Accounts Receivable Specialist in Missouri Career Overview
As an Accounts Receivable Specialist, you play an essential role in the financial landscape of any business. Your main responsibility involves managing the company’s incoming payments, ensuring that customers pay their invoices in a timely manner. This role serves as a vital connection between the business and its customers, facilitating a healthy cash flow that is critical for day-to-day operations.
Key aspects of the Accounts Receivable Specialist role include:
Invoicing: You prepare and issue invoices accurately and promptly, maintaining clarity and precision to minimize confusion for clients.
Payment Processing: You monitor and process incoming payments, applying them to customer accounts while keeping detailed and accurate records.
Account Management: Managing customer accounts is fundamental. You maintain records of outstanding balances and actively follow up with customers regarding overdue payments.
Communication: You act as a liaison between the company and customers, addressing any concerns related to billing, payment terms, and account inquiries.
Dispute Resolution: Handling disputes over invoices and payments is often part of your role. You investigate discrepancies and work towards satisfactory resolutions for all parties involved.
In this position, you contribute significantly to the overall financial health of the organization. By ensuring that receivables are collected efficiently, you help to maintain a steady cash flow, which is vital for business operations and growth. Your work supports both the operational and strategic goals of the company, reinforcing the importance of maintaining strong customer relationships.
Accounts Receivable Specialist Salary in Missouri
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 Missouri
To become an Accounts Receivable Specialist in Missouri, you will need to complete specific educational requirements and training programs. The following college degree programs are relevant to this career path:
Accounting
- A degree in accounting provides a strong foundation in financial principles, allowing you to understand financial statements, manage company finances, and ensure compliance with regulations.
Accounting and Business Management
- This program combines accounting skills with business management techniques, equipping you with knowledge in both financial reporting and business operations, which is beneficial for managing accounts receivable effectively.
Accounting Technology and Bookkeeping
- This degree focuses on the application of technology in accounting processes and bookkeeping practices, providing you with the technical skills needed for modern accounting software used in accounts receivable management.
Auditing
- An auditing degree emphasizes the examination of financial statements and compliance, which is useful for ensuring the accuracy and legality of accounts receivable processes within an organization.
Bookkeeping
- A bookkeeping program offers essential training in recording and maintaining financial transactions, which is a critical aspect of managing accounts receivable.
Completion of one of these degree programs will prepare you with the necessary knowledge and expertise for a career as an Accounts Receivable Specialist.
Best Schools to become a Accounts Receivable Specialist in Missouri 2024
Western Governors University
Southern New Hampshire University
Broward College
CUNY Bernard M Baruch College
Ivy Tech Community College
University of Phoenix-Arizona
- 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 Missouri
Attention to Detail: You must ensure accuracy in financial documents, invoices, and payments to avoid errors that can lead to discrepancies.
Analytical Skills: You should be able to analyze financial data effectively, identifying patterns and trends to assist in collections and reporting.
Communication Skills: Strong verbal and written communication abilities are required, enabling you to interact with clients and internal teams clearly and professionally.
Organizational Skills: You need to manage multiple accounts and deadlines efficiently, prioritizing tasks to meet financial obligations and targets.
Problem-Solving Skills: When issues arise related to payments or customer accounts, you should be able to assess situations and provide solutions promptly.
Proficiency in Accounting Software: Familiarity with accounting systems like QuickBooks, SAP, or similar tools is essential for managing and documenting accounts receivable activities.
Customer Service Skills: You must possess the ability to respond to inquiries and resolve conflicts with customers in a courteous and effective manner.
Financial Acumen: A solid understanding of accounting principles and financial regulations is important to ensure compliance and proper financial management.
Time Management: The ability to manage your time efficiently is critical, as you will need to juggle various financial responsibilities and deadlines.
Team Collaboration: You should be able to work well with colleagues in the finance team, as well as other departments, to ensure cohesive financial operations.
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.
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 Missouri
The job market for Accounts Receivable Specialists in Missouri presents a favorable landscape, characterized by growing demand and various opportunities across different sectors. Here are the key aspects of the current market:
Demand for Accounts Receivable Specialists: Organizations are increasingly recognizing the importance of effective receivables management in maintaining cash flow and financial health. As businesses grow and diversify, they require skilled Accounts Receivable Specialists to manage invoicing, collections, and customer account discrepancies.
Growth Potential: The demand for Accounts Receivable Specialists is projected to grow in response to the overall expansion of the finance and accounting sectors. With advancements in technology and the increasing complexity of financial transactions, the need for professionals adept in managing accounts receivable is expected to continue increasing.
Geographical Hotspots: Several regions in Missouri are notable for their concentration of job opportunities in accounts receivable roles, including:
- St. Louis: As one of Missouri's largest metropolitan areas, St. Louis offers a vibrant job market with numerous financial institutions, healthcare systems, and corporate headquarters, creating a steady stream of positions for Accounts Receivable Specialists.
- Kansas City: Another major economic hub, Kansas City is home to a diverse array of industries, including manufacturing, healthcare, and technology, each necessitating dedicated accounts receivable staff to support their operations.
- Springfield: A growing city with a burgeoning business community, Springfield presents a range of opportunities for accounts receivable professionals, especially in small to mid-sized enterprises.
- Columbia: Known for its educational institutions and a robust healthcare sector, Columbia provides additional prospects for individuals in accounts receivable roles, particularly within large organizations and non-profits.
Industry Variety: Across Missouri, Accounts Receivable Specialists are sought in various industries, including:
- Healthcare: Hospitals and medical facilities rely heavily on timely invoicing and collections for services rendered.
- Manufacturing: With numerous manufacturers in the state, timely management of receivables is essential for cash flow.
- Retail: Retail companies require efficient accounts receivable processes to manage customer transactions and returns.
- Technology: As the tech sector expands, firms are increasingly focused on maintaining accurate accounts receivable records to manage subscription and service-based income.
In summary, the job market for Accounts Receivable Specialists in Missouri is robust, with significant demand fueled by industry growth and geographic diversity. Opportunities are ripe for those looking to advance their careers in this field.
Top Related Careers to Accounts Receivable Specialist 2024
Additional Resources To Help You Become an Accounts Receivable Specialist in Missouri
American Institute of Professional Bookkeepers (AIPB)
Website: www.aipb.org
This organization offers resources, certifications, and continuing education specifically for bookkeeping and accounting professionals, including those specializing in accounts receivable.National Association of Credit Management (NACM)
Website: www.nacm.org
NACM provides resources, training, and networking opportunities for professionals involved in credit management, which includes accounts receivable specialists.Association of Credit and Collection Professionals (ACA International)
Website: www.acainternational.org
ACA International offers educational resources, best practices, and advocacy for credit and collections professionals, which can be valuable for accounts receivable specialists.Institute of Finance and Management (IOFM)
Website: www.iofm.com
IOFM offers training and certification for professionals in accounting and finance, including courses specific to accounts receivable management.PaymentTerms.net
Website: www.paymentterms.net
This resource provides articles, tools, and best practices related to payment processing, which is crucial for managing accounts receivable effectively.Financial Accounting Standards Board (FASB)
Website: www.fasb.org
FASB sets accounting standards that may impact accounts receivable practices. This site offers guidance on financial reporting and related standards.U.S. Small Business Administration (SBA)
Website: www.sba.gov
The SBA provides resources, articles, and tools aimed at small businesses, including information on managing finances and accounts receivable.LinkedIn Learning
Website: www.linkedin.com/learning
This platform offers numerous courses on accounting, finance, and specific skills relevant to accounts receivable management.Coursera
Website: www.coursera.org
Coursera provides online courses from universities covering financial management and accounting topics that are beneficial for accounts receivable specialists.Books on Accounts Receivable Management
- "Accounts Receivable Management Best Practices" by Steven M. Bragg
- "Credit and Collections: A Guide to Collecting What You Are Due" by Charles A. Vance
You can find these titles on platforms such as Amazon or at your local library for both foundational and advanced topics in accounts receivable.
Frequently Asked Questions (FAQs) About Accounts Receivable Specialist in Missouri
What does an Accounts Receivable Specialist do?
An Accounts Receivable Specialist is responsible for managing a company's incoming payments. This includes invoicing clients, tracking outstanding invoices, managing aging accounts, and implementing collection strategies. You will ensure that payments are processed accurately and on time.What qualifications do I need to become an Accounts Receivable Specialist?
Typically, a high school diploma or equivalent is required. Many employers prefer candidates with an associate's degree in accounting, finance, or a related field. Relevant work experience and proficiency in accounting software can enhance your qualifications.What skills are important for an Accounts Receivable Specialist?
Important skills include attention to detail, strong analytical skills, effective communication, proficiency in accounting software (like QuickBooks or SAP), and the ability to manage time effectively. Familiarity with customer relationship management (CRM) systems can also be beneficial.What is the salary range for an Accounts Receivable Specialist in Missouri?
As of October 2023, the salary range for an Accounts Receivable Specialist in Missouri typically falls between $35,000 and $55,000 annually, depending on experience, location, and the specific industry.What is the job outlook for Accounts Receivable Specialists?
The job outlook for Accounts Receivable Specialists is generally positive. The demand for skilled professionals in finance and accounting roles is expected to grow as businesses continue to seek efficiency in their financial processes.What industries commonly employ Accounts Receivable Specialists?
Accounts Receivable Specialists are employed across various industries, including finance, healthcare, manufacturing, and retail. Any company that extends credit or needs to manage customer payments could have a role for an Accounts Receivable Specialist.What are the typical working hours for this role?
Most Accounts Receivable Specialists work full-time during standard business hours, typically Monday through Friday. Some positions may require occasional overtime, especially during month-end closings or financial reporting periods.Are there opportunities for advancement in this career?
Yes, there are advancement opportunities available. With experience, you may move into higher-level accounting roles such as Accounts Payable Supervisor, Financial Analyst, or even Controller. Furthering your education or obtaining certifications like Certified Accounts Receivable Professional (CARP) can enhance your prospects.What tools and software should I be familiar with?
Familiarity with accounting software (such as QuickBooks, Sage, or Oracle) is essential. Additionally, experience with spreadsheet software (like Microsoft Excel) and automation tools that aid in invoicing and collections will be beneficial.How can I improve my chances of getting hired as an Accounts Receivable Specialist?
To improve your chances, you should gain relevant experience through internships or entry-level positions in finance. Networking with professionals in the field, obtaining relevant certifications, and staying updated on industry trends can also enhance your employability.