One of the most crucial positions for any business is the billing clerk. Known as a financial clerk in some organizations, this individual is responsible for updating financial records, posting billing reports and ensuring that financial records are accurate. The median salary nationwide is just under $34,000 a year, but salaries vary by location and based on individual experience.
Money, Money, Money
Billing clerks generally work with the accounting or payroll department within a company. They actively monitor all incoming and outgoing financial transactions within a company to ensure accuracy. They review purchase orders, time sheets and expense reports to make sure they comply with corporate regulations and reflect accurate amounts. They work directly with customers to determine terms of purchase, discount rates and shipping charges. Additionally, they prepare reports and documents that are audited by the accounting manager.
Knowledge and Skills
Critical thinking is essential for anyone in this field. Individuals must be proficient in math and reasoning. Intuitive interpersonal skills are also important, as the billing clerk is one of the main representatives of a company to its customer base. All billing clerks must be organized and work well without a lot of direct supervision. Lastly, individuals in this field must be proficient with computer applications and communicate effectively.
While a bachelor's degree can be helpful and lead to advancement into managerial levels, it is not necessary for a successful career as a billing clerk. Many individuals enter into the profession with a high school diploma or equivalent, although an associate's degree is recommended. Depending on the computer systems used by the company, a clerk may need to complete specialized training on one or more software systems from a vocational college.
Positions in the billing clerk field are expected to increase overall. According to the Bureau of Labor Statistics, careers in this field are projected to increase by approximately 11 percent from 2012 to 2022. This includes all related fields, with the brightest outlook for those in the medical billing profession. Growth in that industry is expected to increase by as much as 18 percent for the same time period.
2016 Salary Information for Financial Clerks
Financial clerks earned a median annual salary of $38,420 in 2016, according to the U.S. Bureau of Labor Statistics. On the low end, financial clerks earned a 25th percentile salary of $31,470, meaning 75 percent earned more than this amount. The 75th percentile salary is $47,230, meaning 25 percent earn more. In 2016, 1,440,400 people were employed in the U.S. as financial clerks.