WHAT IS AN accounts receivable bookkeeper job
An accounts receivable bookkeeper job is a position within a company that involves managing and maintaining the financial records related to the company's accounts receivable. Accounts receivable refers to the money that is owed to a company by its customers for goods or services that have been provided on credit. The bookkeeper is responsible for ensuring that accurate records are kept of all customer invoices, payments, and outstanding balances. They play a crucial role in the financial health of a company by ensuring that payments are received in a timely manner and that any outstanding debts are properly managed.
WHAT USUALLY DO IN THIS POSITION
In an accounts receivable bookkeeper position, there are several tasks and responsibilities that are typically carried out. These include:
1. Invoicing: Creating and issuing invoices to customers for goods or services that have been provided on credit. This involves ensuring that all relevant information is included on the invoice, such as the customer's details, the amount owed, and the payment terms.
2. Payment Processing: Receiving and processing customer payments, whether it be through checks, electronic transfers, or credit card payments. This involves accurately recording and reconciling payments in the company's financial system.
3. Account Reconciliation: Regularly reviewing customer accounts and reconciling any discrepancies or outstanding balances. This may involve contacting customers to resolve payment issues or to obtain missing information.
4. Aging Reports: Generating aging reports that provide an overview of outstanding customer balances and the length of time they have been outstanding. This helps identify any delinquent accounts and allows for appropriate action to be taken.
5. Communication: Interacting with customers regarding their accounts, answering inquiries, and resolving any billing or payment disputes. This requires strong communication and customer service skills.
TOP 5 SKILLS FOR POSITION
To excel in an accounts receivable bookkeeper position, there are several key skills that are highly beneficial. These include:
1. Attention to Detail: Accuracy is crucial in managing financial records, so having a keen eye for detail is essential. This involves carefully reviewing invoices, payments, and account information to ensure accuracy and identify any discrepancies.
2. Organizational Skills: Managing multiple customer accounts and transactions requires excellent organizational skills. This includes maintaining proper documentation, prioritizing tasks, and staying on top of deadlines.
3. Analytical Skills: Being able to analyze financial data and identify trends or patterns is important in managing accounts receivable. This allows for proactive measures to be taken, such as identifying and addressing potential payment issues before they become problematic.
4. Problem-Solving Abilities: Dealing with payment discrepancies or customer disputes requires effective problem-solving skills. Bookkeepers need to be able to investigate and resolve issues in a timely and satisfactory manner.
5. Communication Skills: Effective communication is key when interacting with customers, colleagues, and other stakeholders. This includes clearly explaining billing or payment information, actively listening to customer concerns, and providing exceptional customer service.
HOW TO BECOME THIS TYPE OF SPECIALIST
To become an accounts receivable bookkeeper, there are several steps you can take:
1. Education and Training: While a formal degree is not always required, having a background in accounting or finance can be beneficial. Consider pursuing a degree or certification program in accounting or related fields to gain the necessary knowledge and skills.
2. Gain Experience: Entry-level positions or internships in accounting or bookkeeping can provide valuable experience in managing financial records and working with accounts receivable. Look for opportunities to develop your skills and knowledge in this area.
3. Develop Technical Skills: Familiarize yourself with accounting software and tools commonly used in the industry, such as QuickBooks or Excel. Being proficient in these tools can greatly enhance your efficiency and effectiveness in managing accounts receivable.
4. Continuous Learning: Stay updated with industry trends, regulations, and best practices in accounts receivable management. This can be achieved through attending workshops, seminars, or online courses related to bookkeeping and accounts receivable.
5. Networking: Build a professional network within the accounting and finance industry. Connect with professionals who specialize in accounts receivable or work in similar roles. Networking can provide valuable insights, opportunities for growth, and potential job leads.
AVERAGE SALARY
The average salary for an accounts receivable bookkeeper can vary depending on factors such as location, experience, and the size of the company. According to data from the Bureau of Labor Statistics, the median annual wage for bookkeeping, accounting, and auditing clerks was $41,230 as of May 2020. However, it is important to note that salaries can range significantly, with entry-level positions typically earning less and more experienced bookkeepers earning higher wages.
ROLES AND TYPES
Accounts receivable bookkeepers can work in various industries and organizations, including small businesses, large corporations, non-profit organizations, and government agencies. Their roles may also differ based on the specific needs of the company. Some common roles and types of accounts receivable bookkeepers include:
1. General Bookkeeper: This is a broad role that involves managing all aspects of a company's financial records, including accounts receivable. General bookkeepers may also handle accounts payable, payroll, and other financial tasks.
2. Collections Bookkeeper: This type of bookkeeper focuses primarily on collecting outstanding debts from customers. They may work closely with customers to establish payment plans, negotiate settlements, or initiate legal action if necessary.
3. Industry-Specific Bookkeeper: Some bookkeepers specialize in specific industries, such as healthcare, construction, or retail. They have a deep understanding of the unique financial practices and regulations within their industry.
4. Remote Bookkeeper: With advancements in technology, many bookkeepers have the flexibility to work remotely. Remote bookkeepers handle accounts receivable tasks from a remote location, using cloud-based accounting software to access and update financial records.
LOCATIONS WITH THE MOST POPULAR JOBS IN USA
Accounts receivable bookkeeper jobs can be found throughout the United States, but certain locations may have a higher demand for these positions. Some of the locations with a high concentration of accounts receivable bookkeeper jobs include:
1. New York, NY: As a major hub for business and finance, New York City offers numerous opportunities for accounts receivable bookkeepers.
2. Los Angeles, CA: The entertainment industry in Los Angeles creates a demand for bookkeepers with expertise in managing accounts receivable for production companies, talent agencies, and other related businesses.
3. Chicago, IL: With a diverse economy and a range of industries, Chicago has a steady demand for accounts receivable bookkeepers in various sectors.
4. Houston, TX: As a major center for oil and gas companies, Houston often has job openings for bookkeepers with experience in the energy sector.
5. Atlanta, GA: Atlanta is home to many corporate headquarters, making it a prime location for accounts receivable bookkeeper positions.
WHAT ARE THE TYPICAL TOOLS
Accounts receivable bookkeepers rely on various tools and software to effectively manage and maintain financial records. Some typical tools used in this role include:
1. Accounting Software: Popular accounting software such as QuickBooks, Xero, or Sage are commonly used by accounts receivable bookkeepers to record and track financial transactions, generate invoices, and produce financial reports.
2. Spreadsheets: Programs like Microsoft Excel or Google Sheets are often utilized to organize and analyze financial data, create aging reports, and perform calculations.
3. Customer Relationship Management (CRM) Software: CRM software helps bookkeepers track customer interactions, manage customer information, and monitor payment history.
4. Electronic Payment Systems: Bookkeepers may use electronic payment systems such as PayPal or Stripe to facilitate online payments and streamline the payment process.
5. Communication Tools: Email, phone systems, and collaborative platforms like Slack or Microsoft Teams are essential tools for communicating with customers, colleagues, and other stakeholders.
IN CONCLUSION
In summary, an accounts receivable bookkeeper plays a vital role in managing and maintaining the financial records related to a company's accounts receivable. They are responsible for invoicing, payment processing, account reconciliation, and communication with customers. To excel in this position, attention to detail, organizational skills, analytical abilities, problem-solving skills, and effective communication are key. With the right education, experience, and skills, individuals can pursue a rewarding career as an accounts receivable bookkeeper in various industries and locations.