A deduction specialist investigates and reconciles accounts receivable, making adjustments as needed to resolve customer disputes. He or she works with clients to resolve payment issues for goods that have been delivered. Deductions in customer payments, also known as chargebacks, can result from damaged goods, quantity errors, or billing errors. A deduction specialist may also handle retirement accounts to ensure that contributions are accurately recorded.
A specialist working for a private firm’s responsibilities usually entail using specific accounting codes to track customer payment disputes. The specialist investigates the source of payment discrepancies and works to resolve them. He or she frequently communicates with the sales and shipping departments in order to reduce the number of deductions from customer payments and collect any past-due accounts.
Some large companies manufacture a wide range of products and ship them to an international customer base. To keep track of these global accounts, these companies usually hire a deduction specialist or several specialists. Improved delivery service, fewer chargebacks, and higher profits are among the objectives.
Employee and employer retirement contributions deducted from payroll checks are commonly tracked by a deduction specialist employed by the government. Until the employee reaches retirement age, these deductions are usually deposited into a public retirement system. The specialist maintains accurate payroll deduction records and responds to any errors or questions from employees.
He or she may conduct annual audits to catch any calculation errors. Year-end reports on payroll deductions are required by law in some areas. In some government agencies, the specialist is also in charge of tax deductions, disability insurance, and wage garnishments.
Explaining the retirement program to employees could be a part of the job. Employees may be required to designate beneficiaries and understand how their retirement funds are invested by the deduction specialist. When employees retire or file disability claims, he or she may be in charge of the paperwork and processing.
The requirements for becoming a deduction specialist differ by company and region. Completion of secondary school and college accounting and business practices courses may be acceptable in some cases. Other companies require a business degree as well as account receivables experience. Minimum requirements for a deduction specialist job are typically computer experience and knowledge of computer programs used in accounting departments.
These employees are known for their problem-solving abilities. Communication skills, both oral and written, are also highly desired. They must also be organized in order to keep accurate records of discrepancies and financial account adjustments. Experience in customer service could also help someone land a job in this field.