Accounts Receivable Intern

Job Overview

The Accounts Receivable Intern is responsible for supporting the financial team by managing and processing incoming payments, ensuring accurate and timely recording of transactions. On a daily basis, the intern will assist in reconciling accounts, preparing invoices, and communicating with clients to resolve any billing discrepancies. The primary objective is to maintain up-to-date and accurate financial records, contributing to the overall efficiency and effectiveness of the accounts receivable process. Additionally, the intern will collaborate with team members to improve processes and support financial reporting activities.

Organizational Impact

The role of an Accounts Receivable Intern is pivotal in enhancing the company's overall success by ensuring efficient cash flow management. By diligently managing invoices and payments, the intern supports the finance team in maintaining accurate financial records, which is crucial for informed decision-making. This role directly impacts other departments by providing timely financial data, enabling them to plan and execute their operations more effectively. Furthermore, by assisting in the collection of outstanding receivables, the intern contributes to improving the company's liquidity, thereby driving financial performance. The intern's work also plays a role in ensuring compliance with financial regulations, reducing the risk of legal issues. Overall, the Accounts Receivable Intern aids in achieving the organization's strategic goals by supporting financial stability and operational efficiency.

Key Systems

An Accounts Receivable Intern must be proficient in a range of essential software, tools, and technologies to effectively perform their duties. Key platforms include accounting software such as Yardi, QuickBooks, Xero, Sage, AppFolio, and MRI, which are crucial for managing financial transactions and maintaining accurate records. Additionally, familiarity with spreadsheet applications like Microsoft Excel is vital for data analysis and reporting. Proficiency in these systems is imperative for ensuring efficient and accurate processing of accounts receivable tasks, contributing to the overall financial health of the organization.

Inputs

An Accounts Receivable Intern is responsible for handling various types of financial data and documents essential for daily operations. This role requires processing invoices, payment receipts, and account statements, which are typically sourced from the finance department and accounting systems. The intern will also manage customer account information, ensuring accuracy and timely updates, often collaborating with the sales department for verification. Additionally, the intern may be tasked with generating reports on outstanding balances and payment trends, utilizing data from internal financial software and occasionally external financial databases.

Outputs

The Accounts Receivable Intern will primarily generate detailed financial reports and maintain accurate records of all receivable transactions. These outputs are crucial for ensuring the organization's financial health and are used by the finance team to track outstanding invoices and manage cash flow effectively. Additionally, the intern will assist in processing payments and reconciling accounts, which supports the accounting department in maintaining accurate financial statements. Externally, these outputs may be used to communicate with clients regarding their account status, ensuring timely payments and fostering strong business relationships.

Activities

- Assist in the preparation and distribution of invoices. 

- Monitor and track incoming payments. 

- Reconcile accounts receivable transactions. 

- Support the resolution of billing discrepancies. 

- Maintain accurate and up-to-date customer records. 

- Generate regular accounts receivable reports. 

- Collaborate with the finance team to improve processes.

Recommended Items

- Invoice Processing Checklist

- Payment Collection Guidelines

- Customer Communication Templates

- Aging Report Analysis Framework

- Dispute Resolution Process

- Cash Application Procedures

- Credit Policy Guidelines

- Month-End Closing Checklist

- Account Reconciliation Template

- Data Entry Accuracy Checklist

Content Example

- Prepare and send customer invoices. 

- Generate accounts receivable aging reports. 

- Assist in reconciling customer accounts. 

- Process and record incoming payments. 

- Support in preparing monthly financial statements. 

- Help with credit memos and adjustments. 

- Maintain accurate and organized financial records.

Sample Event-Driven Tasks

- Review and process new client credit applications. 

- Generate and send invoices for new projects. 

- Follow up on overdue accounts when deadlines are missed. 

- Update records upon receiving payment requests. 

- Assist in preparing financial reports for project evaluations. 

- Coordinate with project managers for billing adjustments. 

- Respond to client inquiries regarding billing issues.

Sample Scheduled Tasks

- Process and post customer payments. 

- Reconcile accounts and resolve discrepancies. 

- Generate and distribute invoices. 

- Assist in preparing monthly financial reports. 

- Follow up on outstanding invoices. 

- Maintain accurate records and documentation. 

- Support the team with ad-hoc tasks.

Sample Infill Tasks

- Assist with resolving billing discrepancies. 

- Conduct credit checks on new clients. 

- Support in preparing ad-hoc financial reports. 

- Help with the reconciliation of accounts. 

- Aid in the collection of overdue accounts. 

- Update customer account information as needed. 

- Assist in the preparation for audits.