Main Responsibilities and Required Skills for an Accounts Receivable Specialist
An Accounts Receivable Specialist is a professional who plays a crucial role in managing and maintaining the financial health of an organization. They are responsible for overseeing and tracking the inflow of funds from customers or clients and ensuring that outstanding invoices are paid in a timely manner. In this blog post, we will explore the primary responsibilities and the most in-demand hard and soft skills for Accounts Receivable Specialists.
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Main Responsibilities of an Accounts Receivable Specialist
The following list describes the typical responsibilities of an Accounts Receivable Specialist:
Accomplish
Accomplish accounting and organization mission by completing related results as needed.
Address
Address follows ups assigned by AR Manager within the respective timelines.
Adhere
Adhere to safety policies and strives to maintain our outstanding safety record.
Administer
Administer receivable transactions and bank reconciliations.
Analyze
Analyze A / R aged report – report any overdue accounts.
Analyze EOBs and RAs for denials and irregularities, take corrective actions, and reprocess claims.
Assist in
Assist in applying cash receipts / credit memos to outstanding invoices when necessary.
Assist in managing day-to-day collections operations for assigned customers.
Assist in Month End Close Process and adhere to month end deadlines.
Assist in setting up payment plans.
Assist the Accounts Receivable Department and participate in special projects as necessary.
Assist the Controller with other month-end closing duties, as assigned.
Assist w / cash applications.
Assist with bank reconciliations.
Assist with billing and invoice submissions via Oracle System.
Assist with daily, weekly monthly, and quarterly cash reconciliations and close.
Assist with internal and external billing requests.
Assist with other "fun” financial projects as assigned by manager.
Assist with training and implementing best practices in Accounts Receivable.
Assume
Assume responsibility for managing Lever's account suspension process.
Book
Book and reconcile deductions, invoices, and bank deposits.
Collaborate with
Collaborate in a team environment.
Collaborate with internal parties departments & managers to identify & resolve issues.
Collaborate with the business to identify root cause of overdue customer balances.
Collect
Collect outstanding invoices by phone calls or emails.
Communicate
Communicate effectively within the company in order to resolve client inquiries.
Compile
Compile data for invoicing in high volume and complex business segment.
Complete
Complete, analyzes and produces accurate and timely monthly journal entries.
Complete customer credit worthiness.
Complete transactions of client payments and deposits.
Comply with
Comply and maintain Accounts Receivable records by performing the following duties.
Conduct
Conduct credit review analyses on clients as needed.
Contact
Contact clients to help resolve payment issues.
Contact customers as needed to ensure payment of outstanding invoices.
Contact customers for payment updates and to resolve billing / payment discrepancies.
Contact previous clients to collect payments for appraisals, when the loan did not close.
Coordinate
Coordinate month end close duties including reconciliations, reporting and analysis.
Coordinate the month end closing process.
Create
Create and maintain various reports in MS Excel.
Create, document, and maintain policies, procedures, and work instructions for AR.
Create job and customer files.
Document
Document and improve all accounts receivables processes and procedures.
Drive
Drive actions to achieve financial targets.
Ensure
Ensure accurate customer invoicing and revenue recognition.
Ensure all amounts due are collected in a timely manner.
Ensure all payments are processed in accordance with the customer provided remittance.
Ensure policies and procedures are followed supporting organizational requirements.
Ensure proper follow-up of delinquent accounts and recommend actions.
Ensure shipments are invoiced in a timely manner daily.
Ensure strict confidentiality of financial records in accordance with HIPAA guidelines.
Ensure timely collection of payments and follow-up emails for all outstanding invoices.
Enter
Enter daily receipts (includes ACH, paper check deposits, and credit card transactions).
Enter data into our accounting software.
Escalate
Escalate accounts to outside collection agency when all efforts are exhausted.
File
File, maintain and retrieve documentations for audit support.
Focus on
Focus on one line of business with opportunity for advancement and growth.
Follow-up
Follow-up and complete tasks on pending accounts and settlements.
Follow-up of outstanding medical A / R payers and resolution of denials.
Follow-up on all assigned insurance claims to ensure appropriate reimbursement for our clients.
Follow-up with customers to resolve delinquent accounts and billing issues.
Follow-up with insurers to recover inaccurate payments.
Generate
Generate and send out Statements bi-weekly, carrying out any billing and collection procedures.
Generate routine balance reports.
Handle
Handle escrow check application and owner changes.
Handle sensitive information in a confidential manner.
Handle writing off various transactions to our Bad Debt Reserve when warranted.
Help
Help shape the future of healthcare in a meaningful career with a balanced life.
Identify
Identify and follow through the necessary process adjustments.
Identify any issues or trends and bring them to the attention of the management team.
Investigate
Investigate and resolve any irregularities or inquiries from customers.
Investigate and resolve irregularities with any payments receive and process.
Investigate claim disputes as required.
Lead
Lead global or cross-functional teams to improve efficiency across business units.
Mail out all customer invoices and statements.
Maintain
Maintain accurate client information and payment arrangements within the ERP Credit Portal.
Maintain aged receivables listing.
Maintain all accounts receivable files both physical and electronic.
Maintain an accurate aging report.
Maintain and run the usage calculator monthly and bill any overages incurred.
Maintain an orderly accounting filing system.
Maintain AP / AR in the general ledger.
Maintain billing and cash receipt files.
Maintain knowledge of company bookkeeping policy.
Maintain, prepare, and / or collect data necessary to prepare accurate and timely billings.
Maintain shared accounts receivable aging / reporting.
Make
Make collection calls on delinquent accounts.
Make daily collection calls.
Make recommendations on accounts for bad debts, collections or legal action.
Manage
Manage all customer related 3rd party procurement and billing websites as an assigned Administrator.
Manage "at risk” account list on a weekly basis, noting changes in prior balances.
Manage cash, credit and ACH transfers.
Manage internal and external customer inquiries and takes appropriate action.
Manage monthly reconciliations of first payments receivables.
Manage the aging report and also actively collect on delinquent accounts.
Manage the process of sending preliminary notices or other required notices.
Measure
Measure and report quarterly targets in a timely manner.
Meet
Meet or exceed individual cash targets, which are assigned on a monthly & quarterly basis.
Monitor
Monitor customer account details for non-payments, delayed payments and other irregularities.
Optimize
Optimize web content to increase traffic and improve SEO.
Order
Order and analyze reports from credit reporting agencies.
Oversee
Oversee workflow of the team to ensure productivity measures are met.
Perform
Perform account reconciliations in a timely and accurate manner.
Perform all assigned duties in compliance with internal SOPs and external regulations.
Perform data entry for all credit / debit card, checks and cash payments made by patients.
Perform follow-up on outstanding physician claims as directed per the current A / R plan.
Perform follow up procedures as needed.
Perform general bookkeeping, journal entry, and data entry functions.
Perform other accounting duties as necessary.
Perform other related credit duties as required.
Perform other related duties as required and assigned.
Post
Post account receivable journal entries in the system.
Post Invoices and payment to accounting system.
Post customer payments by recording cash, checks, and credit card transactions.
Prepare
Prepare accounting related entries to numerous registers, journals and logs.
Prepare and document and perform bank deposits.
Prepare bank reconciliations.
Prepare correspondence such as, but not limited to, rental notices and welcome letters.
Prepare credit memorandums or credit forms for customers and finance companies.
Prepare daily deposits of check and cash payments from customers.
Prepare information for programs to facilitate the authorization process.
Prepare monthly aging and metrics.
Prepare monthly reserve analysis as part of month end close processes.
Prepare payments for bank deposits.
Prepare payments for depositing.
Prepare payments for expense vouchers and invoices.
Prepare & report promptly any deficiencies in client payments.
Prepare reports showing AR progress.
Prepare reports / statements as assigned / requested for the Accounts Receivable team.
Process
Process ACH Forms, Vouchers, Vendor Suppliers forms.
Process all accounts and incoming payments.
Process checks through the bank when not sent to our lockbox.
Process customer credit card payments.
Process customer payments in compliance with financial policies and procedures.
Process financing applications through Wells Fargo for new and existing clients.
Process high volume of data.
Process new customer requests (including credit requests and collection calls).
Process payments and compile segments of annual reports and monthly closings in compliance with GAAP.
Process payments (cheques, electronic, credit cards).
Protect
Protect organizations value by keeping information confidential.
Provide
Provide accounting and clerical support to the CFO.
Provide accounting support related to billing and accounts receivable.
Provide assistance, coaching and training to staff members, including new hires.
Provide change to Patient Services staff as needed for their cash drawer.
Provide customers invoices and statements and account activity as requested.
Provide detailed analyses and explanations of all transactions.
Provide reports to Branch Managers on delinquent accounts.
Provide support / assistance to the other Finance team members as needed (e.g. filing).
Provide support for internal and external audits.
Provide support to the daily accounts receivable functions.
Provide weekly updates on the status of past due amounts to the CEO.
Read
Read and route purchase orders.
Receive
Receive, reconcile and process employee expense reports.
Receive, verify, and apply customer payments into the SAP system.
Recommend
Recommend additional collections efforts w / outside collections agencies.
Recommend and implement process improvements that will improve accuracy and reduce manual efforts.
Reconcile
Reconcile A / R to the G / L and maintain sub-ledger accounts and aging reports.
Reconcile bank accounts, posting and balancing financial data in different ledgers.
Reconcile bank and credit card accounts in a timely manner.
Reconcile customer's statements.
Reconcile provides information and / or resolves accounting issues and discrepancies.
Record
Record customer payments and make daily bank deposits.
Report
Report and submit collection recommendations to Management.
Research
Research and Distribute Returned Mail.
Research and resolve all outstanding customer billing / payment issues.
Research and resolve payment discrepancies, billing issues and customer credit issues.
Research customers account issues when needed.
Research past due accounts and contact customers to make payment arrangements.
Research vendor or employee questions about invoices and payments.
Resolve
Resolve issues and resubmit claims.
Resolve any problems with billing or handling of accounts.
Respond
Respond promptly to requests from various departments / customers.
Respond to all customer inquiries.
Review
Review accounts to determine appropriate follow-up action.
Review and analyzes all customer hold accounts and works to resolve them.
Review and report on AR aging to ensure compliance.
Review invoices for errors before mailing to the customer.
Review of monthly ancillary invoices to verify payer source and amounts due.
Review quality assurance reports with employees.
Scan
Scan correspondence and index to the proper account.
Scan all deposits and credits into Sharepoint (myPE).
Send
Send reminder notices and follow up on short payments.
Set-up
Set-up all new vendors into the ERP (Great Plans or SAP) General Ledger.
Set-up new customers in our system and facilitate accurate invoicing of new and existing clients.
Solve
Solve any discrepancies on invoices.
Split
Split and move payments in accounting software.
Support
Support the month end closing activities for the AR team.
Take
Take responsibility for own actions.
Track
Track and action all clients on call out reports.
Track receivables for purpose of protecting lien rights.
Track and monitors receipt of authorizations required by funding sources.
Update
Update our AR Invoice Sent Tracker on a weekly basis.
Update incoming wires report to assist in bank reconciliation.
Update job knowledge by participating in educational opportunities.
Update receivables by totaling unpaid invoices via Oracle.
Utilize
Utilize accounting software to identify outstanding accounts.
Verify
Verify discrepancies and chargebacks, appeal if applicable and resolve customer billing issues.
Verify discrepancies by and resolve customers' billing issues, working with the sales team as needed.
Verify receipt of all monies received, and post bank deposits and credit card deposits daily.
Work with
Work with branches and management to identify process deficiencies within the branches.
Most In-demand Hard Skills
The following list describes the most required technical skills of an Accounts Receivable Specialist:
Proficiency in accounting software and financial management systems.
Knowledge of accounts receivable principles, practices, and procedures.
Experience with invoicing and billing processes.
Familiarity with financial statements and reporting.
Ability to perform account reconciliations and resolve discrepancies.
Proficiency in using spreadsheet software (e.g., Microsoft Excel, Google Sheets).
Understanding of credit and collection processes.
Knowledge of relevant accounting regulations and compliance.
Familiarity with electronic payment systems and online banking platforms.
Ability to analyze and interpret financial data.
Attention to detail and accuracy in data entry and financial records.
Ability to prioritize and manage multiple tasks within deadlines.
Strong analytical and problem-solving skills.
Knowledge of tax regulations related to accounts receivable.
Understanding of credit risk assessment and mitigation.
Most In-demand Soft Skills
The following list describes the most required soft skills of an Accounts Receivable Specialist:
Excellent communication and interpersonal skills.
Customer service orientation and relationship-building abilities.
Attention to detail and accuracy in financial record-keeping.
Organizational and time management skills.
Adaptability and flexibility to handle changing priorities and deadlines.
Strong ethics and integrity in handling financial information.
Collaboration and teamwork to coordinate with internal stakeholders.
Strong problem-solving and decision-making abilities.
Ability to work independently and take initiative.
Strong negotiation and conflict resolution skills.
Conclusion
By possessing the necessary hard and soft skills, Accounts Receivable Specialists can effectively manage customer accounts, ensure timely payments, and contribute to the financial stability of their organizations. Their expertise in accounts receivable management is crucial in maintaining healthy cash flow and building strong customer relationships.
In conclusion, Accounts Receivable Specialists play a pivotal role in the financial success of organizations by managing customer accounts, ensuring timely payments, and mitigating financial risks. By understanding their primary responsibilities and acquiring the in-demand hard and soft skills, professionals in this field can excel in their roles and contribute significantly to the financial stability and growth of their organizations.
