Table of contents
- Accounts receivable coordinator responsibilities
- Job requirements for Accounts Receivable Coordinator
- Accounts receivable coordinator skills
- Accounts receivable coordinator work environment
- Trends in accounts receivable coordinators
- How to become an accounts receivable coordinator
- prospects for advancement
- Sample job description
The role of an accounts receivable coordinator requires great attention to detail. They are responsible for managing the flow of information between their organization and their customers, suppliers or other external parties.
Accounts receivable coordinators typically work with a team of people from different departments in your company. You can also work directly with external parties such as suppliers or customers. Your job is to ensure that all parties involved in transactions receive accurate and timely information about those transactions.
Accounts receivable coordinator responsibilities
Accounts receivable coordinators have a wide range of responsibilities which may include:
- If necessary, coordinate with debt collection agencies or lawyers to collect overdue receivables
- Review customer records to determine creditworthiness
- Determine who is responsible for collecting each account based on their experience with the client or the industry.
- Send reminders and notices to customers who default on payments, file lawsuits, or liquidate assets to cover debts.
- Invoice and payment processing, cash flow tracking and transaction record keeping
- Negotiate with customers or their creditors to settle overdue accounts
- Coordinate with the accounting department to ensure billing cycles are correct and accounts are posted correctly
- Work with members of the sales team to identify new customers who may be interested in the company's products or services, and then contact them to ensure they are happy with the service received.
- Check credit reports to see if a customer's financial status has changed
Accounts receivable coordinator salary and outlook
Accounts receivable coordinator salaries vary based on education and experience, the size of the business, and the industry of the business. You can also earn additional rewards in the form of commissions or bonuses.
- average annual salary:$44,500 ($21.39/hour)
- Annual salary of the top 10%:$70,500 ($33.89/hour)
Accounts receivable coordinator employment is expected to decline over the next decade.
Job growth for these workers is expected to be limited as automation will allow fewer people to do more work. Software applications and other types of technology are already simplifying some of the tasks that accounts receivable coordinators often perform, such as: B. Collecting payments from customers. Additionally, organizations may choose to outsource some of their collections activities to third-party collection agencies.
Related: 25 Accounts receivable coordinator interview questions and answers
Job requirements for Accounts Receivable Coordinator
The following are some of the requirements that are commonly required to become an accounts receivable coordinator:
Education:Accounts receivable coordinators are generally required to have a high school diploma or GED certification. Some employers prefer candidates with a bachelor's degree in accounting, finance or business administration. Relevant courses are financial accounting, business law, business communication and business mathematics.
Training experience:Accounts receivable coordinators are typically trained on the job to learn the processes and procedures specific to their role. Depending on the company and area of responsibility, the training can last between a few weeks and a month.
Certifications and Licenses:Certifications allow professionals to demonstrate their qualifications to current and future employers. Accounts receivable coordinators can earn certifications to gain more theoretical knowledge of their responsibilities, test their job skills, and further advance their careers.
Accounts receivable coordinator skills
Accounts receivable coordinators need the following skills to be successful:
communication skills:Communication skills are essential in this role as you may need to communicate with customers, suppliers, managers and other employees. You may need to communicate via email, phone, or in person, so being able to communicate effectively with others is important.
Attention to detail:Attention to detail is a crucial skill for an accounts receivable coordinator as they often handle sensitive information and data. This skill can help you ensure that you are entering the correct information into the company's system and that you are not making any mistakes when entering data into the system. It can also help you ensure that you are sending invoices to the right customer and that you are sending the right invoice to the right customer.
Organisation:As an accounts receivable coordinator, you may be responsible for managing a large amount of paperwork. Organizational skills can help you keep track of bills, payments, and other documents. Organizational skills can also help you keep track of customer information such as contact information and account details.
Troubleshooting:Problem-solving skills enable you to identify and solve problems. As an accounts receivable coordinator, you may be responsible for handling customer complaints and resolving any issues that arise. Your ability to identify the root cause of the problem and find a solution can help you improve customer satisfaction and increase sales.
Time management:Time management is a crucial skill for an accounts receivable coordinator as they often have multiple tasks to complete within a given time frame. This role requires the ability to prioritize tasks and manage time effectively to ensure all tasks are completed on time.
Accounts receivable coordinator work environment
The accounts receivable coordinator works in an office environment and typically works a regular 40-hour week. However, during busy times, such as at the end of the financial year, a few extra hours may be required. The job can be stressful at times as the coordinator is responsible for making sure all bills are paid on time and any discrepancies are resolved quickly. There is a lively exchange with other departments within the company as well as with customers and suppliers. Therefore, good communication and interpersonal skills are essential. The coordinator must also be able to work independently and be detail-oriented.
Trends in accounts receivable coordinators
Here are three trends affecting the performance of accounts receivable coordinators. Accounts receivable coordinators need to keep abreast of these developments to keep their skills relevant and maintain a competitive edge in the workplace.
The growth of the gig economy
The gig economy is growing rapidly as more and more people turn to freelancing to make ends meet. This trend is having a major impact on the accounting industry as companies are now looking for accounts receivable coordinators who have experience working with freelancers.
As the gig economy continues to grow, accounts receivable coordinators need to be able to efficiently and effectively manage freelancers' accounts. You must also be able to communicate effectively with these workers to ensure they are receiving the payments they deserve.
More focus on customer service
The customer service industry is growing rapidly as companies realize the importance of providing excellent customer service. This means accounts receivable coordinators must focus on developing strong customer service skills.
By understanding what makes customers happy and how to keep them coming back, accounts receivable coordinators can differentiate themselves from the competition and help their business thrive. Additionally, they must be familiar with current technology that can help speed up the billing process.
Increased use of technology
Technology plays an increasingly important role in the business world. This is especially true for accounts receivable coordinators who use technology to improve their efficiency and productivity.
Accounts receivable coordinators can leverage technology by adopting new tools and systems that make it easier to track late payments, communicate with customers, and manage their time more effectively. Additionally, they can use technology to stay connected with other professionals and learn about the latest industry trends.
How to become an accounts receivable coordinator
As you begin your career as an accounts receivable coordinator, it's important to first understand the role and your responsibilities. As an accounts receivable coordinator, you are responsible for collecting payments from customers on behalf of your company. This can include sending out invoices, following up customers if they haven't paid their bills on time, and resolving any issues that arise.
To be successful in this role you must have excellent customer service skills and be able to work well under pressure. You should also be familiar with technologies such as email and accounting software to manage your workload.
prospects for advancement
The next step from an accounts receivable coordinator is an accounts receivable manager. In this role you will be responsible for a team of coordinators and responsible for the development of departmental policies, procedures and objectives. They are also responsible for training the new coordinators and keeping the department running smoothly. In larger organizations there may be multiple levels of managers, with each level responsible for a larger team of coordinators.
Sample accounts receivable coordinator job description
The accounts receivable coordinator is responsible for billing customers, issuing credit notes, and collecting payments in a timely manner. The accounts receivable coordinator also reconciles customer accounts and keeps accurate records of all customer transactions. The ideal candidate will have experience in Accounts Receivable, Collections and Customer Service. He or she is detail oriented, organized and able to work independently. The accounts receivable coordinator reports to the accounting manager.
duties and responsibilities
- Serve as the primary point of contact for assigned accounts and provide excellent customer service
- Review and process invoices for accuracy, coding and approval according to company policies.
- Investigate and resolve billing discrepancies in a timely manner
- Generate monthly statements and send them to customers
- Process customer payments and apply them to invoices accordingly
- Reconcile customer accounts and create age reports
- Keep accurate records of all account activity
- Assist in month-end closing by creating journal entries and account reconciliations.
- Work closely with other departments to resolve billing and payment issues.
- Follow all company policies and procedures.
- Other functions that can be assigned
Required Skills and Qualifications
- Bachelor's degree in accounting, finance or a related field
- 3-5 years of experience in Accounts Receivable or a similar role
- Mastery of Microsoft Office, with an ability to learn new software and systems.
- Excellent communication, customer service and negotiation skills.
- Strong organizational skills and attention to detail.
- Ability to work independently and meet deadlines
Preferred skills and qualifications
- MBA or Masters in Accounting or Finance
- CPA or CMA certification
- Experience with SAP or another ERP system (Enterprise Resource Planning).
- Working knowledge of generally accepted accounting principles (GAAP)
- proficiency in another language