Basic and Advanced Skill Set Required of an Accounts Receivable Administrator

At Capital Now, we are uniquely experienced in Accounts Receivable management; This has been our focus for over 20 years, after all.

Here are the skills we use to process our client's AR each and every day, so in case you are looking for someone to fill this role in your company, we thought we would provide you with a basic and more advanced list of skills that your new hire should be able to fulfill, you will want to use this checklist when you post for the position;

Basic skills checklist

At the least, if you only need basic help, you need to find a job candidate who can;

1.  use your invoicing or accounting software to enter and send out invoices

2.  manage and update your customer's AP contact database to ensure invoices are submitted to the right person

3.  process customer invoices

4.  post bank deposits and reconcile your A/R accounts

5.  follow up on customer payments

6.  answer calls and emails from your customers' AP departments

The salary for this position depends on whether or not the job is part-time or full-time, but a full-time Accounts Receivable clerk in Canada earns an annual salary of between $47,000 and $52,000

Remember that you will need to help train this person; allow up to 3 months before you leave the person for the sole responsibility of this job. Although the job is similar at all companies, each company is different, and you, as an owner, will have different preferences for how this department is run. Most business owners are so relieved to hand off this task that they leave the person to take over much too quickly; if you leave this person to take over without the proper handoff, you will likely spend time cleaning up and fixing errors.

Advanced skills checklist

If you need more help, you will want to look for these additional skills;

1. Managing collections to ensure compliance with customer commitments.

2. Handling a high volume of transactions, working under pressure, and being willing to learn.

3. Ensuring payroll and GST are calculated and applied correctly.

4. Conducting analysis of aged receivables and preparing A/R reports.

5. Sending out accurate and timely monthly statements of account to customers.

6. Communicate with various team members, including Project Managers and the Sales Team, to resolve disputes and improve collectability.

7. Develop relationships with customers and ensure a positive customer experience throughout the collection process.

8. Adhere to policies, processes, and procedures and work as a teamto build and improve them.

9. Participate in meetings and provide progress updates of Accounts and other AR matters.

10. Maintaining proper filing of billing documents, customer payments, and bank deposits.

Cash flow is the lifeblood of your business

IThis position is critical; only hire someone once you find a person who is detail-oriented, organized, able to problem solve, multitask, work effectively under pressure, meet deadlines, and prioritize workload.

They must have strong communication skills and experience reviewing, resolving, and reconciling disputes to reach resolutions.

This position needs only basic accounting skills, but it does require knowledge of appropriate receivable and credit policy practices and most importantly someone who will pick up a phone.

Until you find the right person consider using an Accounts Receivable company such as Capital Now to fill the role, we perform these tasks as part of our funding service for each of our clients, and it would be our pleasure to help you, whether or not you would like us to fund your invoices.