The job description for Accounts Receivable Manager describes a job for people accountable for revenue tracking and ensuring payments are received and reported correctly.
They may also be responsible for compiling policies and procedures for the accounts receivable function. They will often be tasked to compile reports on accounts receivable and present these to the relevant authorities. Depending on the organization's size, they may supervise accounts receivable staff, including officers and clerks.
The Accounts Receivable Manager Job description should list the primary duties, the knowledge, skills, abilities, and other qualities (KSAO) necessary for an individual to perform the job well.
Related: Accounts Payable Clerk Job Description
Accounts Receivable Manager Job description: Overall Purpose of the job
Manages the payment transactions on all company sales. They ensure that all payments due to the company are collected on time.
Accounts Receivable Manager Job description: Primary duties
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- Collects all revenues due to the company by tracking and following up outstanding payments.
- Identifies and mitigates risk by conducting credit checks on new and prospective clients.
- Ensures clients pay on time and collect past-due date payments by implementing the accounts receivable policy.
- Ensures payments are made accurately by monitoring the billing processes.
- Assists executives in determining the company's financial health by creating forecasting reports on a monthly, quarterly, yearly, and ad hoc basis.
- Helps the Finance team understand what to expect regarding cash inflows from clients by creating monthly payment collection feedback reports.
- Ensures the company remains compliant with statutory requirements by keeping up with industry and legislation changes and enforcing them.
- Monitors cash inflows by tracking invoices, deposits, and any payment collection correspondence.
- Manages the accounts receivable staff by training and mentoring them.
- Manages the accounts receivable process by tracking the invoicing of customers, tracking payments, and following up on overdue accounts.
- Tracks and analyzes customer payment patterns by identifying areas where improvements can be made to increase cash flow.
- Keeps customers up to date on their accounts by sending them statements and reminders to pay.
- Provide accounts receivable reports to the relevant departments by compiling accounts receivable activities, including ageing reports, cash forecasts, and collections analysis.
Related: Senior Accountant Job Description
Accounts Receivable Manager Job Description: Educational Qualifications
- Bachelors degree in accounting, finance, business, or a relevant field to manage the invoice payments processes and mitigate risk.
- A master's degree in accounting, finance, business, or a related discipline is preferred to provide insights into accounts receivable operations.
Accounts Receivable Manager Job description: Experience Required
- At least two years of experience as an accounts receivable manager or supervisor is required to manage an Accounts receivable team;
- Experience with accounting software, such as Quickbooks and General Ledger, and an extensive understanding of MS Excel is required to ensure the incumbent can perform tasks using these tools.
Related: Controller Job Description
Accounts Receivable Manager Job description: Knowledge, Skills, Abilities, and Other Characteristics (KSAO)
Knowledge
- Knowledge of accounting software and Microsoft Office Suite or equivalent applications is essential to prepare reports.
- Knowledge of accounting principles, auditing standards, and accounting practices are required to assess the company's liquidity.
- Basic knowledge of and proficiency with cost-benefit analysis is required to ensure that the objectives and results of company programs are effectively supported.
- Foundational accounting knowledge is essential because Accounts receivable managers monitor bills and payments.
Skills
- Good analytical skills are essential to analyze ratios (e.g. receivables to sales ratios) and ageing reports and interpret them.
- Excellent communication skills are essential to communicate effectively with staff, executives, organizations and the public.
- Mathematical skills are required to make calculations and predictions.
- Excellent time management and people management skills are necessary to deal with clients.
Abilities
- The ability to write and present financial and ageing reports clearly and succinctly is needed to share information.
- The capacity to manage time is required to meet deadlines.
Related: Knowledge Skills and Abilities Everything You Need To Know
Conclusion
An Accounts Receivable Manager job description is essential for the finance department of an organization. Their primary duties are tracking revenue and ensuring that payments are collected and recorded correctly. The Accounts Receivable Manager Job description should indicate that candidates must have strong analytical skills.
Natasha Chimphondah is an organizational development consultant at Industrial Psychology Consultants (Pvt) Ltd, a business management and human resources consulting firm.
LinkedIn: https://www.linkedin.com/in/natasha-chikondi-chimphondah-9b62a9159/
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Email: natasha@ipcconsultant.com
