This post provides detailed information on the job description of an accounts receivable analyst, to help you understand the key tasks, duties, and responsibilities that they commonly perform.
What Does an Accounts Receivable Analyst Do?
An accounts receivable analyst keeps track of the ability of an organization or a company to cash in on invoices that are outstanding.
His/her job description entails carrying out various tasks that have to do with bill collection for the company, including the actual collection process, and investigation of errors made on billings.
The accounts receivable analyst’s role also entails checking missing and unresolved payment issues.
He/she will investigate reasons for missing account records and seek ways to ensure that actions are immediately taken to right the wrongs.
In the process of getting things right, the receivable analyst may make recommendations for changes to be made on the credit limit of some customers in other to resolve the lingering challenge on such customers’ payment history.
Companies usually employ accounts receivable analysts for the sole responsibility of managing their accounts.
There are different methods companies usually use in receiving payments for services delivered, one of which is credit sales, which allows for payment by installments.
Some customers may also enjoy some benefits of discount taken in reasonable percentage.
The analyst keeps track of the various payment methods and ensures their proper monitoring.
He/she will maintain a close and careful watch on credit sales and discounted purchases.
Other duties in the accounts receivable analyst’s work description include ensuring that the irregularities surrounding the payment for the company’s services are promptly and adequately giving timely response.
The analyst is also saddled with the task of ensuring that unpaid balances are collected, but in doing this, he/she would need to monitor, supervise, and examine in proper proportion the account activities.
His/her role also includes initiating contacts with customers who are yet to complete their payments to find out why the payments are delayed.
He/she is also expected to initiate certain methods for collecting balances from customers, and may restrict credit access to some customers until the payment due is made.
The accounts receivable analyst job description also covers monitoring purchase activities of customers, and limiting or terminating the privileges available to some of them where it is discovered that the customer has a lot of unpaid balance.
The termination or complete limitation to credit access will remain until the outstanding balances are paid.
It is highly imperative for receivable analysts to be proficient in running reports, and in carrying out accurate record keeping.
The analyst needs to have the ability to create accurate records and perform proper documentation, so as to be able to keep track on sales and account.
By understanding where payment is owed, the receivable analyst would have a sense of direction to be able to retrieve outstanding payments.
The knowledge and use of modern technology is very important to this professional because it enhances documentation of account reports.
The analyst must also understand how to keep company records safe when using modern technologies; where account information is stored on a computer, the accounts receivable analyst is expected to have a backup for the files so as to prevent against loss.
Accounts Receivable Analyst Job Description Example/Sample/Template
Here is an example of job description for the role of accounts receivable analyst, showing typical duties, tasks, and responsibilities individuals who work in the position usually perform:
- Keep track on invoices that are outstanding
- Offer assistance on matters involving application on cash
- Monitor cash which are unapplied
- Offer refunds to customers
- Make internal research on authenticities of payments
- Investigate payments which are unidentified, lost, or not accepted at the point of payment
- Respond to trends on cash which are unapplied
- Responsible for reconciling and reporting accounts
- Handle improvement plans in the application process of cash
- Monitor keeping of records, documentation, and book keeping
- Offer support and advice to other accounting departments
Accounts Receivable Analyst Job Description for Resume
To have an edge in the job market over other applicants for the position of accounts receivable analyst, you will need to present a great resume to hiring managers.
To prepare such resume, you can make use of the duties and responsibilities of the position provided in the sample job description shown above in writing the work history section of the resume.
Accounts Receivable Analyst Requirements: Skills, Abilities, and Knowledge for Career Success
To excel in the profession, accounts receivable analysts are usually expected to have developed the following abilities, skills, and qualities, which are also usually required by employs when considering people for employment into the position:
- Degree in Business Administration or the equivalent
- Proficiency in accounting, and the ability to offer assistance on accounting functions
- Enthusiasm and involvement in improving business processes
- Ability to stay focus on tasks, particularly while battling with meeting up with deadlines
- Ability to offer proficient solution to problems
- Ability to get along with people
- Eloquence in communication, both verbal and written
- Ability to make good presentations, analyze report, and respond to accounting issues
- Proficiency in modern technology applications and ability to use the computer
- Ability to work without supervision