Accounts Receivable Clerk

Job Overview

The Accounts Receivable Clerk is responsible for managing and maintaining the company’s incoming payments and ensuring accurate financial records. On a daily basis, this role involves processing invoices, verifying and posting receipts, and reconciling account discrepancies. The clerk must communicate effectively with clients to resolve billing issues and ensure timely collection of outstanding payments. Additionally, they are tasked with preparing regular reports on account status and collaborating with other departments to streamline financial operations. The primary objective is to maintain a healthy cash flow and support the financial stability of the organization.

Organizational Impact

The role of an Accounts Receivable Clerk is pivotal to the company's overall success. By efficiently managing incoming payments and maintaining accurate financial records, this position directly influences the organization's cash flow, which is essential for sustaining operations and funding strategic initiatives. The clerk's meticulous attention to detail ensures that invoices are processed promptly and discrepancies are resolved swiftly, thereby enhancing the efficiency of the finance team and supporting other departments that rely on timely financial data. Furthermore, by ensuring that all transactions comply with relevant regulations and company policies, the Accounts Receivable Clerk plays a crucial role in mitigating financial risks and safeguarding the company's reputation. Ultimately, this role contributes significantly to achieving the organization's strategic objectives by optimizing financial performance and ensuring compliance with industry standards.

Key Systems

An Accounts Receivable Clerk must be proficient in a range of essential software, tools, and technologies to effectively manage financial transactions and maintain accurate records. Key platforms include accounting software such as Yardi, QuickBooks, Xero, Sage, AppFolio, and MRI, which are crucial for processing invoices, tracking payments, and managing client accounts. Additionally, familiarity with spreadsheet applications like Microsoft Excel is vital for data analysis and reporting. Proficiency in these systems ensures efficient handling of accounts receivable tasks and contributes to the overall financial health of the organization.

Inputs

An Accounts Receivable Clerk is responsible for managing various types of financial data and documents essential for daily operations. This role requires handling invoices, payment receipts, and customer account statements, which are typically sourced from the sales department and accounting systems. Additionally, the clerk must process and verify incoming payments, often received through bank transfers, checks, or electronic payment systems. Communication with clients and internal departments is crucial to resolve discrepancies and ensure accurate record-keeping. The role also involves generating financial reports and maintaining up-to-date records in accounting software, ensuring compliance with company policies and financial regulations.

Outputs

The primary deliverables produced by an Accounts Receivable Clerk include detailed financial reports, processed invoices, and accurate account statements. These outputs are essential for maintaining the organization's financial health and are used by internal teams, such as finance and management, to monitor cash flow and assess the company's financial position. Externally, these documents may be shared with auditors and regulatory bodies to ensure compliance with financial regulations. The accuracy and timeliness of these deliverables are crucial for effective financial planning and decision-making within the organization.

Activities

- Process and post incoming payments accurately and promptly. 

- Reconcile accounts to ensure all payments are accounted for and properly posted. 

- Generate and distribute invoices to customers in a timely manner. 

- Monitor accounts to identify outstanding debts and follow up on overdue payments. 

- Maintain accurate and organized financial records and documentation. 

- Prepare regular reports on account status and collection efforts. 

- Collaborate with other departments to resolve billing discrepancies.

Recommended Items

- Invoice Processing Checklist

- Payment Collection Guidelines

- Customer Communication Templates

- Aging Report Review Process

- Dispute Resolution Framework

- Cash Application Procedures

- Credit Policy Guidelines

- Month-End Closing Checklist

- Account Reconciliation Template

- Internal Audit Preparation Checklist

- Data Entry Accuracy Guidelines

- Customer Account Setup Process

- Bad Debt Recovery Strategies

- Compliance and Regulatory Checklist

- Continuous Improvement Framework

Content Example

- Invoices for customers. 

- Payment receipts. 

- Aging reports. 

- Account statements. 

- Reconciliation reports. 

- Collection letters. 

- Cash receipt journals.

Sample Event-Driven Tasks

- Review and process new customer credit applications. 

- Generate and send invoices for new projects. 

- Follow up on overdue accounts when deadlines are missed. 

- Update customer accounts upon receiving payment requests. 

- Prepare and submit reports for management upon request. 

- Coordinate with project managers to resolve billing discrepancies. 

- Assist in audits when financial reviews are initiated.

Sample Scheduled Tasks

- Process and post customer payments to accounts receivable ledger. 

- Generate and distribute customer invoices and account statements. 

- Reconcile accounts receivable ledger to ensure all payments are accounted for. 

- Monitor customer accounts for delayed payments and follow up as necessary. 

- Prepare and submit regular aging reports to management. 

- Assist in month-end closing by ensuring all receivables are recorded. 

- Maintain accurate and organized records of all transactions.

Sample Infill Tasks

- Conduct credit checks on new clients.n

- Resolve billing discrepancies.n

- Process refunds and adjustments.n

- Update customer account information.n

- Assist with audits and financial reporting.n

- Communicate with clients regarding overdue accounts.n

- Prepare ad-hoc financial reports.