by Account receivable clerks are known as accounts receivables.
Their job usually involves making sure that the company receives payments for the services and goods they offer.
They have to keep accurate records of all the transactions of the day.
In the article below, we will cover all the essential aspects of an account receivable clerk’s job.
Article Table of Contents
What Does an Accounts Receivable Clerk Do
Accounts receivables have a wide range of duties.
They perform the duties of an accountant and collections, including establishing policies and procedures, contacting vendors, clients, attorneys, and others.
They also observe the confidentiality of the firm and client matters.
Responsibilities
The responsibilities can vary greatly depending on the job of accounts receivable.
For instance, the job of accounts receivable specialist can vary from the accounts payable, supervisor, administrator, or assistant.
The most common duties encountered in this profession include:
- Maintaining billing systems keeping them up-to-date and carrying out billing duties.
- Creating and sending out invoices.
- Embarking, following up and collecting payments.
- Making reports on all daily activities.
- Following strict and specific deadlines.
- Performing account reconciliations and monitoring the account details of customers.
- Monitor the delayed or missed payments and other irregularities.
- Researching and resolving payment errors.
- Reviewing the status of accounts and generating analysis on age.
- Ensuring compliance with the procedures of the company.
- Examining and solving customer queries and complaints.
- Processing adjustments of the accounts and company.
- Keeping the business updated on all policy changes.
- Developing or following a recovery system.
- Communicating with customers via phone, email, or in-person.
- Assisting with monthly closing and preparing statistics and metrics.
- Using various software to track data.
- Supervising and tracking accounts, write-offs, and reversals.
Essential Skills
The job of accounts receivable professionals can be stressful, so they need a range of skills and qualities to perform the duties.
This can include skills they learned at high school or the talents they have always had.
Communication:
Accounts receivable specialists need excellent communication skills, both verbal and written, to interact with customers.
While working with people, they should be flexible and exercise excellent interpersonal skills.
Computer:
This job requires advanced 10-key calculator skills.
Additionally, they need basic to intermediate computer skills to fulfill their daily duties.
Math:
The core of the account receivable job is a mind for numbers and math.
To properly complete their tasks, they need good math knowledge and skills.
Organizational:
The job of accounts receivable pro requires superior organizational skills and the ability to multitask.
They should also be highly detail-oriented, have advanced analytical and problem-solving skills.
How to Become an Accounts Receivable Professional
Most employers require their accounts receivable to have at least some experience in accounting.
The most common requirement for experience is one to three years in the position of accounts receivable.
Occasionally, general experience in accounting is also accepted.
Training and Qualifications
The educational requirements for account receivables can vary.
Account receivable clerks usually need only a high school diploma or a GED.
More advanced positions call for a few years of college courses and diplomas.
The most common option prospective employees take is a two-year degree in accounting that can help get the position of an accounts receivable clerk.
While employers require at least some experience, it’s also common to undergo on-the-job training.
New employees are usually being trained for the first two weeks, during which they will learn and get used to the company’s policies and procedures, as well as the activities of the accounts receivable job.
Experience
Account receivables have to meet a range of qualifications to obtain a position, such as organization, communication, and aptitude for numbers.
Despite this, only a high school diploma is required in many states from those who wish to become accounts, receivable clerks.
On the other hand, the accounts receivable specialists with expertise in medical, analytical, or another area may need higher education such as an accounting degree.
However, even though account receivables clerks handle large amounts of money, the educational requirements for them aren’t too demanding.
Besides, they can make a pretty decent salary with overtime and bonuses.
Working Hours
Account receivable work full-time.
Their standard workweek lasts for 35 hours.
The working day and hours are regular, including Monday through Friday from 9 am to 5 pm.
They can also have some paid overtime hours featuring 10 hours of work a day total.
Career Outlook
According to the BLS, the employment rate for account receivables will grow by 11% by 2022.
This is surprising since the rates for similar positions are slowly reduced by the advancement of online banking.
If you wish to switch your career to another specialty, you can easily move to different better-paying and better-regarded positions in the company.
They include accounts receivable manager, accounts receivable coordinator, or even higher positions.
This job is one of the most stressful in the financial industry.
Accounts receivable have to be ready to communicate with superiors and clients all day.
They work with large amounts of money, so responsibility and math skills are mandatory for this job.
The median salary stands at $36,122, and the outlook is quite positive.
Conclusion
The levels of job satisfaction in this position are quite high for a job in finance.
These professionals have to handle accounts and large amounts of money daily, so the job can get quite stressful.
However, the overtime work and bonuses can contribute to the salary greatly and form quite a positive job outlook.