Collections & Cash Applications Specialist

Job Title: Collections & Cash Applications Specialist
Reports to: Assistant Credit Manager
Department: Finance
FLSA Status: Non-Exempt

Summary
The Collections & Cash Applications Specialist is responsible for managing and processing customer ensuring that they are correctly applied to accounts. This role involves working with the Versapay lockbox and overseeing payments synced into NetSuite. As a key player in maintaining accurate financial records, this individual will reconcile accounts and ensure payment transactions are handled efficiently and accurately. Additionally, the Collections & Cash Applications Specialist will engage with past due customers and resolve delinquency, all while maintaining a positive long-standing relationship with the customer.          

Primary Tasks and Responsibilities:

     Customer Account Management / Processing Payments:

• Validate cash receipts and credits to customer accounts daily, using Versapay Lockbox.
• Ensure accurate allocation of payments, including checks, wire transfers, ACH payments, and credit card transactions. 
• Process necessary adjustments, refunds, and credit card payments.
• Reconcile any discrepancies in customer remittance information.    
• Proactively contacts customers and provides efficient follow-up on outstanding balances.
• Negotiates payment schedules within department guidelines.
• Prepare and issue timely collection letters, including final demands as needed.
• Monitor and manage customer deductions, ensuring accurate account balances.
• Generate and share customer aging reports with managers.
• Reconcile accounts by investigating and resolving missing or misapplied payments when applicable.
• Reviews and releases customer orders on credit hold, ensuring compliance with credit policies.

      Account Reconciliation:

• Reconcile customer payment details with the company’s general ledger and accounts receivable system to ensure accuracy.
• Investigate and resolve any discrepancies between the cash received and accounts receivable records, including researching duplicate payments when necessary. 
• Prepare daily reports detailing cash applications activities.    
• After payments are validated in Versapay lockbox and synced to Net Suite, prepare daily report of cash received to ensure cash recorded in NetSuite matches banking reports.  

      Cash Flow Monitoring:

• Monitor cash flow to ensure that payments are applied promptly and accurately to prevent delays in revenue recognition.
• Assist in identifying trends in payments and proactively addressing issues that may impact cash flow.

      Collaborating with Other Departments:

• Work closely with the finance, customer service, sales teams and order entry team to resolve any issues related to payment applications or collections.
• Provide support for the month-end and year-end closing processes by ensuring all cash applications are posted and reconciled.                                        

Supervision Received   

• Works under the general direction and guidance of the Assistant Credit Manager. 

Type of Education and Work Experience Required   

•  At least 3-5 years of previous experience in Cash Application is required. 
•  At least 2+ years of previous experience in Accounts Receivable, Collection, or General Accounting is preferred. 
•  Associate’s degree in accounting, finance, business administration, or a related field preferred. 
• Experience with accounting software (e.g., SAP, Oracle, QuickBooks, or other ERP systems) and proficiency in Microsoft Office, particularly Excel, is required. Experience with Versapay and NetSuite is a plus.

Necessary Specialized Training, Knowledge, Skill and Abilities    

• Knowledge of AR processes, cash application, and credit/collections principles.
• Excellent problem-solving and analytical skills. 
• Exceptional attention to detail, ensuring that all tasks are completed accurately and efficiently. Accuracy is critical.
• Strong communication and interpersonal skills to handle customer and internal interactions professionally.
•  Ability to work independently and manage multiple priorities in a fast-paced environment.
• Ability to foster positive relationships with customers. 
• Allocating time to ensure all details are considered while prioritizing tasks to give attention to high-priority details without rushing through tasks.
• Ability to keep documents, tasks, and schedules well-organized to avoid overlooking any important aspects. 

Work Environment and Physical Requirements

The following descriptions are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

• Ability to work in an office and perform in a corporate environment. 
• Occasionally asked to assist in tasks outside of office environment (i.e.: distribution center).
• Ability to sit for prolonged periods of time
• Ability to view computer screen and type on a keyboard
• Ability to converse over a telephone (hear, speak)