An accounts receivable specialist creates invoices, maintains accounting reports, and oversees other aspects of account collection and maintenance. Employers may require applicants for open positions to have accounting degrees as well as licenses to practice in a specific region. Experience in accounts receivable is also beneficial, as is industry-specific knowledge; for example, someone working for a publisher should be familiar with the publishing industry’s conventions.
The job’s specifics may be determined the employer. An accounts receivable specialist might collaborate with sales to process orders, dispatch them, and send bills to customers. When payments come in, the specialist processes them and updates account information to show that the customer is up to date on payments and in good standing. In the event of a past-due account, the accounts receivable specialist can contact the customer to collect payment, or if that isn’t possible, the payment can be referred to collections.
The job also entails the preparation of financial statements. This includes daily reports on the amount of money collected and the number of outstanding invoices, as well as quarterly and annual financial disclosures. Forecasting may also be a responsibility, ensuring that the business receives timely information on the amount of money the accounts receivable department expects to bring in. Coordination with other departments’ accountants can assist an accounting specialist in providing the company with the information it requires to make sound business decisions.
An accounts receivable specialist’s responsibilities also include secure record-keeping. Sensitive information, such as credit card numbers and vendor contact information, should be kept in a secure location with only those who need it having access. To limit access, the accounting specialist may use passwords and other security features built into the accounting software. Locked filing cabinets, paper shredders, and other physical safeguards can also be used to prevent the leakage of confidential or sensitive information.
An accounts receivable specialist may supervise other employees in a larger company. Clerks and accountants assigned to specific projects such as updating records and handling specific types of accounts fall into this category. Mentorship and appropriate training are required to keep these employees up to date on company policies and procedures. As part of regular job evaluations, the specialist may also provide performance reports to supervisors. A head accountant may also supervise the specialist, expecting regular reports and meetings to provide updates on the department’s status and any issues that need to be resolved.