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Accounts Receivable Job Description, Roles/Responsibilities, and Qualifications

Accounts Receivable job description: Accounts receivable specialists generate money for businesses by ensuring that customers are correctly billed for goods or services. Learn more about account receivable job in this article.InformationGuideNigeria

They collaborate with other departments to ensure that the correct amounts are collected on time, that transactions are verified and recorded, that account discrepancies are resolved, and that other tasks are completed to secure client payments.

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Accounts receivable employees are in charge of ensuring that all incoming payments are received and processed. Individuals in this profession must keep an accurate record of all incoming payments and contact clients to ensure outstanding invoices are paid. Workers in this area ensure that all receipts are tracked and that any inconsistencies in payments received are investigated on a regular basis.

Accounts Receivable Job Description, Roles/Responsibilities, and Qualifications
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A person who works in accounts receivable is primarily responsible for ensuring that their employer receives payments for the goods and services they have provided, as well as recording these transactions in the appropriate manner.

Accounts Receivable Specialists deliver financial data about the firm to management so that they may make decisions. Accounting concepts need to be used by professionals, and they must manage work that is of an analytical, evaluative, and advisory character. This type of work necessitates a comprehension of both accounting theory and accounting practice.

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Responsibilities of Accounts Receivable

  • Receipt processing, verification, and posting for goods sold or services rendered
  • Investigating and resolving account inconsistencies.
  • Transaction processing and recording
  • Keeping records of payments and account statuses.
  • Obtaining information from other departments in order to verify that records are correct and complete, as well as ensuring accounts receivable ledgers and journals are up to date.
  • Working with the collections department to examine accounts, client payments, and credit history, as well as design new or improved payback conditions.
  • Data entry, invoice preparation, bill reminders, filing papers, and calling clients to discuss their accounts are examples of administrative and clerical chores.
  • Creating internal reports and statements.
  • Participating in continual educational opportunities to keep job knowledge up to date.
  • Prepare and keep track of business and financial transactions
  • Make sure the company gets paid for the goods and services it provides.
  • Collaborate with other departments to make sure the right amounts are collected on time.
  • Think about whether you need new or different controls.
  • Project accounting data to show how proposed plans will affect capital investments, income, cash on hand, and the overall state of the business’s finances.
  • Make sure the accounting system is good enough to use as a basis for reporting to management.
  • Plan how the account structures should be created or changed.
  • Look at how transactions affect the way accounts are linked.
  • Check out other ways to handle transactions.
  • Make sure payment is safe by checking and posting receipts and fixing any problems.
  • Do administrative and clerical work like entering data, making invoices, sending bill reminders, filing papers, and calling clients to talk about their accounts.
  • Financial data calculation, recording, input, and processing
  • Creating customer invoices in accordance with accounting procedures
  • Investigating and researching invoice discrepancies to determine the veracity of charges
  • Payments are matched to invoice numbers or sales orders.
  • Handling billing-related customer inquiries
  • Keeping track of an Accounts Receivable ledger and files
  • Providing management with daily reporting on accounts receivable activities.

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Roles of Accounts ReceivableΒ 

  1. Keep thorough records of each incoming payment.
  2. Prepare and submit clients’ bills
  3. If necessary, get in touch with clients to secure payment of overdue invoices.
  4. Compare any discrepancies in receipts.
  5. To ensure financial accuracy, collaborate with the accounts payable team and other accounting personnel.
  6. On a predetermined schedule, examine all receipts to guarantee accounting accuracy.
  7. Produce and send reports to various departments as necessary.
  8. actively look into and fix any issues with incoming and outgoing money.
  9. Keeping up with the maintenance of the billing system
  10. Producing statements of account and billing documents
  11. Performing adjustments and reconciliations of accounts
  12. Keeping files and data pertaining to receivables from accounts
  13. Creating financial and managerial reports on a monthly basis
  14. conducting investigations into and finding solutions for any inquiries or irregularities
  15. Contributing to the overall management and analysis of financial matters
  16. keep the billing system current
  17. invoice creation and distribution
  18. Payments must be followed up on, collected, and allocated.
  19. Billing, collection, and reporting tasks must be completed by particular deadlines.
  20. carry out account reconciliations10 Best Oppo Mobile Phones and their Prices in Nigeria
  21. Check client account information for non-payments, late payments, and other abnormalities.
  22. investigate and resolve payment issues
  23. create an age analysis
  24. Examine the age of AR to guarantee compliance.
  25. keep customer files and records for accounts receivable
  26. adhere to defined protocols for processing receipts, cash, and so on
  27. take credit card payments
  28. make bank depositsNYSC Portal
  29. look into and resolve client complaints
  30. procedure modifications
  31. create a recovery mechanism and begin collection efforts
  32. contact customers by phone, email, letter, or in person
  33. help with month-end closing
  34. gather data and create monthly metrics

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Accounts Receivable job qualifications / skills

  • It’s possible that you’ll need a master’s degree, but it might be in accounting, finance, business administration, or another related topic.
  • A title of Certified Public Accountant (CPA) might be more desirable.
  • Experience ranging from 0 to 5 years is required for entry-level positions.
  • A working knowledge of widely used accounting software, such as Quicken or QuickBooks, is preferred.
  • A competent level of familiarity with database and spreadsheet programs, such as MySQL and Excel
  • Experience that is relevant in using contemporary communication platforms, including email and phone systems
  • proficiency at making use of tools for increasing productivity, such as the Microsoft Office Suite
  • Effective communication skills and the ability to defuse potentially contentious situations with customers are required.JAMB Portal
  • A willingness and capacity to cooperate together with other people in order to achieve everyday objectives.

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Accounts Receivable Salary Structure in USA

In the United States, the typical annual salary for accounts receivable is $39,999, which works out to $19.23 per hour. The starting salary for an entry level employment is $34,490 per year, while workers with more experience can make up to $53,938 per year.

Types of accounts receivable jobΒ 

  • Accounts Receivable Customer Service
  • Accounts Receivable Financing
  • Accounts Receivable Processor20 Best Women’s Shoes in Nigeria and their Prices
  • Accounts Receivable Specialist
  • Accounts Receivable Lead
  • Accounts Receivables Clerk
  • Accounts Receivable Consultant

In conclusion, you can use this job description to attract and hire the best applicants. We wish you the best in using this information.

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