The Role
The Cash Application Specialist Level 2 plays a critical role in ensuring accurate and efficient cash application processes for the organization. This position involves reconciling incoming payments, posting transactions, investigating, and resolving discrepancies, and collaborating with various internal departments to optimize cash flow.
What You Will Do
- Payment Processing:
Receive and review incoming payments via various methods, including checks, electronic transfers, and credit card payments.
Apply payments to the appropriate customer accounts and invoices in accordance with established procedures.
Ensure that payments are allocated accurately, preventing misapplications or discrepancies.
- Documentation:
Maintain organized and up-to-date records of payment transactions and related documentation.
Assist in the retrieval of payment documentation for audit or reconciliation purposes.
- Reconciliation:
Perform daily reconciliations of cash receipts, identifying and resolving discrepancies between the bank statements and internal records.
Investigate and resolve discrepancies related to payment allocations, missing payments, and unapplied cash.
- Communication:
Communicate with customers or internal stakeholders regarding payment discrepancies or issues, providing exceptional customer service and maintaining professional relationships.
Assist in responding to payment-related inquiries as needed.
- Reporting:
Generate and analyze reports related to cash application, aging reports, and outstanding balances, providing insights to the Finance Manager and other relevant stakeholders.
- Process Improvement:
Identify opportunities for process improvements within the cash application function and collaborate with colleagues to implement best practices.
- Cross-functional Collaboration:
Collaborate with Accounts Receivable, Billing, and Collections teams to resolve payment-related issues and optimize cash flow.
- Compliance:
Ensure compliance with company policies and procedures as well as with all financial regulations, including GAAP and internal controls, in all cash application activities.
- Training:
Assist in training and mentoring Cash Application Specialists Level 1 as needed.
Must be able to work extended/flexible hours, including weekends, holidays, evenings, etc., as necessary.
Other duties as assigned.
What You Will Bring
Qualifications:
- To excel in this role, an individual must successfully execute each crucial task. The outlined requirements below are indicative of the requisite knowledge, skills, and abilities. Appropriate accommodations may be provided to empower individuals with disabilities to fulfill essential functions.
- Bachelor’s degree in finance, Accounting, or related field preferred.
- Proven experience (2-3 years) in a similar cash application role, or relate experience.
- Strong understanding of financial processes, cash reconciliation, and accounts receivable.
Required Skills and Abilities:
- Proficiency with Microsoft Office application, particularly Microsoft Excel. Knowledge in other accounting software is an asset.
- Knowledge of ERP systems (e.g., SAP, Oracle) is a plus.
- Excellent analytical and problem-solving skills.
- Strong attention to detail and accuracy.
- Ability to work independently and as part of a team.
- Excellent communication and interpersonal skills. Able to communicate clearly and effectively, verbally, in writing, and by electronic communications with both internal and external clients.
- Excellent customer service skills.
Physical Demands:
- The physical demands described here 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.
- Required to sit for extended periods of time.
- Required to wear a telephone headset to interact with clients and/or associates over the phone for 7+ hours a day.
- Required to type for extended periods of time.
- Required to work with digital displays for 7+ hours a day.
Work Environment:
- The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- Work from the office or remote.
- Ability to work hours as dictated by the project.
ACCOUNTABILITY
This position does not have subordinates.
Decisions are escalated to a senior level.
It is impossible to list every requirement or responsibility of, any position. Similarly, we cannot identify all the skills a position may require since job responsibilities and the Company’s needs may change over time. Therefore, the above job description is not comprehensive or exhaustive. The Company reserves the right to adjust, add to or eliminate any aspect of the above description. The Company also retains the right to require all employees to undertake additional or different job responsibilities, when necessary, to meet business needs.
