Accounts Receivable Processor

Accounts receivable processors receive and keep track of payments on different accounts and other deposits or funds transferred by the company. The accounts receivable processor makes daily deposits of funds collected by the company into specified bank accounts. This position also requires reporting the amount of funds deposited or transferred to the accounting department. Accounts receivable clerks may also contact clients who owe the company money in order to collect funds or make reminders of payments. They may handle payroll and distribute paychecks to employees as well.

A typical day for an accounts receivable clerk may involve payroll distributions, data entry into company software, collection of payments from clientele, distribution of payments for services rendered for the company, deposits of payments, and communication with the accounting department to verify amounts of money received or distributed.

Accounts receivable clerks work indoors in an office setting. These positions are full time and take place during regular business hours, and they rarely involve a changing schedule. Accounts receivable processors are hired by a variety of large or small businesses; potential employers include schools, hospitals, healthcare and staffing companies, security services, and other businesses that have numerous employees and regularly make or receive payments for services.

A bachelor’s degree is generally recommended for this position, usually in accounting, human resources, or a related subject; however, some positions only require a high school diploma or equivalent and three to five years of related work experience. Accounts receivable processors must have experience with payroll and accounting software

As an Accounts Receivable Processor with 0-3 years of experience in Canada, your main responsibilities include:

• Process customer payments accurately and efficiently, ensuring all payments are applied to the correct accounts.
• Generate and send invoices to customers on a timely basis, ensuring accuracy and adherence to billing terms.
• Review and resolve billing discrepancies or disputes, working closely with internal teams and customers to resolve any issues.
• Maintain accurate and up-to-date customer records, including contact information, payment terms, and credit limits, to ensure smooth and efficient collections processes.

For an Accounts Receivable Processor, the following qualifications are required:

• Proficiency in financial management software such as QuickBooks or SAP to accurately process and reconcile accounts receivable transactions.
• Strong attention to detail to ensure accurate and timely recording of customer payments and deductions, and the resolution of any discrepancies.
• Excellent knowledge of accounting principles, including understanding of debits and credits, to effectively analyze and interpret financial data.
• Effective communication skills to liaise with customers and internal stakeholders, addressing inquiries and providing exceptional customer service.

The role of an Accounts Receivable Processor is crucial in maintaining efficient financial operations. For professionals with 0-3 years of work experience in Canada, here are four alternative roles to consider:

• Junior Bookkeeper: This role involves recording financial transactions, maintaining general ledgers, and assisting with basic accounting tasks.
• Billing Coordinator: A position focused on generating and managing invoices, tracking payments, and resolving billing discrepancies.
• Credit Analyst: A role that entails assessing the creditworthiness of customers, analyzing financial data, and making recommendations on credit limits and payment terms.
• Collections Specialist: This position involves contacting customers to collect outstanding payments, resolving payment issues, and maintaining accurate records of collections activities.

According to the latest data available with Google, the job role of Accounts Receivable Processor in Canada is expected to witness a steady growth in the coming years. The market for this position is projected to expand significantly, providing ample employment opportunities. Over the past 10 years, the demand for Accounts Receivable Processors has shown a consistent increase, indicating a positive trend for future job prospects. With a promising market outlook, individuals pursuing this career can expect a healthy number of employment opportunities to be available in the future.