What is Accounts Receivable?
Accounts Receivable Specialists provide financial information about the organization to management. Professionals must apply accounting principles and handle work that is analytical, evaluative, and advisory in nature and that requires an understanding of both accounting theory and practice.
This role utilizes knowledge of the fundamental doctrines, theories, principles and terminology of accountancy, and often entails some understanding of such related fields as business law, statistics and general management.
Education Requirements
- 0-2 years of experience in the field or in a related field
- Bachelor’s degree in accounting or a related field
- Certified Public Accountant
- Master’s degree in Accounting or Business Administration
Accounts Receivable Essential Skills
- Attention to detail
- Understanding of basic accounting principles and SFAS rules
- Analytical and problem-solving
- Self-motivated and collaborative
- Understanding of accounting software and programs
Accounts Receivable Roles & Responsibilities
- Ready and maintain financial and business transactions
- Ensure the company receives payments for goods and services
- Work with other departments to ensure that the correct amounts are collected in a timely manner
- Consider the need for new or changed controls
- Project accounting data to show the effects of proposed plans on capital investments, income, cash position, and overall financial condition
- Ensure the adequacy of the accounting system as the basis for reporting to management
Day-to-Day Duties
- Plan the manner in which account structures should be developed or modified
- Analyze the effects of transactions upon account relationships
- Evaluate alternative means of treating transactions
- Secure payment by verifying and posting receipts, and resolving any discrepancies
- Perform administrative and clerical tasks, such as data entry, preparing invoices, sending bill reminders, filing paperwork, and contacting clients to discuss their accounts
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