department.
Specialized Skills or Knowledge Required:
To be successful as an Accounts Receivable Specialist, you should have a thorough understanding of accounting principles and practices as they relate to accounts receivable. You should also have strong communication and customer service skills to effectively engage with customers and colleagues. Additionally, you should have good problem-solving abilities and attention to detail.
Physical Demands:
The role of an Accounts Receivable Specialist is typically a sedentary position and does not have any physical demands beyond sitting at a desk and using a computer for extended periods.
Tools and Technologies Used:
As an Accounts Receivable Specialist, you will use a variety of tools and technologies to perform your job duties, including accounting software such as QuickBooks or Sage, spreadsheets, email, and other office software. You will also use phone and video conferencing software to communicate with customers and colleagues. Familiarity with electronic payment systems, credit card processing, and online banking is also beneficial.Work Style: Accounts Receivable Specialists typically work in an office setting and spend a significant amount of time working independently to manage and process financial data. They must be detailed-oriented and have excellent organizational skills to manage multiple tasks and deadlines simultaneously. Strong analytical skills and an ability to think critically are also essential for success in this role.
Working Conditions: Accounts Receivable Specialists generally work standard office hours, although overtime may be required during peak periods. They spend most of their time working on a computer and communicating with clients and team members via phone or email. Some travel may be required for in-person meetings or conferences.
Team Size and Structure: Accounts Receivable Specialists typically report to a Manager or Director of Finance and may work collaboratively with other members of the finance team, including Accounts Payable Specialists and Bookkeepers. Depending on the size of the organization, they may also work closely with sales, customer service, and inventory management teams.
Collaboration and Communication Requirements: Strong communication and collaboration skills are essential for success as an Accounts Receivable Specialist. They must maintain productive relationships with clients and vendors, as well as communicate effectively with internal stakeholders to ensure accurate and timely payment processing. They may also work with external partners, such as collection agencies or financial institutions, to resolve payment issues or disputes.
Cultural Fit and Company Values: Accounts Receivable Specialists must be aligned with the company's values and culture, which may include a focus on customer service, teamwork, and a commitment to organizational goals. They must be able to work collaboratively with colleagues from diverse backgrounds and actively contribute to a positive work environment. Professionalism, discretion, and the ability to maintain confidential financial information are also critical traits for this role.