Accounts Receivable Specialist in Mississippi Career Overview

As an Accounts Receivable Specialist, you play a vital role in managing a company's financial health. Your primary responsibilities revolve around ensuring that the organization receives payment for goods and services delivered to clients. This position is integral to maintaining positive cash flow, which is essential for operations and growth.

Key components of your role include:

  • Invoice Management: You generate and issue invoices to clients, ensuring accuracy in billing and reflecting proper amounts for services rendered or products delivered.

  • Payment Tracking: Monitoring incoming payments is a core function. You analyze payment patterns to identify trends and potential issues, allowing for proactive management of accounts.

  • Collections: You engage with clients to follow up on overdue accounts, negotiating payment plans when necessary while maintaining professional relationships.

  • Reporting: Regularly preparing reports on account status helps management understand financial standing. These reports often highlight outstanding invoices and payment forecasts.

  • Collaboration: You work closely with other departments, such as sales and customer service, to resolve any discrepancies in billing and enhance customer satisfaction.

  • Record Keeping: Maintaining accurate records of all transactions and communications related to accounts receivable is essential for compliance and audit purposes.

This role is more than just managing numbers; you help ensure that the financial foundation of the business is solid, allowing for ongoing sustainability and success in a competitive market.

Accounts Receivable Specialist Salary in Mississippi

Annual Median: $35,220
Hourly Median: $16.93

Data sourced from Career One Stop, provided by the BLS Occupational Employment and Wage Statistics wage estimates.

Required Education To Become an Accounts Receivable Specialist in Mississippi

To become an Accounts Receivable Specialist in Mississippi, you typically need the following educational qualifications and training:

  • Accounting Degree: A bachelor's or associate degree in accounting provides foundational knowledge of financial principles, and prepares you for various roles within the accounting field.

  • Accounting and Business Management Degree: This degree combines accounting principles with essential business management skills, enabling you to handle accounts receivable as well as broader business operations.

  • Accounting Technology and Bookkeeping Degree: This program focuses on the application of technology in accounting practices, equipping you with skills in bookkeeping and financial record management, which are directly relevant to accounts receivable tasks.

  • Auditing Degree: A background in auditing teaches you about financial accuracy and compliance. This knowledge can be beneficial when dealing with accounts receivable processes, ensuring proper management and reporting.

  • Bookkeeping Degree: This degree provides specialized training in maintaining financial records, processing transactions, and managing accounts, all of which are essential for a role in accounts receivable.

In addition to formal education, consider pursuing internships or entry-level positions in accounting departments to gain practical experience that complements your academic qualifications.

Best Schools to become a Accounts Receivable Specialist in Mississippi 2024

#1Salt Lake County

Western Governors University

Salt Lake City, UT

In-State Tuition:$7,404
Out-of-State Tuition:$7,404
Admission Rate:N/A
Graduation Rate:49%
Total Enrollment:156,935
#2Merrimack County

Southern New Hampshire University

Manchester, NH

In-State Tuition:$15,000
Out-of-State Tuition:$15,000
Admission Rate:96%
Graduation Rate:41%
Total Enrollment:164,091
#3Broward County

Broward College

Fort Lauderdale, FL

In-State Tuition:$1,968
Out-of-State Tuition:$7,402
Admission Rate:N/A
Graduation Rate:35%
Total Enrollment:30,057
#4New York County

CUNY Bernard M Baruch College

New York, NY

In-State Tuition:$6,930
Out-of-State Tuition:$14,880
Admission Rate:50%
Graduation Rate:74%
Total Enrollment:19,854
#5Marion County

Ivy Tech Community College

Indianapolis, IN

In-State Tuition:$4,487
Out-of-State Tuition:$8,777
Admission Rate:N/A
Graduation Rate:31%
Total Enrollment:89,705
#6Maricopa County

University of Phoenix-Arizona

Phoenix, AZ

In-State Tuition:$9,552
Out-of-State Tuition:$9,552
Admission Rate:N/A
Graduation Rate:18%
Total Enrollment:88,891
Accounts Receivable Specialist Job Description:
  • Locate and notify customers of delinquent accounts by mail, telephone, or personal visit to solicit payment.
  • Duties include receiving payment and posting amount to customer's account, preparing statements to credit department if customer fails to respond, initiating repossession proceedings or service disconnection, and keeping records of collection and status of accounts.

Accounts Receivable Specialist Required Skills and Competencies in Mississippi

  • Attention to Detail: You must possess a keen eye for detail to accurately process financial transactions, review invoices, and resolve discrepancies.

  • Analytical Skills: Strong analytical abilities help you assess account statuses and transaction patterns to identify issues and opportunities for improvement.

  • Communication Skills: Effective verbal and written communication is essential for interacting with clients and coworkers, as you will often need to explain billing issues or negotiate payment terms.

  • Customer Service Orientation: A commitment to providing excellent customer service will aid in maintaining positive relationships with clients, which is vital for timely collections.

  • Time Management: Your ability to prioritize tasks and manage your time effectively ensures that accounts are followed up on promptly and deadlines are met.

  • Technical Proficiency: Familiarity with accounting software and spreadsheets is important for managing accounts, generating reports, and tracking financial transactions.

  • Problem-Solving Skills: You should be capable of identifying problems quickly and developing effective solutions to resolve billing disputes and collection issues.

  • Organizational Skills: Keeping accurate and organized records of accounts and transactions will facilitate efficient audits and provide clarity in your work processes.

  • Numerical Proficiency: Fundamental skills in mathematics are necessary for accurate calculations and reconciliations of financial data.

  • Knowledge of Accounting Principles: Understanding basic accounting principles and practices enables you to interpret financial documents and maintain compliance with regulations.

  • Adaptability: Being flexible and open to change will help you adjust to new processes, software, or regulations as they arise in the finance sector.

Job Duties for Accounts Receivable Specialists

  • Locate and monitor overdue accounts, using computers and a variety of automated systems.

  • Locate and notify customers of delinquent accounts by mail, telephone, or personal visits to solicit payment.

  • Record information about financial status of customers and status of collection efforts.

Technologies and Skills Used by Accounts Receivable Specialists

Customer relationship management CRM software

  • Austin Logistics CallSelect
  • Microsoft Dynamics

Data base user interface and query software

  • Relational database software

Presentation software

  • Microsoft PowerPoint

Basic Skills

  • Listening to others, not interrupting, and asking good questions
  • Talking to others

Social

  • Talking people into changing their minds or their behavior
  • Understanding people's reactions

Job Market and Opportunities for Accounts Receivable Specialist in Mississippi

The job market for Accounts Receivable Specialists in Mississippi is characterized by a steady demand and potential for growth, influenced by various factors including economic trends and industry needs.

  • Current Demand:

    • Businesses across sectors, including healthcare, manufacturing, and retail, require skilled Accounts Receivable Specialists to manage their billing and collections processes effectively.
    • The shift towards digital payment systems and automated invoicing has increased the need for professionals who can manage these technologies while ensuring accurate financial reporting.

  • Growth Potential:

    • The role is expected to see gradual growth as organizations increasingly prioritize cash flow management and risk mitigation strategies related to credit and collections.
    • Opportunities for advancement to supervisory or managerial roles exist, allowing you to leverage your experience and knowledge in finance operations.

  • Geographical Hotspots:

    • Key cities like Jackson, Gulfport, and Biloxi are experiencing robust opportunities in accounts receivable roles due to the concentration of both large corporations and small businesses in these areas.
    • The presence of regional offices for national companies further enhances job availability, catering to a diverse range of industries.
    • Rural areas are also witnessing a need for these professionals as local businesses expand, creating opportunities for those willing to explore positions outside urban settings.

Overall, the Accounts Receivable Specialist field offers a promising landscape in Mississippi, with various pathways for career development and stable demand across different industries.

Top Related Careers to Accounts Receivable Specialist 2024

Credit Recovery Specialist
Financial Collections Agent
Customer Accounts Manager
Repossession Coordinator

Additional Resources To Help You Become an Accounts Receivable Specialist in Mississippi

  • American Institute of Professional Bookkeepers (AIPB)
    AIPB provides certification and educational resources for bookkeeping professionals, including those in accounts receivable.
    Visit AIPB

  • National Association of Accountants (NAA)
    This organization offers resources for accountants and finance professionals, focusing on standards, education, and networking opportunities.
    Visit NAA

  • Institute of Finance and Management (IOFM)
    IOFM offers resources geared towards accounts receivable professionals, including certifications, training, and industry best practices.
    Visit IOFM

  • American Payroll Association (APA)
    The APA provides resources and training on payroll and accounts receivable processes, including legislative updates and compliance education.
    Visit APA

  • Coursera
    Explore online courses related to accounts receivable management, financial management, and accounting fundamentals. Courses are offered by top universities and might include certifications.
    Visit Coursera

  • LinkedIn Learning
    Access a wide range of courses on accounts receivable, bookkeeping, and financial analysis tailored to enhance skills and advance your career.
    Visit LinkedIn Learning

  • The Wall Street Journal
    Stay updated on financial news and trends impacting accounts receivable through articles and analyses from one of the leading financial publications.
    Visit The Wall Street Journal

  • Mississippi Society of CPAs (MSCPA)
    This local organization provides resources, networking opportunities, and educational events for accounting and finance professionals in Mississippi.
    Visit MSCPA

  • Books

    • "Accounts Receivable Management Best Practices" by Steven M. Bragg - A valuable resource for developing effective accounts receivable processes.
    • "The Complete Idiot's Guide to Accounting" by John A. Tracy - A good introduction to accounting principles, beneficial for those new to the field.

  • Government and Regulatory Resources

    • U.S. Small Business Administration (SBA): Offers resources for understanding the financial aspects of managing a business, including accounts receivable.
      Visit SBA
    • Internal Revenue Service (IRS): Provides regulations and guidelines that are essential for compliance in financial management, including accounts receivable processes.
      Visit IRS

Use these resources to enhance your understanding and skills in accounts receivable while staying informed about industry developments and best practices.

Frequently Asked Questions (FAQs) About Accounts Receivable Specialist in Mississippi

  • What does an Accounts Receivable Specialist do?
    An Accounts Receivable Specialist manages incoming payments and ensures that invoices are issued correctly and sent to clients. They monitor accounts, reconcile payment discrepancies, and communicate with customers to resolve payment issues.

  • What are the necessary qualifications to become an Accounts Receivable Specialist?
    Typically, a high school diploma or equivalent is required, though many employers prefer candidates with an associate's degree or higher in finance, accounting, or a related field. Proficiency in accounting software and Microsoft Excel is essential.

  • What skills are important for an Accounts Receivable Specialist?
    Key skills include strong attention to detail, effective communication abilities, analytical thinking, and knowledge of accounting principles. Familiarity with customer relationship management (CRM) systems can also be beneficial.

  • What is the average salary for an Accounts Receivable Specialist in Mississippi?
    Salaries can vary based on experience and employer, but as of 2023, the average salary for an Accounts Receivable Specialist in Mississippi ranges between $35,000 and $50,000 per year.

  • Where can I find job openings for Accounts Receivable Specialists in Mississippi?
    You can search for job openings on various online job boards, company websites, and local classifieds. Networking with professionals in the finance and accounting fields can also help you discover potential job opportunities.

  • What is the typical career path for an Accounts Receivable Specialist?
    Many start as entry-level clerks or assistants and can progress to senior roles, such as Accounts Receivable Supervisor or Manager. With additional experience and education, some specialists may transition into broader accounting or finance roles.

  • What is the work environment like for Accounts Receivable Specialists?
    Accounts Receivable Specialists typically work in office settings, often within finance or accounting departments. The role may involve collaboration with other departments such as sales and customer service.

  • What challenges does an Accounts Receivable Specialist face?
    Common challenges include handling overdue accounts, communicating effectively with clients regarding payments, and managing multiple accounts simultaneously. Time management and problem-solving skills are crucial in overcoming these challenges.

  • Is continuing education important for an Accounts Receivable Specialist?
    Yes, ongoing education can enhance your skills and knowledge, making you more competitive in the job market. Consider obtaining certifications related to accounting or finance, such as an Accounts Receivable Certification or becoming a Certified Bookkeeper.

  • How can I improve my chances of getting hired as an Accounts Receivable Specialist?
    Gaining relevant experience through internships or entry-level positions can help. Additionally, highlighting your written and verbal communication skills on your resume, along with demonstrating proficiency in accounting software, can set you apart from other candidates.