What Are The Duties Of a Accounts Receivable Specialist
Who is Accounts receivable specialist/clerk
Accounts receivable clerk is a junior-level professional accountant who has proficient knowledge in accounting, and he keeps precisely recording financial transactions that produce income for any organisation or association. They monitor the inflow of cash on the income of general records to feature the organization’s benefits. read below What Are The Duties Of a Accounts Receivable Specialist?
Chiefs and officials depend on these clerks to update statements on incoming money to guarantee that the organization is appropriately paid for items services rendered. With the arrival of computer software, all the tasks are calculated automatically. According to the reports of the Bureau of Labor Statistics, many of the accounts receivable clerk jobs will drop by eight percent by 2024 due to computer softwares.
Even after the arrival of many softwares, there is a huge requirement of Account receivable clerks.
Why is Monitoring the Accounts Receivable is Necessary?
Many organisations try to deal with inventory in terms of cash, but they permit credit to increase the sales like that account receivable is created. And this account receivable is calculated by the volumes of the deals and the length of the collection period.
If this account receivable is not collected before the due time, the firm is compelled to obtain it for the short term from the bank or lending financial institution. the vast amount of working capital locked-in account receivable will reduce the opportunities of income in the future, and stock costs may fall.
Here are the reasons why monitoring accounts receivable is important.
- Improve cash flow
- improve cash management
- Prevents from bad debts
- Avoid unclaimed property
Hence it is essential to monitor the accounts receivable.
Accounts receivable specialist Duties
- Should maintain bookkeeping databases and spreadsheets, and also should update information whenever necessary
- Speaking with customers and clients to request and arrange payments
- Should keep on Recording and tracking payments in databases
- Making reports and balance sheets that document overall benefits and losses
- Refreshing client accounts depends on payment or contact data
Other Roles & Responsibilities:
- Post client payments through recording cash, checks, and credit card transactions.
- Post incomes by confirming and entering transactions form lock boxes and local deposits.
- Confirms the validity of record discrepancies by getting and researching data from sales, trade promotions, client care offices, and from customers.
- Should resolve authorised/ valid deductions by adjusting entries.
- Should resolve unauthorised/ invalid deductions by specific waiting deduction methods.
- Secures an organization’s value by keeping the information secret.
- Should update job knowledge by taking part in educational opportunities
- Resolves assortments by looking at client payment plans, payment history, credit line; coordinating contact with collections department.
- Outlines receivables by keeping up invoice accounts, planning a monthly transfer to records of sales account, and generating the report.
Average salary of Account Receivable Specialist in India
Even though this job Accounts receivable clerks is junior-level, their work plays a crucial role in generating, processing, and monitoring a company’s incoming payments.
Yearly average compensation for an Accounts Receivable Specialist is INR 24,40,391.00. A few Accounts Receivable Specialist compensations will range between INR 10,59,277.00 – INR 45,14,712.00. And also these salaries depend on certain factors like work location, years of experience, skills and also it depends on the industry in which the expert works.
Accounts receivable specialist skills and qualifications:
The minimum qualification to become an Accounts Receivable Specialist is a degree with accounting and billing.
Skills like Accounting, Data Entry Skills, General Math Skills, Financial Software, Analyzing Information, finance, business bookkeeping, Reporting Research Results, Verbal Communication, And Organising is required.
Some other managers look for additional skills to hire Accounts Receivable Specialists.
Country wise – Accounts receivable specialist salary expectations (for
- Accounts receivable specialist salary in the US is $41,290
- Accounts receivable specialist salary in the UK is £24,298
- Accounts receivable specialist salary in Middle east is AED46,764
- Accounts receivable specialist salary in Australia is $54,826
- Accounts receivable specialist salary in India is ₹458,767
Accounts receivable specialist education and training requirements:
A high school diploma is a basic qualification for becoming an accounts receivable specialist. While other recruiters prefer the candidates those who pursued bachelor degree holders or even higher.
Various employers show priority for those candidates who already have a CPA license, which is normally a graduate-level program. For those who want to be accounting professionals, they need a minimum of two years of experience.
Most of the Accounts receivable specialists are well trained in certain methods and also the best practices related to their job role. There are many courses, and various training programs are readily available to enhance their skills. Join as a fresher or entry-level accounting position to get work experience in the finance industry.
Keep yourself updated by learning new things, and by keeping the data records precisely, seek advice from seniors who have in-depth knowledge in accountants and thereby gaining promotions. All these help you to achieve a higher position in the financial industry.
Accounts receivable specialist Certifications
Certificates are necessary to have a good salary, promotions in the future. These certifications would play in getting knowledge and certain professional skills which help in creating a better career. Here are two certifications and they are:
- Accounts Receivable (AR) certification: This certification is issued by the Institute of Finance and Management (IOFM). Designations of Accredited Receivables Manager (ARM)or Accredited Receivables Specialist (ARS) confirms your understanding of the core concepts and best practices of accounting, as well as your commitment to accuracy and compliance.
- Certified Public Accountant (CPA) license: This certification is issued by American Institute of Certified Public Accountants (AICPA), this is the gold standard certification recognized for accounting and finance roles in the United States. This credential checks your credibility and expertise in highly specialized accounting skills, which leads to top CPA jobs. Though CPA certification is not required for accounts receivable specialists, holding a CPA makes much more attractive while searching for a job.
Skills Required for Accounts receivable specialists :
Accounts Receivable Specialists should have great talent at record-keeping and collaborating with customers and clients. A decent candidate for this job ought to have the following abilities:
- Solid interpersonal and communication skills as well as the capacity to keep up demonstrable skill under tension
- Master in project management and also organizational abilities
- Incredible organizational skills, precision, and attention to detail
- Propelled computer skills and proficiency with financial management software
Skills, qualities, and experience are useful for accounts receivable specialists in many industries. Here’s the list of industries that seek the qualifications of certain professionals:
- Businesses and corporations
- Higher education
- Nonprofit organizations
Accounts receivable specialist work environment:
The work environment of Accounts receivable specialist be like:
- The employee should sit a single place for longer hours
- Should frequently travel to multiple locations to meet clients.
- Weekly 40 hrs full-time duration, sometimes should work for overtime during auditing the records.
- Should have knowledge over different softwares for accounting.
- Should have interpersonal skills to communicate with various departments, heads, and managers.
To Become an Accounts receivable specialist:
There are certain steps to become an Accounts receivable specialist, and they are:
Pursue education: This is the very basic need that is required to become an accounts receivable specialist. Pursue a two-year education program that is available at nearby educational institutions. This degree is enough to become an accounts receivable clerk. A Bachelor’s degree is preferred to get a job in junior-level accounting.
Gain some work experience: Join as an intern to gain work experience as entry-level bookkeeping. Internships are available while you are about to end your education, and you can get the job after finishing the education. As a fresher under the guidance of your superior, you can gain work experience.
Earn technical certifications: Earn some certifications as an Accredited Receivables Specialist. Certifications will help you in getting the job very soon. Certification is given to only those who have a proficiency in accounting and also who can understand the concepts and best practices of accounting.
Prepare your resume: Prepare a resume by mentioning the highest level of education, certifications, professional work experience, and achievements. Mention the duration and company details and also the job profile in your resume.
Advanced career for Accounts receivable specialist
After a certain experience as a Accounts receivable specialist, you will get promoted as an account payable/ receivable officer, and later you will become the collection supervisor.
After the supervisor, you will be designated as an account manager at the accounting level. After this, the next designation is a controller at the senior management level. Finally, you can achieve the executive level post as a chief accounting officer.
Hire now an Accounts receivable specialist
Every organisation will need a professional account receivable clerk who is well versed in accounting. As abcadda has multiple platforms, we will help you in finding the right candidate who can succeed in your business.
Final Thoughts: Every organisation needs an Accounts Receivable Specialist. They are the people who can look out and perform tracking and resolving outstanding payment issues and generate weekly aging reports in a timely manner.
Accounts receivable specialist plays a crucial role in the healthy workflow and working capital of your firm. Become a Accounts Receivable Specialist now!