Sr. Accounts Receivable Manager
Job Overview
The Senior Accounts Receivable Manager is responsible for overseeing the accounts receivable department, ensuring the timely and accurate processing of invoices and payments. On a daily basis, this role involves managing the collection of outstanding invoices, resolving billing discrepancies, and maintaining strong relationships with clients to facilitate prompt payment. The manager is also tasked with analyzing accounts receivable data to identify trends and implement strategies to improve cash flow and reduce overdue accounts. Additionally, they are responsible for leading and mentoring the accounts receivable team, ensuring compliance with company policies and financial regulations, and collaborating with other departments to support overall financial objectives.
Organizational Impact
The role of a Senior Accounts Receivable Manager is pivotal to the company's overall success. By efficiently managing the accounts receivable process, this individual ensures a steady cash flow, which is essential for maintaining the financial health of the organization. Their work directly impacts other teams, such as sales and customer service, by providing accurate financial data and insights that inform decision-making and strategy. Furthermore, by implementing effective credit policies and collection strategies, the Senior Accounts Receivable Manager can significantly enhance operational efficiency and drive financial performance. This role also plays a crucial part in ensuring compliance with financial regulations and standards, thereby reducing the risk of legal and financial penalties. Ultimately, the Senior Accounts Receivable Manager contributes to the achievement of strategic goals by optimizing revenue collection and minimizing bad debt, which supports the organization's long-term growth and stability.
Key Systems
A Senior Accounts Receivable Manager must be proficient in a range of essential software, tools, and technologies to effectively manage and optimize the accounts receivable process. Key platforms include accounting software such as Yardi, QuickBooks, Xero, Sage, AppFolio, and MRI, which are crucial for maintaining accurate financial records and streamlining accounting operations. Additionally, expertise in customer relationship management (CRM) systems is vital for managing client interactions and ensuring timely collections. Proficiency in data analysis tools and spreadsheet software is also important for generating reports and analyzing financial data to support decision-making. Mastery of these systems is critical for enhancing efficiency, accuracy, and overall financial performance in the accounts receivable function.
Inputs
The Senior Accounts Receivable Manager is responsible for handling a variety of financial data and documents essential for daily operations. This role requires inputs such as customer invoices, payment records, and credit memos, which are typically sourced from the sales and billing departments. Additionally, the manager must review aging reports and account statements generated by the company's financial systems. External sources, such as bank statements and customer communications, also provide critical information for managing collections and resolving discrepancies. The manager collaborates closely with internal teams and external partners to ensure accurate and timely processing of accounts receivable activities.
Outputs
The Senior Accounts Receivable Manager is responsible for generating comprehensive financial reports, including aging reports and cash flow forecasts, which are crucial for assessing the organization's financial health. These reports are utilized by senior management to make informed strategic decisions and by the finance team to ensure accurate financial planning and analysis. Additionally, the manager oversees the processing of invoices and the reconciliation of accounts, ensuring that all financial data is accurate and up-to-date. This role also involves preparing detailed accounts receivable statements that are shared with external auditors and stakeholders to maintain transparency and compliance with financial regulations.
Activities
- Oversee and manage the accounts receivable department to ensure accurate and timely invoicing and collections.
- Develop and implement strategies to improve cash flow and reduce outstanding receivables.
- Monitor and analyze accounts receivable aging reports to identify and address overdue accounts.
- Collaborate with sales and customer service teams to resolve billing discrepancies and disputes.
- Prepare and present regular reports on accounts receivable status and performance to senior management.
- Ensure compliance with company policies and relevant regulations in all accounts receivable activities.
- Lead and mentor accounts receivable staff to enhance their skills and performance.
Recommended Items
- Accounts Receivable Process Framework
- Invoice Management Checklist
- Payment Collection Guidelines
- Customer Communication Templates
- Aging Report Analysis Template
- Dispute Resolution Process
- Credit Risk Assessment Checklist
- Cash Flow Forecasting Guidelines
- Month-End Closing Checklist
- Performance Metrics Dashboard Template
- Internal Audit Preparation Checklist
- Compliance and Regulatory Guidelines
- Training and Development Plan Template
- Continuous Improvement Framework
- Stakeholder Communication Plan Template
Content Example
- Monthly aging reports.
- Cash flow forecasts.
- Customer account reconciliations.
- Collection activity summaries.
- Credit risk assessments.
- Invoice dispute resolutions.
- Performance metrics dashboards.
Sample Event-Driven Tasks
- Review and approve credit terms for new projects.
- Coordinate with project managers to set up billing schedules.
- Analyze and resolve discrepancies in accounts receivable reports.
- Prepare and present financial reports for project deadlines.
- Respond to urgent client payment requests or issues.
- Implement strategies for overdue account collections.
- Conduct risk assessments for new client accounts.
Sample Scheduled Tasks
- Oversee and manage the accounts receivable team to ensure timely collection of payments.
- Review and approve credit applications and terms for new and existing clients.
- Prepare and analyze monthly accounts receivable aging reports.
- Conduct regular meetings with the finance team to discuss outstanding debts and collection strategies.
- Ensure compliance with company policies and accounting regulations.
- Develop and implement strategies to improve cash flow and reduce bad debts.
- Coordinate with other departments to resolve billing discrepancies and disputes.
Sample Infill Tasks
- Conduct ad-hoc financial analysis and reporting.
- Review and update credit policies as needed.
- Address escalated customer payment issues.
- Perform periodic audits of accounts receivable processes.
- Assist in system upgrades or implementations.
- Provide training sessions for new team members.
- Collaborate with other departments for special projects.