Overview of the role:
The Cash Application Specialist is responsible for accurately and efficiently processing incoming payments and ensuring that payments are applied to the appropriate customer accounts. This role involves reconciling accounts receivable transactions, identifying discrepancies or issues with payments, and resolving any outstanding balances. Overall, a Cash Application Specialist plays a crucial role in ensuring the accurate and efficient processing of payments, maintaining clean accounts receivable records, and providing excellent customer service in handling payment-related inquiries and issues.
What you will be doing:
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Process incoming payments from customers. This involves recording payments received via various methods such as lockbox checks, ACH, electronic transfers, or credit cards.
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Reconcile payments received with the corresponding invoices or accounts receivable entries to ensure accuracy. This may involve matching payment details against invoice numbers, customer names, and other relevant information.
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Enter payment information into the accounting system accurately and in a timely manner while maintaining detailed and up-to-date records of all transactions processed.
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Investigate and resolve discrepancies or issues with payments, such as overpayments, underpayments, or unidentified payments promptly. This may involve communication with internal departments, customers, or financial institutions to clarify payment details.
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Generate reports on payment activities, outstanding balances, and unapplied cash for internal use by management.
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Ensure compliance with company policies, accounting standards, and regulatory requirements related to cash handling and payment processing. This includes adhering to internal controls and maintaining data confidentiality.
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Reconcile and resolve unapplied cash which involves requesting customer remittances for accurate application within the accounting system.
Where you’ll be doing it:
No travel
Education and Qualifications:
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High School Diploma or equivalent
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2+ year’s experience in Cash Application role required.
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Strong attention to detail and accuracy are essential for this role.
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Proficiency in Microsoft Excel and other relevant software applications
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Excellent numerical and data entry skills
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Good organizational and time management abilities to handle multiple tasks efficiently.
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Effective communication skills, both written and verbal, for interacting with internal teams and external customers
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Problem-solving skills to identify and resolve payment discrepancies.
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Knowledge of accounting principles and practices related to accounts receivable and cash handling.