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

In the modern business world, the focus on Accounts Receivable professionals has never been more critical.

As commerce evolves, the demand for skilled individuals who can manage, track, and facilitate our financial transactions escalates.

But let’s delve deeper: What’s truly expected from someone in Accounts Receivable?

Whether you are:

  • An aspiring professional seeking to understand the core of this role,
  • A hiring manager outlining the perfect candidate,
  • Or simply fascinated by the intricacies of financial operations,

You’re in the right place.

Today, we present a customizable Accounts Receivable job description template, designed for effortless posting on job boards or career websites.

Let’s dive right into it.

Contents show

Accounts Receivable Duties and Responsibilities

Accounts Receivable personnel play a critical role in the finance department, ensuring that the company is duly paid for the goods and services it provides.

Their role requires both a strong understanding of finance and the ability to maintain good customer relations.

Their daily duties and responsibilities usually include:

  • Creating and maintaining a list of clients who owe money to the company
  • Issuing invoices and billing statements to clients, and following up on these documents
  • Keeping track of all payments and ensuring they are correctly applied to customer accounts
  • Identifying delinquent accounts and insufficient payments
  • Communicating with customers regarding their outstanding balances and payment deadlines
  • Collaborating with the sales and customer service departments to resolve billing disputes
  • Preparing reports on accounts receivable status
  • Implementing and maintaining internal controls to ensure compliance with company policies and accounting principles
  • Processing refunds and write-offs

Accounts Receivable Job Description Template

Job Brief

We are seeking a detail-oriented and reliable Accounts Receivable Specialist to join our finance team.

The Accounts Receivable Specialist will be responsible for tracking and resolving outstanding payment issues and generate weekly aging reports in a timely manner.

Responsibilities include, but are not limited to, invoicing, daily and month-end reporting, account reconciliation, and communicating with customers.

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

If you have a knack for numbers and value accuracy and precision, we’d like to meet you.

Responsibilities

  • Process accounts and incoming payments in compliance with financial policies and procedures
  • Perform day to day financial transactions, including verifying, classifying, computing, posting and recording accounts receivables’ data
  • Verify discrepancies and resolve clients’ billing issues
  • Facilitate payment of invoices due by sending bill reminders and contacting clients
  • Generate financial statements and reports detailing accounts receivable status
  • Update account status records and collection efforts
  • Review and send out past due notices
  • Communicate with customers regarding billing discrepancies and questions

Qualifications

  • Proven working experience as an Accounts Receivable Clerk or accountant
  • Solid understanding of basic accounting principles, fair credit practices and collection regulations
  • Proven ability to calculate, post and manage accounting figures and financial records
  • Data entry skills along with a knack for numbers
  • Proficiency in MS Office, particularly Excel
  • Hands-on experience in operating spreadsheets and accounting software (JDE or other full-scale ER software)
  • 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. Some travel may be required for team meetings.
  • Reporting Structure: Reports to the Accounts Receivable Manager or Finance Manager.
  • 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 Do?

Accounts Receivable professionals, also known as AR specialists, generally work in the finance or accounting departments of organizations across industries.

Their primary role is to ensure that the company receives payments for goods and services provided to clients.

They process and monitor incoming payments and secure revenue by verifying and posting receipts.

Accounts Receivable specialists prepare bills, invoices, and bank deposits.

They also carry out credit checks, resolve account discrepancies, and communicate with customers to set up payment plans.

Furthermore, they handle complex transactions and customer disputes, negotiate with clients in non-payment cases, and even involve a collection agency, if necessary.

They work closely with the sales and customer service departments to ensure the accuracy of invoices and prevent any misunderstandings.

Their role is crucial in maintaining the financial health of the organization as they are responsible for managing and ensuring timely revenue collection.

Accounts Receivable Qualifications and Skills

An effective Accounts Receivable specialist should possess the skills and qualifications that align with your job requirements, such as:

  • Strong numerical skills to handle financial data and perform mathematical operations accurately.
  • Proficiency in financial software applications and spreadsheet programs to keep track of all transactions, billings, and collections.
  • Attention to detail to ensure all transactions are recorded accurately, and all invoices are sent correctly and on time.
  • Excellent organizational skills to keep track of all payments and outstanding debts.
  • Strong communication skills to effectively interact with customers, resolve disputes, and ensure timely payments.
  • Understanding of financial regulations and accounting principles to ensure all tasks are performed in accordance with legal standards.
  • Problem-solving skills to identify and address issues that might affect the collection of payments.
  • Time management skills to meet payment collection targets and prepare regular reports on receivable status.

Accounts Receivable Experience Requirements

Entry-level candidates for Accounts Receivable often hold a degree in finance, accounting, or a related field and may have up to 2 years of experience.

This experience can be gained through internships, part-time roles, or related entry-level positions in a finance department.

Candidates with more than 2 years of experience in Accounts Receivable typically have a solid understanding of accounting principles, financial software, and the process of invoicing and collecting payments from clients.

They may also have experience in handling disputes and discrepancies.

Those with over 5 years of experience in Accounts Receivable are likely to have a strong background in credit control and debt management, as well as experience in working with large volumes of data.

They may also have gained leadership experience, either through managing a team or overseeing a significant project.

They are often considered for higher roles such as Accounts Receivable Manager or Financial Analyst.

Accounts Receivable Education and Training Requirements

Individuals interested in an Accounts Receivable role typically require a bachelor’s degree in finance, accounting, or a related field.

They should possess a solid understanding of basic accounting principles, fair credit practices, and collection regulations.

Proficiency in data entry, along with a hands-on experience with spreadsheets and proprietary accounting software is often expected.

For some senior level positions or specialized roles, a master’s degree in finance or accounting may be required.

In addition to formal education, certification as an Accounts Receivable Professional (ARP) or Certified Accounts Receivable Specialist (CARS) can be beneficial and may be preferred by some employers.

Continuing education to stay updated on new financial and regulatory developments is also important in this role.

Candidates with strong attention to detail, good problem-solving abilities, and excellent communication skills are generally preferred for Accounts Receivable positions.

Accounts Receivable Salary Expectations

The average salary for an Accounts Receivable professional is approximately $38,656 (USD) per year.

However, the exact salary can vary based on factors such as experience, educational qualifications, the size and industry of the company, and the cost of living in the geographical location.

Accounts Receivable Job Description FAQs

What skills does an Accounts Receivable Clerk need?

Accounts Receivable Clerks require strong math and organization skills, as well as attention to detail.

They need to be proficient in various accounting software and have a good understanding of accounting principles.

Good communication skills are also essential as they often need to interact with customers to clarify invoices and resolve disputes.

What is the educational requirement for an Accounts Receivable Clerk?

A high school diploma or equivalent is typically the minimum education requirement for an Accounts Receivable Clerk.

However, most employers prefer candidates with a bachelor’s degree in finance, accounting, or a related field.

Some roles may also require specific experience with certain accounting software.

What should you look for in an Accounts Receivable resume?

Look for a candidate who has experience in managing accounts receivable, handling billing issues, and communicating with customers.

Strong computer skills, especially in accounting software and Microsoft Excel, are a plus.

The resume should also demonstrate the candidate’s accuracy, attention to detail, and ability to meet deadlines.

What qualities make a good Accounts Receivable Clerk?

A good Accounts Receivable Clerk is reliable and works well under pressure, handling multiple tasks and deadlines simultaneously.

They should be detail-oriented, have strong problem-solving skills, and demonstrate a high level of integrity due to the sensitive nature of the financial information they handle.

What are the daily duties of an Accounts Receivable Clerk?

On a typical day, an Accounts Receivable Clerk prepares and sends out invoices, posts customer payments by recording cash, checks, and credit card transactions.

They may also follow up on, collect, and allocate payments, perform account reconciliations, and research and resolve payment discrepancies.

Regular interaction with customers via phone or email may also be part of their daily tasks.

Do Accounts Receivable Clerks need to have knowledge of specific software?

Yes, Accounts Receivable Clerks typically need to be proficient in various accounting and bookkeeping software.

Familiarity with tools like QuickBooks, Microsoft Dynamics, or SAP can be beneficial.

They should also be comfortable using spreadsheet programs like Microsoft Excel for data analysis and reporting.

Conclusion

And there you have it.

Today, we unraveled the intricacies of what it truly means to be an Accounts Receivable professional.

Surprised?

It’s not just about managing invoices and payments.

It’s about steering the financial health of a company, one transaction at a time.

With our comprehensive accounts receivable job description template and real-world examples, you’re primed and ready for your next career leap.

But why limit yourself?

Immerse yourself more with our job description generator. It’s your next tool in creating meticulously detailed listings or refining your resume to perfection.

Remember:

Every transaction is a piece of the financial puzzle.

Let’s build that prosperous future. Together.

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

FAQs

Accounts Receivable Job Description [Updated for 2024]? ›

Accounts Receivable Clerk responsibilities include:

What are the future accounts receivable? ›

Future Receivables include all future payments made by cash, check, ACH, director pre-authorized debit, wire transfer, credit card, debit card, charge card or other form of payment in connection with, arising from, related to or otherwise attributable to your business, including for goods, services or facilities ...

What are the job descriptions of account receivable? ›

Duties/Responsibilities:
  • Prepares, posts, verifies, and records customer payments and transactions related to accounts receivable.
  • Creates invoices according to company practices; submits invoices to customers.
  • Maintains and updates customer files, including name or address changes, mergers, or mailing attentions.

What is the job outlook for accounts receivable? ›

According to the U.S. Bureau of Labor Statistics , the projected job outlook for accounting, bookkeeping, accounting and auditing clerks, such as accounts receivable clerks, may decline by 3% between 2020 and 2030.

What is a senior accounts receivable job description? ›

Prepare, verify, and process invoices for sales or services rendered as needed. Protect organization's value by keeping information confidential. Assist with periodic third party audits, providing supporting documentation. Ensure accurate and complete customer information is maintained in the ERP.

What are the five Cs of receivables? ›

This review process is based on a review of five key factors that predict the probability of a borrower defaulting on his debt. Called the five Cs of credit, they include capacity, capital, conditions, character, and collateral.

What is the salary of AR? ›

Accounts Receivable Salaries in India

The average salary for Accounts Receivable is ₹3,92,492 per year in the India. The average additional cash compensation for a Accounts Receivable in the India is ₹32,492, with a range from ₹10,613 - ₹60,000.

What are the four functions of accounts receivable? ›

The accounts receivable department performs vital functions such as building monthly financial statements, performing account reconciliations, generating invoices, and managing the billing system.

Which skills do accounts receivable roles require? ›

In order to be successful in an Accounts Receivable job, you will need to have strong skills in:
  • Microsoft Office Suite, specifically Excel.
  • Accounts Receivable procedures.
  • Basic bookkeeping, credit and accounting principles.
  • Cash applications.
  • Customer service.
  • Organisational skills.
  • Effective communication.

What is the next position after accounts receivable? ›

A career as an Accounts Receivable Analyst can lead to various growth paths within the finance and accounting field. With experience and expertise, individuals can progress to roles such as Accounts Receivable Manager, Financial Analyst, or even a more senior management position.

What is the career path in accounts receivable? ›

Accounts Receivable Career Paths

The typical career path for someone working in accounts receivable begins with an entry-level position as an Accounts Receivable Clerk or Credit Analyst. Then, with experience and training, you may be able to work your way up to a supervisory role or management position.

Which job is easier, accounts payable or receivable? ›

The accounts payable process is much easier if you're using accounting software, as most accounting software applications handle vendor management, proper expense allocation, and the ability to track due dates to ensure payments are made on time.

What is the duties and responsibilities of accounts receivable? ›

Posts customer payments by recording cash, check, and credit card transactions. Tracks revenues by verifying and entering transactions from the lockbox and local deposits. Updates receivables by totaling unpaid invoices. Maintains records by microfilming invoices, debits, and credits.

What is a receivables specialist job description? ›

Accounts Receivable Specialist responsibilities

Generate and send customer invoices, statements, and payment reminders. Follow up and communicate with customers regarding outstanding invoices and payment discrepancies. Investigate and resolve billing and payment issues, including chargebacks, disputes, and refunds.

What is the job description of an accounts receivable executive? ›

Executive, Account Receivable

Responsible for billing, collections, payment recording, resolving discrepancies, month-end closing, AR aging reports, and collaborating with admins.

How do you calculate future accounts receivable? ›

Steps for Forecasting Accounts Receivable Using DSO
  1. Sales Forecast = (Last Month Revenue + Expected Growth – Expected Churn)
  2. DSO = (Accounts Receivable / Total Credit Sales) x Number of Days in the Period.
  3. Accounts Receivable Forecast = Days Sales Outstanding (DSO) x (Sales Forecast / Time)
Feb 15, 2022

What are the three types of accounts receivable? ›

Generally, receivables are divided into three types: trade accounts receivable, notes receivable, and other accounts receivable.

What is the accounts receivable aging list? ›

Accounts receivable aging sorts the list of open accounts in order of their payment status. There are separate buckets for accounts that are current, those that are past due less than 30 days, 60 days, and so on.

What are examples of accounts receivable accounts? ›

Accounts Receivable Examples

Clothing manufacturer delivered products to a retail store. Payment is due to the manufacturer within 30 days. Customer paying at a retail store with a credit card. Electricity provider delivers electricity for the month but gets paid at the start of the following month.

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