Growth Trends for Related Jobs
The scope of accounts receivable duties and responsibilities includes the provision of financial, administrative and clerical services. These services need to be provided in an accurate and efficient manner. All duties should be performed in adherence to the established policies and procedures of the company. Processing and monitoring payments and expenditures in a timely and competent manner are among the main responsibilities of the job. For example, vendors and suppliers have established credit periods and need to be paid within these time limits.
Accounts Receivable Duties
It falls within the purview of accounts receivable to handle billing, collection and reporting in adherence to specific deadlines; maintain the billing system; follow up on collections; prepare reconciliation of accounts; monitor customer non-payments; follow up on delayed payments and report irregularities; process cash payments; prepare bank deposits; process adjustments in payments; provide customer service to resolve customer queries and communicate with customers; and receive and verify invoices and requisitions for goods.
Managing the payroll functions is another main area of responsibility for accounts receivable. The person is responsible for making sure that employees get paid accurately and on time each week or month. The main duties include calculating salaries and benefits; establishing and maintaining confidential employee payroll files; verifying payments to staff; calculating hours worked and making deductions as appropriate; entering data of payroll and pay sheet information; logging and distributing pay checks; verifying employee coding; obtaining signatures for payment received; and preparing payroll tax.
The administrative responsibilities of accounts receivable may include monitoring and ordering office supplies; negotiating with vendors and suppliers to get the best prices; maintaining inventory files; preparing purchase orders; preparing travel advances for staff traveling for business purposes; reviewing and verifying travel claims; establishing and maintaining a computerized filing system for all financial documents as well as a paper filing system. Accounts receivable is tasked with maintaining a high level of confidentiality in all company financial matters.
Key Competencies to Handle Responsibilities
The accounts receivable position requires general accounting and specific accounts receivable experience. The role requires knowledge of general bookkeeping and payroll functions and procedures, as well as knowledge of office administration procedures. The individual should demonstrate attention to detail and accuracy as well as skills in problem-solving, decision-making, negotiating, communicating orally and in writing and conflict management. An accounts receivable employee also should demonstrate numerical and time-management skills.