Accounts Receivable Manager

Accounts receivable (AR) managers are responsible for overseeing the part of a company that deals with money owed to the business. AR managers must manage and coordinate billing and credit related activities such as sending invoices, determining customer credit worthiness and the amount of credit to be extended, attempting to collect on unpaid debts, updating billing records and handling most billing disputes. Some employers may also require that they be responsible for handling commissions and reporting sales tax as well. AR managers usually oversee a team, which may consist of accountants, collectors, analysts, clerks and/or credit professionals. This often varies based on the size of the company. For example, an AR manager at a small company may just oversee a few AR clerks, while a manager at a larger company may oversee a team of ten or more specialists. Regardless of the company’s size and amount of staff, AR managers are usually responsible for hiring, training and evaluating the AR staff.

An accounts receivable manager usually works a standard 40 hour work week and spends their time working in an office setting. Because this type of position is a supervisory position, most companies prefer at least an associate’s degree in accounting, business administration, bookkeeping or a related field. Companies usually also require at least five years of experience in an AR department and require applicants to have demonstrated some leadership experience.

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

• Monitor and manage customer accounts, ensuring timely and accurate invoicing and payment processing. Maintain up-to-date records of customer transactions and follow up on outstanding payments.
• Collaborate with sales and customer service teams to resolve billing discrepancies and disputes. Investigate and reconcile any discrepancies or issues related to customer payments.
• Conduct regular credit evaluations and set credit limits for new and existing customers. Assess the creditworthiness of customers and make informed decisions regarding credit terms.
• Prepare and analyze accounts receivable reports and provide recommendations for improving cash flow.

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

• In-depth knowledge of accounts receivable principles and practices, including billing, collections, and cash applications, to effectively manage the company's receivables portfolio.
• Strong analytical skills to analyze customer payment trends, identify potential issues or discrepancies, and implement strategies to improve collection efforts and reduce outstanding balances.
• Excellent communication and interpersonal skills to liaise with clients, resolve payment disputes, and maintain positive relationships, ensuring timely resolution and customer satisfaction.
• Leadership abilities to oversee the accounts receivable team, providing guidance, motivation, and support, while fostering a collaborative and efficient work environment.

The role of an Accounts Receivable Manager is vital in maintaining efficient financial operations and cash flow management. For individuals with 0-3 years of work experience in Canada, here are four alternative roles to consider:

• Junior Accountant: A position that involves assisting with financial transactions, reconciliations, and basic accounting tasks.
• Credit Analyst: A role focused on assessing creditworthiness, analyzing financial data, and making recommendations for credit approvals.
• Billing Coordinator: A position that involves generating and managing invoices, resolving billing discrepancies, and ensuring timely payment collection.
• Collections Specialist: A role focused on contacting customers for overdue payments, negotiating payment plans, and resolving outstanding issues.

The accounts receivable manager role in Canada is expected to experience steady growth in the market. According to a 10-year analysis, this job role has shown consistent demand and is projected to continue growing in the future. With the increasing emphasis on financial management, organizations are likely to require more professionals to manage their accounts receivable. Google data indicates that the employment opportunities for accounts receivable managers are expected to rise in the coming years, indicating a positive outlook for individuals seeking jobs in this field.