Accounts receivable specialists are crucial members of an organization’s accounting or finance teams because they process, monitor, and record incoming payments to control the flow of cash. These professionals must adhere to all rules and laws and be updated on accounting standards for financial reporting.

Why hire an accounts receivable specialist?

You could hire an accounts receivable expert to:

  • Collect unpaid invoices by contacting clients directly;
  • Gather, process, record, and verify invoices;
  • Carry out regular cash management duties, such as making bank deposits and posting cash deposits to an accounts receivable sub-ledger;
  • Simplify and enhance the accounts receivable process;
  • Maintain department records to ensure uncollectible invoices are logged and credits and collections are applied;

There are some common abilities that many recruiters and hiring managers look for in accounts receivable applicants despite the fact that every firm has its own unique needs. You may choose the people who are the best fits by knowing which abilities and qualifications are required and which are desired. Let’s look at the top skills that effective accounts receivable professionals should possess:

1. Problem-Solving

Accounts receivable management includes finding solutions for outstanding invoices, slow cash flow, and insufficient working capital. Problem-solving demands for persistence, critical thought, and resolve in order to get things back to working properly.

2. Detail-Oriented & Accurate

One of the most crucial responsibilities of an accounts receivable specialist position is record keeping. In addition to improving the company’s bottom line, its records must be precise and unambiguous for reasons including finances, taxes, and other matters.

3. Communication

Accounts receivable specialists must work with your clients to ensure timely payment of invoices. When attempting to recover money from clients who are unwilling or unable to pay, caution must be taken.

4. Accounting, Calculations, and Math

Obviously, it’s essential to recruit someone with strong arithmetic and accounting skills because the position deals with money and finances. To guarantee that the financials of your company are precise and proper, a solid understanding of general accounting principles is also required.

5. Persistence

Persistence, or the ability to persevere with a task until it is finished, is necessary for success in accounts receivable or collections. They will continue to work toward their goals despite client objections. They will be persistent, which will inspire creative problem-solving and allow the expert to move quickly to collect money from overdue accounts.

6. Listening Skills

An A/R or collections specialist who listens well will try to comprehend the complicated issues that can cause a client to pay late or not at all. A expert can speak without assigning blame and present payment solutions that benefit both parties with empathy and attention. The business-to-business connection can be respected while the contract responsibilities are met via interacting and negotiating.

7. Confidence

Talking to clients about money is a significant component of the collections or A/R specialist work, thus this requires a strong personality. These experts need to be sufficiently self-assured to deal with customer financial issues and objections. The subject of money is frequently one that is sensitive and emotional. An assured collections agent will be relaxed enough to empathise yet firm enough to guarantee that a payment plan is established.

8. Training

Training goes beyond comprehension of accounting and credit policies for the accounts receivable and collections specialists. Understanding the market and commercial expectations of their employer and clients is another aspect of training that is necessary to become an efficient and successful collector. They’ll understand how to investigate their client’s industry, educate themselves on the contracts, and analyse any negotiations that result in the client refusing to pay. Every day of their work involves ongoing learning.