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Path to a Fulfilling Accounts Receivable Manager Career in United Kingdom with in-depth Career Guide

Career Guide

Path to a Fulfilling Accounts Receivable Manager Career in United Kingdom with in-depth Career Guide

19 June 2024

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Climbing the Career Ladder as Accounts Receivable Manager: A Thorough Career Guide

Features

ALL LEVEL

Table of Contents

  • 1. Accounts Receivable Manager Career Guide: Introduction

  • 2. What is Accounts Receivable Manager?

  • 3. Roles and Responsibilities

  • 4. Prerequisites

  • 5. Essential Skills for Accounts Receivable Manager

  • 6. Industry Outlook

  • 7. Top Courses To Master Accounts Receivable Manager

  • 8. Summary

Climbing the Career Ladder as Accounts Receivable Manager: A Thorough Career Guide

Accounts Receivable Manager Career Guide: Introduction

The career guide provides a detailed roadmap of Accounts Receivable Manager position, part of the Accounting & Finance industry within the United Kingdom that offers potential career growth.

What is Accounts Receivable Manager?

The Accounts Receivable (AR) Managers are accountable for overseeing the portion of a business that deals with the monies owed to the company. AR managers are required to manage and coordinate credit and billing-related tasks like mailing invoices and determining a customer's creditworthiness and how much credit can be extended, trying to collect unpaid debts, as well as updating accounts for billing, and handling the majority of billing disputes. Certain employers might also demand that they be responsible for managing sales tax and commissions, as well as reporting in addition. AR managers typically oversee the team, which could comprise analysts, accountants, collectors or credit professionals, as well as clerks. It is usually contingent on how big the business is. For instance, the AR manager in a small company might only oversee just a handful of AR clerks, whereas an AR manager in a larger organization could oversee a team of 10 or more AR specialists. Whatever the size of the business and staff size, AR managers are usually accountable for hiring as well as training and reviewing the AR employees.

A manager of accounts receivable typically is employed for a 40-hour work week, and they spend their time in an office environment. Since this is a supervisory one, the majority of companies require having, at minimum an associate's degree in business administration, accounting or bookkeeping, or another related field. The majority of companies also need at minimum of five years' working experience in an AR department, and expect applicants to demonstrate some experience in leadership.

Roles and Responsibilities

An Accounts Receivable Manager in the United Kingdom is responsible for overseeing the company's accounts receivable processes and ensuring timely collection of payments. Their main responsibilities include:

  • Monitoring and Tracking: Continuously monitoring and tracking outstanding invoices, ensuring accurate and up-to-date records of accounts receivable.
  • Invoicing and Billing: Managing the billing process, generating and sending invoices to customers promptly and accurately.
  • Payment Reconciliation: Reconciling payments with outstanding invoices, resolving any discrepancies and ensuring accurate allocation of payments.
  • Collections Management: Managing collections activities, following up with customers on overdue payments and implementing appropriate collection strategies.
  • Reporting and Analysis: Preparing regular reports on accounts receivable status, analyzing trends, and providing insights to improve cash flow management.
  • Relationship Building: Building and maintaining strong relationships with clients, addressing their queries and concerns related to accounts receivable.
  • Process Improvement: Identifying inefficiencies in the accounts receivable process and implementing improvements to enhance efficiency and reduce delays.
  • Compliance: Ensuring compliance with relevant accounting regulations, company policies, and legal requirements.
  • Team Management: Supervising and guiding the accounts receivable team, providing training and support, and ensuring smooth departmental operations.
  • Collaboration: Collaborating with cross-functional teams such as sales, finance, and customer service to streamline processes and enhance customer experience.

Prerequisites

Prerequisite for a Accounts Receivable Manager

Educational Qualifications

Top Professional Certifications

Work Experience and Internship

Tools Knowledge required

Essential Skills for Accounts Receivable Manager

Essential skills that can help you prosper as Accounts Receivable Manager:

Salary Insights

Early Career

Mid Career

Late Career

Experienced

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Industry Outlook

The Accounts Receivable Manager role in the United Kingdom is expected to witness steady growth in the market. Over the past 10 years, there has been a consistent demand for professionals in this position. With the increasing complexity of financial transactions in businesses, the need for skilled Accounts Receivable Managers is anticipated to rise further in the future. According to recent data from Google, there is a considerable number of employment opportunities available. This positive trend in the job market indicates a promising outlook for individuals seeking a career as an Accounts Receivable Manager in the United Kingdom.

Top Courses To Master Accounts Receivable Manager

If you are prepared to advance your learning journey towards becoming a Accounts Receivable Manager, you have arrived at the ideal destination! Outlined below are the leading courses that can facilitate a prosperous vocational journey for you

Summary

Accounts Receivable (AR) Managers are responsible for overseeing the financial aspect of a business by managing credit and billing tasks, collecting unpaid debts, and handling billing disputes. They may also be responsible for managing sales tax, commissions, and reporting. AR managers typically lead a team that includes analysts, accountants, and credit professionals. A minimum of an associate's degree in business administration or a related field, along with at least five years of experience in an AR department, is typically required for this role. In terms of career prospects, alternative roles for AR managers include credit control supervisor, financial analyst, billing specialist, and revenue assurance manager. The Accounts Receivable Manager role is expected to witness steady growth in the United Kingdom job market due to the increasing complexity of financial transactions in businesses.

Features

ALL LEVEL

Table of Contents

  • 1. Accounts Receivable Manager Career Guide: Introduction

  • 2. What is Accounts Receivable Manager?

  • 3. Roles and Responsibilities

  • 4. Prerequisites

  • 5. Essential Skills for Accounts Receivable Manager

  • 6. Industry Outlook

  • 7. Top Courses To Master Accounts Receivable Manager

  • 8. Summary

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