What is an Accounts Receivable?
An Accounts Receivable specialist is a finance professional who is responsible for managing and collecting payments from a company’s customers. They play a critical role in maintaining the financial health of a business by ensuring that all outstanding invoices are paid in a timely manner.
Accounts Receivable Duties
The Accounts Receivable Duties are very vast and helpful in the preparation of books. An accounts receivable specialist is responsible for managing and collecting payments from a company’s customers. They play a vital role in maintaining the financial health of a business by ensuring that all outstanding invoices are paid in a timely manner.
The main Duties of an Accounts Receivable specialist include:
1. Issuing invoices to customers:
An accounts receivable specialist will create and send invoices to customers for goods or Accounts Receivable Services that have been provided. This may include detailing the items purchased, the amount due, and the payment terms.
2. Tracking and following up on outstanding payments:
It is the Duty of the Accounts Receivable Specialist to track all outstanding payments and follow up with customers to ensure that payments are received on time. This may involve sending reminders or making phone calls to customers.
3. Managing customer accounts:
The accounts receivable specialist is responsible for managing and updating customer accounts, including tracking payments and recording any changes in account status which is a part of Accounts Receivable Services.
4. Resolving billing disputes:
In some cases, customers may dispute an invoice or have questions about their billing. It is the job of the accounts receivable specialist to resolve these disputes and provide clarification to customers.
5. Processing and recording payments:
When payments are received, the accounts receivable specialist is responsible for processing and recording them in the company’s financial records. This may include reconciling bank statements and preparing reports for management.
6. Maintaining accurate financial records:
It is essential for an accounts receivable specialist to maintain accurate and up-to-date financial records. This includes keeping track of customer accounts and reconciling discrepancies, as well as preparing financial reports for management.
Conclusion
In addition to these core duties, an accounts receivable specialist may also be responsible for working closely with the sales team to ensure that invoices are issued in a timely manner and for assisting with the development of financial policies and procedures.
To be a successful Accounts Receivable Duties provider, a specialist should have strong communication and customer service skills, as well as attention to detail and the ability to work well under pressure. They should also be comfortable working with financial software and have a solid understanding of accounting principles.
Meru Accounting, a CPA firm, can provide complete outsourced bookkeeping and accounting solutions to small and medium-sized enterprises in the United States, United Kingdom, Australia, New Zealand, Hong Kong, Canada, and Europe.
