Accounts Receivable Specialist Job Description: Top Duties and Qualifications

An Accounts Receivable Specialist, or Accounts Receivable Clerk, is responsible for maintaining a company’s financial accounts with incoming transactions. Their duties include updating accounts ledgers, preparing invoices or receipts and receiving payments.

 

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Accounts Receivable Specialist duties and responsibilities

Accounts Receivable Specialists maintain the overall accuracy of the accounts, ledgers and financial records within their remit. They perform a range of administrative and clerical tasks on a day to day basis to keep that accounts up to date. Their main duties include:

  • Tracking incoming payments
  • Recording and reconciling all incoming financial transactions received
  • Issuing invoices and receipts to clients for money received
  • Resolving outstanding payments and sending collection statements
  • Updating account information and records of clients
  • Assisting with audits and checking for discrepancies in financial accounts
  • Ensuring that financial records meet with company standards
  • Compiling financial reports

 

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What does an Accounts Receivable Specialist do?

Accounts Receivable Specialists handle day to day financial transactions within a company. They record payments from clients, update statements with received transactions and make collection calls. An Accounts Receivable Specialist also performs other financial tasks such as ensuring the accuracy of accounting ledgers and the timely monitoring of payments, receipts and bills.

Accounts Receivable Specialists often work directly with customers or clients, issuing invoices and receiving payments for services or supplies. They also compile financial reports and provide financial information or data to other staff members.

 

Accounts Receivable Specialist skills and qualifications

An Accounts Receivable Specialist has excellent accounting and arithmetic skills to record all accounts receivable transactions accurately. They have administrative skills and are proficient in computer and accounting software. They should also have the relevant accounting qualifications to apply for an Account Receivable Specialist position. A successful Accounts Receivable Specialist will have various prerequisite skills and qualifications, that typically include:

  • Accuracy with data entry
  • Excellent arithmetic skills
  • Excellent customer service skills
  • Ability to communicate complex financial information in a simple, understandable format
  • Proficiency in working with spreadsheets using Microsoft Excel
  • Knowledge of general accounting software, such as QuickBooks
  • Extensive knowledge of accounting and financial terminology and practises
  • Associate Chartered Accountant (ACA) qualification or similar industry-recognised qualification

 

Accounts Receivable Specialist experience requirements

A successful Accounts Receivable Specialist needs a minimum of two years of experience working in a previous accounting role. This could be as an Accounting Clerk, Bookkeeper or as an Accounting Technician. Experience working in an office is also essential.

An Accounts Receivable Specialist candidate should have proven experience of bookkeeping, of performing administrative tasks and accurately inputting data. The ideal candidate should have specialisation in finance and accounting. In larger organisations the position may require experience working with customers and as as part of a team. 

 

Accounts Receivable Specialist education and training requirements

An Accounts Receivable Specialist typically needs an academic grounding in mathematics, including excellent results in Maths at both GCSE level and A-Level. Most employers prefer a degree in Maths, Accounting, Economics or Business Administration. Accounting qualifications from a reputable institution, such as the Institute for Chartered Accounts in England and Wales is beneficial for candidates to be successful.

Some employers consider entry-level candidates who have proven experience working in an accounting or office administration role. Such candidates usually demonstrate that they are working towards relevant accounting qualifications, even if they are yet to achieve the necessary degree-level education. A Foundation Certificate in Accounting from a college or an apprenticeship is also helpful.

 

Accounts Receivable Specialist salary expectations

According to Indeed Salaries, the average salary for an Accounts Receivable Specialist is £24,492 per year. Salary may be dependent on experience, location and company.

 

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Accounts Receivable Specialist job description FAQs

 

What is the difference between an Accounts Receivable Specialist and an Accounts Payable Specialist?

An Accounts Receivable Specialist mostly records and processes incoming payments from customers and clients. An Accounts Payable Specialist works with outgoing payments of the company. However, in some cases, the responsibilities from either role can overlap.

 

Who does an Accounts Receivable Specialist report to?

An Accounts Receivable Specialist often reports to a Senior Accounts Receivable Specialist or a Senior Accountant. They may also work within a larger financial department and may also have to report to the Chief Financial Officer of the company.

 

What makes a good Accounts Receivable Specialist job description?

A good Accounts Receivable Specialist job description provides an overview of the company, along with the company’s values and ethos. It details the responsibilities of an Accounts Receivable Specialist within the company and explains their day to day tasks. Mention the exact qualifications needed for the job along with the level of education and experience required from the Accounts Receivable Specialist to make the description more compelling.

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