Main Responsibilities and Required Skills for a Cash Application Specialist
A Cash Application Specialist is a professional who plays a crucial role in ensuring the smooth financial operations of an organization. They are responsible for accurately recording and reconciling incoming payments, processing invoices, and managing the application of funds to the appropriate accounts. In this blog post, we describe the primary responsibilities and the most in-demand hard and soft skills for Cash Application Specialists.
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Main Responsibilities of a Cash Application Specialist
The following list describes the typical responsibilities of a Cash Application Specialist:
Accumulate
Accumulate and maintain all weekly unpaid invoice details.
Address
Address payment issues like double payments or other discrepancies.
Analyze
Analyze client payment trends and translate into action.
Answer
Answer accounts receivable phone inquiries and follows up.
Apply
Apply payments to customer invoices.
Assist in
Assist Cash Application Manager with creating an environment of continuous improvement.
Assist in monthly closing, billing audits, etc., meeting corporate deadlines.
Assist in the development and implementation of cash application processes.
Assist in the development and maintenance of payment processing systems.
Assist in the month-end close process.
Assist in the reconciliation of intercompany transactions.
Assist with creating manual invoice copies for certain customers as requested on an on-going basis.
Assist with related special projects, as required.
Assist with special projects when needed.
Assist with testing as well as escheatment review.
Avoid
Avoid misapplication by ensuring proper documentation with a low margin of error.
Balance
Balance daily and monthly bank reconciliations.
Build
Build a solid relationship with credit staff and external customers.
Call
Call customers in attempt to collect outstanding amounts due to company.
Check
Check for credit viability on requests for extended terms and make recommendations.
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Collaborate with
Collaborate with Billing / Collections on client payment issues.
Collaborate with cross-functional teams to improve cash flow processes.
Collaborate with internal teams to resolve payment-related inquiries.
Collaborate with the collections team to resolve outstanding payments.
Communicate with
Communicate with customers regarding payment-related issues.
Complete
Complete account adjustments in a timely manner per service level agreement.
Complete daily, weekly and / or monthly reporting duties.
Complete Research Projects assigned by Manager.
Contact
Contact customers for missing cash application information as necessary.
Convert
Convert existing clients to electronic payments.
Coordinate with
Coordinate collections with external partners.
Coordinate with banks and other financial institutions.
Coordinate with other offices to ensure the funds received are applied to the correct client account.
Create
Create and submit all invoices.
Create regular reports to accurately track financial information.
Document
Document processes and ensure documentation is kept up to date.
Download
Download multiple bank statements.
Engage
Engage in collection management processes as necessary.
Ensure
Ensure and adhere to a strict control environment within the Accounts Receivable department.
Ensure compliance with financial policies and procedures.
Enter
Enter and verify funds received.
Enter customer payments into Oracle.
Enter General Ledger transactions.
Escalate
Escalate unresolved cash and unapplied cash items to Cash Application Manager.
Evaluate
Evaluate and optimize credit risk policies (payment terms, credit limits, credit holds).
Execute
Execute Cash reporting for auditing and KPI measurements.
Exercise
Exercise judgment within defined standard operating procedures to determine appropriate action.
File
File all invoices once entered and approved in Deltek.
Find
Find the story within the data and persuade others to take action.
Follow up
Follow up on unapplied and unidentified payments.
Generate
Generate and distribute customer account statements.
Identify
Identify and report potential fraudulent activities.
Implement
Implement and share best practices across cash application team.
Investigate
Investigate and resolve payment discrepancies or issues.
Investigate unsupported remittances and credits on client's accounts.
Involve
Involve and work with other departments as necessary to resolve any customer issues.
Involve daily contact with customers and team members to determine proper application.
Maintain
Maintain accurate records of customer payments and transactions.
Maintain and update voluminous records of all unpaid / short-paid / overpaid items.
Maintain applicable hardcopy and electronic data related to cash application for auditing purposes.
Maintain confidentiality in regards to patient account status and the financial affairs of pharmacy.
Maintain confidentiality of sensitive financial information.
Manage
Manage control & Compliance.
Manage daily inflow and outflow of intercompany transfers for assigned portfolio(s).
Manage the cash application function with the goal of applying and posting all-cash each month.
Match
Match payments with invoices and reconcile any discrepancies.
Meet
Meet and / or exceed daily / weekly / monthly / yearly goals.
Monitor
Monitor and analyze accounts receivable aging.
Monitor and resolve unallocated cash.
Negotiate
Negotiate payment in-advance with delinquent customers.
Obtain
Obtain and sends invoice copies for customers, as requested.
Onboard
Onboard new clients to electronic payments.
Own
Own the bank reconciliation as well as the month-end closing.
Perform
Perform account reconciliations and resolve outstanding balances.
Perform periodic audits of the general ledger and company financial documents.
Perform related duties as assigned.
Post
Post all payments, adjustments, zero remits and / or payment corrections in a timely manner.
Post payments to customer accounts and apply to related invoices per customer remittance.
Prepare
Prepare and submit daily cash reports.
Prepare journals to enter transactions resulting from payments.
Print batch reports and balance cash batches posted daily.
Process
Process and post payments to customer accounts.
Process and system improvements to mitigate financial risk.
Process and update account receivables and remittances.
Process cash receipts for assigned entities.
Process checks through the bank when not sent to our lockbox.
Process client EFT and credit card payments.
Process credit card payments and handle chargebacks.
Provide
Provide exceptional customer service to internal and external customers.
Provide payment application information to the Accounts Receivable Manager for input into system.
Provide positive communication with Credit team.
Provide strong functional leadership to the cash application staff.
Provide support during audits and financial reviews.
Provide training and guidance to team members, as needed.
Receive
Receive / scan / process client cheque payments.
Reconcile
Reconcile customer accounts, move payments, credits and adjustments across accounts as required.
Report
Report any reimbursement trends / delays to Supervisor.
Request
Request electronic remittance advice from customers.
Research
Research all items in Unapplied Cash account and keep the balance as small as possible.
Research and perform account reconciliations with customers.
Research and processes charge backs, returns, and bad checks.
Research and resolve unidentified and misapplied payments.
Research billing account information.
Research cash related posting requests related to customer short payments and deductions.
Research short payments and discrepancies (un-applied payments).
Resolve
Resolve cash posting issues working cross functionally to resolve any issues.
Respond
Respond to inquiries through telephone or email queue regarding remittance advice.
Respond to internal and external payment inquiries in a timely manner.
Resubmit
Resubmit unpaid invoices as needed to third party billing platforms.
Review
Review and reconcile unapplied payments.
Review and verify incoming payments.
Review of auto finalization and auto settlement.
Stay update with
Stay updated with industry trends and best practices in cash application.
Support
Support internal and external customers through accurate, timely application of customer payments.
Support internal / external customers by providing feedback timely.
Update
Update customer accounts with payment information and adjustments.
Work with
Work across multiple entities and currencies within Oracle.
Work on problems of moderate scope where analysis of data requires a review of a variety of factors.
Work with Cash Application Manager to build robust and effective controls.
Work with the A / R team regarding customer account balances.
Most In-demand Hard Skills
The following list describes the most required technical skills of a Cash Application Specialist:
Proficiency in using financial software and accounting systems (e.g., SAP, Oracle).
Advanced knowledge of Microsoft Excel for data analysis and reporting.
Familiarity with electronic payment processing platforms.
Experience in using customer relationship management (CRM) software.
Understanding of financial statements and accounts receivable processes.
Knowledge of payment methods, including checks, wire transfers, and ACH.
Ability to perform bank reconciliations and handle cash applications.
Familiarity with credit card processing systems and chargeback handling.
Strong numerical and analytical skills.
Attention to detail and high accuracy in data entry and record keeping.
Ability to interpret and apply accounting policies and procedures.
Proficient in using Microsoft Office Suite (Word, Outlook, PowerPoint).
Knowledge of financial regulations and compliance standards.
Understanding of billing and invoicing processes.
Experience with cash forecasting and cash flow analysis.
Ability to navigate and extract information from financial databases.
Knowledge of international payment systems and foreign currencies.
Proficient in performing financial reconciliations and variance analysis.
Familiarity with tax regulations related to cash applications.
Strong problem-solving and decision-making abilities.
Most In-demand Soft Skills
The following list describes the most required soft skills of a Cash Application Specialist:
Excellent communication skills, both written and verbal.
Strong attention to detail and organizational abilities.
Exceptional time management and prioritization skills.
Ability to work independently and meet deadlines.
Ability to work effectively in a team and collaborate with cross-functional departments.
Strong interpersonal skills to build relationships with customers and internal stakeholders.
Adaptability and flexibility to handle changing priorities and workloads.
Proactive mindset and a problem-solving approach.
High level of integrity and ethical conduct.
Customer service orientation and a professional demeanor.
Conclusion
A Cash Application Specialist carries significant responsibilities related to cash processing, payment reconciliation, and financial reporting. To succeed in this role, individuals must possess a combination of technical expertise and soft skills. By effectively managing their responsibilities and honing their skills, Cash Application Specialists contribute to the smooth financial operations of their organization and play a vital role in its overall success.
