Accounts Receivable Specialist Job Description [Updated for 2024] (2024)

In the financial world, the importance of Accounts Receivable Specialists has never been more evident.

As business operations grow and become more complex, the demand for skilled individuals who can manage, track, and secure the flow of financial resources becomes a top priority.

But let’s delve deeper: What’s truly expected from an Accounts Receivable Specialist?

Whether you are:

• A job seeker trying to understand the true nature of this role,
• A hiring manager outlining the ideal candidate profile,
• Or just curious about the daily tasks of an Accounts Receivable Specialist,

You’ve come to the right place.

Today, we present a customizable Accounts Receivable Specialist job description template, designed for easy posting on job boards or career sites.

Let’s get started.

Accounts Receivable Specialist Duties and Responsibilities

Accounts Receivable Specialists work primarily in financial and accounting capacities, ensuring that companies are being paid accurately and on time for the services or products they provide.

Their duties and responsibilities include:

• Manage and maintain detailed records of all receivable transactions, including invoices, statements, and customer correspondence
• Prepare, verify, and process invoices for goods or services provided to clients
• Follow up on, collect, and allocate payments received
• Monitor customer account details for non-payments, delayed payments, and other irregularities
• Investigate and resolve customer queries
• Generate age analysis reports to review outstanding accounts
• Perform account reconciliations, adjusting entries, and generate financial reports for management review
• Comply with federal, state, and company policies, procedures, and regulations
• Establish and maintain effective and cooperative working relationships with customers
• Prepare monthly, quarterly, annual and ad-hoc forecasting reports
• Participate in credit control activities and decision making

Accounts Receivable Specialist Job Description Template

Job Brief

We are seeking a dedicated Accounts Receivable Specialist to join our team.

Your role will be to ensure the accurate and timely processing of payments and other financial transactions.

The Accounts Receivable Specialist will be responsible for tracking and resolving outstanding payment issues, processing invoices and maintaining records of financial transactions.

Our ideal candidates are familiar with all accounting procedures and can manage daily financial transactions end-to-end.

Responsibilities

• Prepare and post customer invoices, credit and debit notes
• Track and monitor accounts to ensure payments are up-to-date
• Resolving invoice discrepancies and issues
• Perform day-to-day financial transactions, including verifying, classifying, and recording accounts receivable data
• Set up new client accounts, perform credit checks and maintain accounts receivable customer files
• Prepare monthly, quarterly, annual financial statements
• Participate in financial audits
• Assist with month-end closing
• Comply with financial policies and procedures

Qualifications

• Proven work experience as an Accounts Receivable Specialist or similar role
• Solid understanding of basic accounting principles, fair credit practices and collection regulations
• Proven ability to calculate, post and manage accounting figures and financial records
• Proficient in MS Office (especially Excel) and Accounting software
• High degree of accuracy and attention to detail
• BS degree in Finance, Accounting or Business Administration

Benefits

• 401(k)
• Health insurance
• Dental insurance
• Retirement plan
• Paid time off
• Professional development opportunities

Additional Information

• Job Title: Accounts Receivable Specialist
• Work Environment: Office setting with options for remote work. Minimal travel may be required for financial meetings or company events.
• Reporting Structure: Reports to the Accounts Receivable Manager or Finance Director.
• Salary: Salary is based upon candidate experience and qualifications, as well as market and business considerations.
• Pay Range: $45,000 minimum to $60,000 maximum
• Location: [City, State] (specify the location or indicate if remote)
• Employment Type: Full-time
• Equal Opportunity Statement: We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.
• Application Instructions: Please submit your resume and a cover letter outlining your qualifications and experience to [email address or application portal].

What Does an Accounts Receivable Specialist Do?

Accounts Receivable Specialists primarily work in the finance or accounting departments of organizations across various industries.

They can also work for accounting firms or as freelance professionals.

Their main responsibility is to manage the money that is owed to their company by clients or customers.

They keep track of all outstanding invoices and ensure timely collection of payments.

This can involve sending bill reminders, negotiating with clients over late payments, and setting up payment plans.

Accounts Receivable Specialists also perform account reconciliations, which involves matching the balances in an entity’s accounting records for a cash account to the corresponding information on a bank statement.

This task is crucial to ensure the company’s financial records are accurate.

In addition, they may also be responsible for preparing and maintaining various reports detailing the receivable status of the organization.

They are often tasked with resolving any discrepancies or errors found in accounts, communicating effectively with clients, and ensuring adherence to internal policies and procedures.

They work closely with other financial staff, such as accountants and financial managers, to ensure the smooth operation of the company’s financial department.

It’s essential for an Accounts Receivable Specialist to have good interpersonal and communication skills, as they often deal with clients who owe the company money.

Accounts Receivable Specialist Qualifications and Skills

An Accounts Receivable Specialist should have the skills and qualifications that meet your organization’s needs, such as:

• Strong mathematical and analytical skills to accurately process invoices, payments, and any financial discrepancies.
• Proficient in accounting software and databases for tracking and managing accounts receivable data and transactions.
• Exceptional attention to detail and precision to ensure accurate financial records.
• Excellent organization skills to manage and maintain financial documents, invoices, and client data.
• Strong interpersonal and communication skills for liaising with clients and internal teams, and for managing client inquiries and disputes.
• Problem-solving skills to identify, analyze, and resolve account discrepancies and payment issues.
• Knowledge of applicable laws and regulations pertaining to debt collection, to ensure all procedures are compliant.
• Ability to prioritize tasks and manage time effectively to meet payment deadlines and reporting schedules.
• Customer service skills for building relationships with clients, ensuring client satisfaction and loyalty.

Accounts Receivable Specialist Experience Requirements

Accounts Receivable Specialists typically need a minimum of 1 to 2 years of experience in a related financial or accounting role.

This experience can be gained through internships, part-time roles, or full-time roles such as an Accounts Clerk, Accounts Payable Specialist, or a similar role.

Candidates with 2 to 3 years of experience may have exposure to complex accounting tasks, such as monitoring customer account details for non-payments, delayed payments, and other irregularities, and often have worked on various accounting software.

Those with more than 3 years of experience often have robust knowledge of AR processes, and have developed skills in areas such as data analysis, financial reporting, and regulatory compliance.

They may also have experience in resolving billing issues and handling customer inquiries.

Candidates with more than 5 years of experience in the field likely have some leadership experience and a thorough understanding of accounting principles, policies, and procedures.

They are often responsible for training or overseeing junior team members and may be ready for a managerial position in the accounting department.

Accounts Receivable Specialist Education and Training Requirements

Accounts Receivable Specialists typically have a minimum of an associate’s degree in accounting, finance, or a related field.

They are expected to have a solid understanding of basic accounting principles, fair credit practices and collection regulations.

Familiarity with accounting software and Microsoft Office applications are generally required.

While not always necessary, many employers prefer candidates with a bachelor’s degree in these fields.

An in-depth understanding of accounts receivable, invoicing, and general ledger functions is beneficial for this role.

Some positions may require Accounts Receivable Specialists to have professional certification such as the Certified Accounts Receivable Specialist (CARS) or the Certified Credit and Collections Specialist (CCCS).

Continued professional development and training in changing financial regulations and technological advancements can strengthen an Accounts Receivable Specialist’s skills and job prospects.

Having a certification and/or a higher degree may also highlight a candidate’s commitment to their career and ongoing professional growth.

Accounts Receivable Specialist Salary Expectations

An Accounts Receivable Specialist earns an average salary of $38,460 (USD) per year.

The actual income can fluctuate based on factors such as years of experience, educational background, geographical location, and the specific company of employment.

Accounts Receivable Specialist Job Description FAQs

What skills does an Accounts Receivable Specialist need?

Accounts Receivable Specialists should possess strong numerical, analytical, and problem-solving skills.

They need to be detail-oriented to handle tasks such as invoicing, ledger entries, and reconciliations accurately.

Good communication skills are also vital for liaising with customers and other departments.

Additionally, they should be proficient in using accounting software and spreadsheets.

Do Accounts Receivable Specialists need a degree?

Most employers require Accounts Receivable Specialists to have a degree in Finance, Accounting, or a related field.

However, some organizations may consider candidates with a high school diploma and significant experience in accounts receivable or general accounting.

Certifications such as Certified Accounts Receivable Specialist can also be beneficial.

What should you look for in an Accounts Receivable Specialist resume?

An Accounts Receivable Specialist resume should showcase a strong background in accounting, particularly in managing receivables.

Look for experience in tasks such as invoicing, account reconciliation, and collection activities.

Proficiency in accounting software and spreadsheets is a must.

Additionally, any indication of strong numerical and analytical skills should be given due consideration.

What qualities make a good Accounts Receivable Specialist?

A good Accounts Receivable Specialist is detail-oriented and has a knack for numbers.

They are organized and can manage multiple tasks at once without compromising the quality of work.

Strong problem-solving skills are also important, as they will need to resolve discrepancies and issues in invoicing and payments.

Furthermore, they should have excellent communication skills to interact effectively with customers and the rest of the team.

Is it difficult to hire Accounts Receivable Specialists?

The difficulty in hiring Accounts Receivable Specialists varies depending on the specific requirements of the role and the current job market.

In general, it can be challenging due to the technical nature of the role.

To attract the right candidates, it’s important to offer competitive salaries, opportunities for growth, and a supportive work environment.

Conclusion

And there you have it.

Today, we’ve given you an inside look into what it truly means to be an Accounts Receivable Specialist.

Surprise, surprise!

It’s not just about tracking payments and maintaining accounting ledgers.

It’s about managing financial complexities, one invoice at a time.

With our go-to Accounts Receivable Specialist job description template and real-world examples, you’re prepared to make your next step.

But why stop there?

Delve further with our job description generator. It’s your essential tool for creating precise job listings or polishing your resume to perfection.

Remember:

Every recorded payment contributes to the company’s financial stability.

Let’s shape that future. Together.

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