Being an Accounts Receivable Specialist has many benefits. On the job training will be provided and you will learn specific techniques for maintaining financial data and analysis. You can also take training courses to improve your skills. Working in entry-level roles in the finance sector can help you gain experience. These positions will give you valuable industry experience that will prepare you for a higher-ranking position. The Institute of Finance and Management also offers Accredited Receivables Specialist and Accredited Manager designations.
The skills required to be an Accounts Receivable Specialist
Accounts Receivable Specialists are responsible for improving a company's operational efficiency, profitability and cash flow. These professionals are responsible for submitting and processing credit documentation, managing insurance benefit verification, invoicing and collection, and keeping track of customer accounts. They also coordinate complex data entry, such as reviewing patient demographics and medical records and preparing contracts.
An Accounts Receivable Specialist needs to have advanced computer skills, including knowledge of various accounting software packages. Microsoft Office and QuickBooks are two of the most common software programs that Accounts Receivable Specialists use. This job requires strong customer service and communication skills. Accounts Receivable Specialists must have a Bachelor’s degree or equivalent.
Time management skills are essential in this profession. They allow account receivable professionals to meet deadlines, plan their tasks, and stay on track. It is essential that they are able to manage their time in order to process invoices quickly and accurately. Accounts Receivable Specialists might also be needed to assist with monthly closes and preparation of financial statements.
Outlook for Accounts Receivable Specialists
Accounts receivable experts are responsible for managing companies' billing and invoicing processes. Their job requires them to work closely with customers to understand their needs, handle difficult situations, and ensure that payments are processed accurately. They should be skilled at data entry. Customers must communicate with them to ensure they receive the best possible service.
It is possible that accounts receivable experts will be required to manage and create budgets in the accounts receivable department. They are usually reported to the Accounts manager and must follow all company policies. They earn an average of $40,000 per a year, but this will vary depending on the experience, their location and the size of your company.
Accounts receivable specialists must be good at communicating, working under pressure, and thinking on their feet. These specialists work in companies large and small, and often work regular business hours, but may work overtime. When deadlines are near, the work can be stressful. Accounts receivable specialists are able to advance to managerial and supervisory positions. A certified public accountant is also an option.
Salary range for Accounts Receivable Specialists
The average annual salary for Accounts Receivable specialists is $56,479 or $27 an hr in Oakland, California. This field is worth $54,500 annually. Salaries for Accounts Receivable Specialists may vary depending on your skill set and experience.
The average annual salary for Accounts Receivable Specialists working in New York City and the surrounding areas is $46,663, which is approximately 10% more than the national average. This state is number one among the 50 states in terms of salaries for Accounts Receivable Specialists.
Accounts Receivable Specialists have many responsibilities. They collect information, monitor overdue accounts and decide whether to send an account to a collection agency. They also receive customer payments and transfer them to their accounts. They also monitor customer satisfaction.
FAQ
What does an accountant do, and why is it so important?
An accountant keeps track and records all the money you spend and earn. They keep track of how much tax is paid and allowable deductions.
An accountant can help you manage your finances and keep track of your incomes and expenses.
They help prepare financial reports for businesses and individuals.
Accountants are necessary because they must be knowledgeable about all things numbers.
In addition, accountants help people file taxes and ensure they're paying as little tax as possible.
What is the difference between a CPA (Chartered Accountant) and a CPA (Chartered Accountant)?
Chartered accountants are accountants who have passed all the necessary exams to get the designation. A chartered accountant is usually more experienced than a CPA.
A chartered accountant also holds himself out as being able to give advice regarding tax matters.
The average time to complete a chartered accountancy program is 6-8 years.
What does it mean for accounts to be reconciled?
It involves comparing two sets. The source set is called the “source,” while the reconciled set is called both.
The source includes actual figures. The reconciled shows the figure that should be used.
You could, for example, subtract $50 from $100 if you owe $100 to someone.
This ensures that there are no accounting errors.
What are the types of bookkeeping software?
There are three main types: hybrid, computerized, and manual bookkeeping systems.
Manual bookkeeping refers to the use of pen & paper to record records. This method demands constant attention to detail.
Computerized bookkeeping is a way to keep track of finances using software programs. It is time- and labor-savings.
Hybrid bookkeeping combines both manual and computerized methods.
How can I find out if my business needs an accountant
Many companies hire accountants when they reach certain size levels. For example, a company needs one when it has $10 million in annual sales or more.
However, not all companies need accountants. This includes small businesses, sole proprietorships and partnerships as well as corporations.
The size of a company doesn't count. The only thing that matters is whether the company uses accounting systems.
If it does, then the company needs an accountant. A different scenario is not possible.
Statistics
- Employment of accountants and auditors is projected to grow four percent through 2029, according to the BLS—a rate of growth that is about average for all occupations nationwide.1 (rasmussen.edu)
- a little over 40% of accountants have earned a bachelor's degree. (yourfreecareertest.com)
- According to the BLS, accounting and auditing professionals reported a 2020 median annual salary of $73,560, which is nearly double that of the national average earnings for all workers.1 (rasmussen.edu)
- "Durham Technical Community College reported that the most difficult part of their job was not maintaining financial records, which accounted for 50 percent of their time. (kpmgspark.com)
- The U.S. Bureau of Labor Statistics (BLS) projects an additional 96,000 positions for accountants and auditors between 2020 and 2030, representing job growth of 7%. (onlinemasters.ohio.edu)
External Links
How To
How to do your bookkeeping
There are many accounting software options available today. While some are free and others cost money, most accounting software offers basic features like invoicing, billing inventory management, payroll processing and point-of-sale. Below is a short description of some common accounting packages.
Free Accounting Software: Free accounting software is usually offered for personal use only. Although the program is limited in functionality (e.g. it cannot be used to create your reports), it can often be very easy for anyone to use. You can also download data into spreadsheets with many free programs, which is useful if your goal is to analyze your company's financials.
Paid Accounting Software: Paid accounts are designed for businesses with multiple employees. These accounts offer powerful tools for managing employee records as well as tracking sales and expense, creating reports, and automating processes. Although most paid programs require a minimum of one year to subscribe, there are many companies that offer subscriptions for as little as six months.
Cloud Accounting Software: You can access your files from anywhere online using cloud accounting software. This program is becoming more popular as it can save you space, reduce clutter, makes remote work much easier, and allows you to access your files from anywhere online. It doesn't require you to install additional software. You only need an internet connection and a device that can access cloud storage services.
Desktop Accounting Software - Desktop accounting software runs locally on the computer. Desktop software can be accessed from any device, including mobile devices, and works similarly to cloud software. However, unlike cloud-based software, desktop software must be installed on your computer before it can be used.
Mobile Accounting Software - Mobile accounting software is specially designed for small devices such as smartphones and tablets. These programs allow you to manage finances from anywhere. They offer fewer functions than desktop programs, but are still useful for those who travel a lot or run errands.
Online Accounting Software is specifically designed for small businesses. It includes everything that a traditional desktop package does plus a few extra bells and whistles. Online software has one advantage: it doesn't require installation. Simply log on to the site and begin using the program. You can also save money and avoid the overheads of a local office.