Updated June 25, 2024
7 min read
Quoted Expert
Francisco Depusoir
Accounts receivable specialists are members of the organization's finance or accounting department. They are responsible for managing the collection of payments for the company. They prepare official receipts and coordinate with account payable specialists from other companies with pending payables. They ensure that clients pay on time, and they also follow up on payments when necessary. They are responsible for checking whether the clients have already paid in full. Accounts receivable specialists are in charge of updating accounting records as well to ensure that client records are up to date.
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Accounts receivable specialist responsibilities
An accounts receivable specialist plays a crucial role in managing and maintaining a company's financial health. Their responsibilities often include tasks such as processing incoming payments, reconciling accounts, investigating payment discrepancies, and negotiating payment arrangements. They also manage and analyze client accounts receivables aging reports, ensuring Medicaid eligibility for clients, and maintaining effective communication with providers and billing teams for medical billing related issues. As Francisco Depusoir, Associate Professor of Accounting at the University of the Virgin Islands, states, "What hard/technical skills are most important for accounts receivable specialists? -Basic knowledge of Generally Accepted Accounting Principles (GAAP) -Experience with business intelligence software. -Independent research skills. -Data management abilities. -Preparation and understanding of financial statements."
Here are examples of responsibilities from real accounts receivable specialist resumes:
- Manage profitable accounts receivable ledgers for existing and new clientele maintaining accuracy of monies enter to appropriate relate account.
- Perform accounts reconciliations, complex invoice research, statement reconciliations, complex invoice research, statement reconciliation and journal entries.
- Follow company's standard operating procedures in cooperation with Medicare, Medicaid and private insurance providers to resolve billing issues.
- Cash and credit allocation of customer payments in ROSS ERP system.
- Prepare PowerPoint presentations, word documents, letters and spreadsheets while meeting deadlines.
- Reconcile direct billing accounts and adjust product pricing utilizing JD Edwards EnterpriseONE ERP system.
- Prepare and enter construction equipment usage for maintenance, rental payments, and taxation information.
- Create multiple in depth company PowerPoint presentation's used at trade shows and email to potential new customers.
- Set up vendors and employee reimbursem*nt payments for ACH payment while maintaining spreadsheet with accurate payment and vendor information.
- Process several millions of dollars in ACH & checks daily, using online banking resources & remote access scanning equipment.
- Assist management in the daily inventory purchasing process including forecast of raw products need, PeopleSoft purchase orders and receipts.
- Research Medicare and other insurance guidelines for the acceptable CPT codes and allowable for these services and communicate these with management.
- Develop significant billing, journal entry, A/P, A/R, bank reconciliation, payroll, collection, and purchasing experience.
- Verify patient benefit eligibility/coverage and researching ICD-9 and CPT codes.
- Monitor lockbox, electronic payments and credit card applications for accuracy
Accounts receivable specialist skills and personality traits
We calculated that 15% of Accounts Receivable Specialists are proficient in Customer Service, Patients, and Data Entry. They’re also known for soft skills such as Listening skills, Negotiating skills, and Speaking skills.
We break down the percentage of Accounts Receivable Specialists that have these skills listed on their resume here:
- Customer Service, 15%
Job duties includes-answering phones-data entry-processing payments-customer service-NDAP-safety committee-Excel-MS Office
- Patients, 9%
Increased operational efficiency and company's profitability by timely and accurately posting payments from patients and insurance companies.
- Data Entry, 5%
Facilitate collaborative team meeting minutes with accurate data entry/record keeping in determining patient eligibility for skilled service provision.
- Credit Card Payments, 4%
Processed daily incoming insurance credit card payments.
- Reconciliations, 4%
Performed accounts reconciliations, complex invoice research, statement reconciliations, complex invoice research, statement reconciliation and journal entries.
- Accounts Receivables, 3%
Communicate with internal/external customers to ensure accuracy of accounts receivables; send statements/invoice copies to customers upon request.
Most accounts receivable specialists use their skills in "customer service," "patients," and "data entry" to do their jobs. You can find more detail on essential accounts receivable specialist responsibilities here:
Listening skills. The most essential soft skill for an accounts receivable specialist to carry out their responsibilities is listening skills. This skill is important for the role because "collectors must pay attention to what debtors say when trying to negotiate a repayment plan." Additionally, an accounts receivable specialist resume shows how their duties depend on listening skills: "communicated with departments on cash receipts. "
Negotiating skills. Another essential skill to perform accounts receivable specialist duties is negotiating skills. Accounts receivable specialists responsibilities require that "the main aspects of a collector’s job are reconciling the differences between two parties (the debtor and the creditor) and offering a solution that is acceptable to both parties." Accounts receivable specialists also use negotiating skills in their role according to a real resume snippet: "liaised with customers to prevent mortgage delinquency, foreclosures, and repossessions by negotiating and identifying effective payment arrangements. "
Speaking skills. accounts receivable specialists are also known for speaking skills, which are critical to their duties. You can see how this skill relates to accounts receivable specialist responsibilities, because "collectors must be able to speak to debtors to explain their options and ensure that they fully understand what is being said." An accounts receivable specialist resume example shows how speaking skills is used in the workplace: "posted daily charges posted daily payments printed insurance claims verified insurance spoke with patients about bills worked claim denials ran daily reports"
See the full list of accounts receivable specialist skills
The three companies that hire the most accounts receivable specialists are:
- Change Healthcare318 accounts receivable specialists jobs
- Robert Half107 accounts receivable specialists jobs
- Allscripts
62 accounts receivable specialists jobs
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Compare different accounts receivable specialists
Accounts receivable specialist vs. Billing and insurance coordinator
A billing and insurance coordinator is responsible for coordinating with employees from different departments of an organization for billing and insurance processing purposes. Billing and insurance coordinators sort mail for distribution to appropriate personnel, performing administrative and clerical duties as needed, managing and releasing of invoices under the manager's supervision, and responding to employees' inquiries and concerns. A billing and insurance coordinator must be highly analytical, as well as have excellent knowledge of the insurance disciplines and processes to assist the employees with their payments and benefits.
We looked at the average accounts receivable specialist salary and compared it with the wages of a billing and insurance coordinator. Generally speaking, billing and insurance coordinators are paid $1,268 higher than accounts receivable specialists per year.While the two careers have a salary gap, they share some of the same responsibilities. Employees in both accounts receivable specialist and billing and insurance coordinator positions are skilled in customer service, patients, and data entry.
While similarities exist, there are also some differences between accounts receivable specialists and billing and insurance coordinator. For instance, accounts receivable specialist responsibilities require skills such as "credit card payments," "reconciliations," "collection calls," and "general ledger." Whereas a billing and insurance coordinator is skilled in "work ethic," "strong work ethic," "customer accounts," and "billing process." This is part of what separates the two careers.
Billing and insurance coordinators tend to make the most money working in the professional industry, where they earn an average salary of $58,069. In contrast, accounts receivable specialists make the biggest average salary, $43,571, in the technology industry.billing and insurance coordinators tend to reach similar levels of education than accounts receivable specialists. In fact, billing and insurance coordinators are 0.1% less likely to graduate with a Master's Degree and 0.2% more likely to have a Doctoral Degree.
Learn more about accounts receivable specialists vs billing and insurance coordinators.
Accounts receivable specialist vs. Collections coordinator
Usually working alongside a company's account receivables team, a collections coordinator is in charge of developing strategies to optimize the payment collection operations. Among their responsibilities include reaching out to clients through calls or correspondence to remind them of their payment obligations, arranging appointments, processing payments, arranging payment terms, and researching a client's communication information such as cellphone number, address, or email. Moreover, a collections coordinator must maintain an active communication line with staff while promoting and enforcing the company's policies and regulations.
A career as a collections coordinator brings a lower average salary when compared to the average annual salary of an accounts receivable specialist. In fact, collections coordinators salary is $1,935 lower than the salary of accounts receivable specialists per year.A few skills overlap for accounts receivable specialists and collections coordinators. Resumes from both professions show that the duties of each career rely on skills like "customer service," "patients," and "data entry. "
In addition to the difference in salary, there are some other key differences worth noting. For example, accounts receivable specialist responsibilities are more likely to require skills like "financial reports," "general ledger," "cash receipts," and "credit memos." Meanwhile, a collections coordinator has duties that require skills in areas such as "phone calls," "customer accounts," "collection process," and "outstanding receivables." These differences highlight just how different the day-to-day in each role looks.
Collections coordinators may earn a lower salary than accounts receivable specialists, but collections coordinators earn the most pay in the professional industry with an average salary of $39,558. On the other hand, accounts receivable specialists receive higher pay in the technology industry, where they earn an average salary of $43,571.Average education levels between the two professions vary. Collections coordinators tend to reach similar levels of education than accounts receivable specialists. In fact, they're 1.4% more likely to graduate with a Master's Degree and 0.2% more likely to earn a Doctoral Degree.
Learn more about accounts receivable specialists vs collections coordinators.
Accounts receivable specialist vs. Accounting clerk
Accounting clerks are employees assigned to manage administrative and clerical tasks in the accounting department. Accounting clerks handle office accounting records and ensure that files are properly labeled and stored. They validate records and check whether these are updated. They also sort through documents to ensure that they are in their proper storage bins. Aside from document handling, they also help with creating and validating financial statements and bookkeeping. As such, accounting clerks should have a strong background in accounting to manage their tasks better.
On average scale, accounting clerks bring in lower salaries than accounts receivable specialists. In fact, they earn a $1,190 lower salary per year.accounts receivable specialists and accounting clerks both have job responsibilities that require similar skill sets. These similarities include skills such as "customer service," "data entry," and "credit card payments," but they differ when it comes to other required skills.
There are many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, an accounts receivable specialist is likely to be skilled in "patients," "general ledger," "medical billing," and "appeals," while a typical accounting clerk is skilled in "general ledger accounts," "hr," "ledgers," and "financial data."
Accounting clerks earn the highest salary when working in the government industry, where they receive an average salary of $40,064. Comparatively, accounts receivable specialists have the highest earning potential in the technology industry, with an average salary of $43,571.accounting clerks typically earn similar educational levels compared to accounts receivable specialists. Specifically, they're 0.3% more likely to graduate with a Master's Degree, and 0.0% more likely to earn a Doctoral Degree.
Accounts receivable specialist vs. Accounting administrator
An accounting administrator is responsible for reviewing and analyzing account statements, managing deposits, and resolving bank discrepancies and financial disputes. Accounting administrators handle the efficient and accurate cash flow within an organization, including payroll release and filing of petty cash. They maintain an organized record of payments and billing statements for reference and audit purposes to generate reports for the management. An accounting administrator must have extensive knowledge of the accounting principles, as well as excellent communication and analytical skills to perform duties effectively, even under minimal supervision.
Accounting administrators tend to earn a higher pay than accounts receivable specialists by an average of $8,195 per year.According to resumes from accounts receivable specialists and accounting administrators, some of the skills necessary to complete the responsibilities of each role are similar. These skills include "customer service," "data entry," and "credit card payments. "While some skills are required in each professionacirc;euro;trade;s responsibilities, there are some differences to note. "patients," "general ledger," "medicaid," and "medical billing" are skills that commonly show up on accounts receivable specialist resumes. On the other hand, accounting administrators use skills like general ledger accounts, office equipment, balance sheet, and cpa on their resumes.accounting administrators enjoy the best pay in the technology industry, with an average salary of $49,796. For comparison, accounts receivable specialists earn the highest salary in the technology industry.In general, accounting administrators hold similar degree levels compared to accounts receivable specialists. Accounting administrators are 2.6% more likely to earn their Master's Degree and 0.0% more likely to graduate with a Doctoral Degree.
Types of accounts receivable specialist
Updated June 25, 2024
Zippia Team
Editorial Staff
The Zippia Research Team has spent countless hours reviewing resumes, job postings, and government data to determine what goes into getting a job in each phase of life. Professional writers and data scientists comprise the Zippia Research Team.
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Updated June 25, 2024
