Career

How To Become An Accounts Receivable Specialist In Oklahoma 2024

Learn everything you need to know about becoming an Accounts Receivable Specialist, including salary, schools, and programs.

Accounts Receivable Specialist in Oklahoma Career Overview

As an Accounts Receivable Specialist, you play a vital role in ensuring a company’s financial health by managing incoming payments efficiently. Your responsibilities include:

  • Managing customer accounts: You oversee all aspects of accounts related to customers, including invoicing, payment collection, and account reconciliation.
  • Tracking payments: You are tasked with monitoring and recording payments, identifying discrepancies, and following up on overdue invoices to maintain accurate financial records.
  • Communicating with clients: Regular interaction with customers is essential, as you address queries, negotiate payment terms, and resolve disputes that may arise.
  • Reporting: You generate reports on accounts receivable status, which provide insight into cash flow and help inform future financial planning and strategy.
  • Collaborating with internal teams: You work closely with sales, finance, and customer service departments to ensure that customer accounts are managed effectively and fluctuations in cash flow are mitigated.

Your role is not only focused on collecting money owed but also on building and maintaining strong relationships with clients, which is essential for fostering long-term business partnerships. In an ever-evolving financial landscape, the accuracy and efficiency of your work contribute significantly to the operational success of any organization.

Accounts Receivable Specialist Salary in Oklahoma

Annual Median: $38,120
Hourly Median: $18.33

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 Oklahoma

To become an Accounts Receivable Specialist, you typically need a foundation in accounting and finance through specific educational programs. The following degree programs can provide you with the knowledge and skills necessary for this career:

  • Accounting: A Bachelor’s degree in Accounting offers an in-depth understanding of financial principles, tax regulations, and accounting systems, preparing you for various roles in financial record-keeping, including accounts receivable management.

  • Accounting and Business Management: This degree combines accounting principles with business management practices, equipping you with a broader understanding of how financial operations fit within a business context.

  • Accounting Technology and Bookkeeping: An associate degree in this field focuses on practical aspects of accounting technology and bookkeeping techniques. It provides essential training in managing financial records and utilizing software for accounts receivable tasks.

  • Auditing: A degree in Auditing emphasizes the assessment of financial statements and compliance with regulations. This background can enhance your capabilities in ensuring the accuracy of accounts receivable processes.

  • Bookkeeping: A certificate or associate degree in Bookkeeping provides fundamental skills in financial record-keeping, which is crucial for managing accounts receivable effectively.

In addition to formal education, you may also consider any relevant training programs or certifications that could further strengthen your qualifications in accounts receivable management.

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 Oklahoma

  • Attention to Detail: You must be able to analyze financial documents and transactions with precision to catch errors or discrepancies.

  • Organizational Skills: Strong organizational capabilities are essential to manage multiple accounts, track payments, and ensure timely follow-ups.

  • Time Management: You should effectively prioritize tasks to meet deadlines for invoicing and payment collections without compromising accuracy.

  • Analytical Skills: Being able to interpret financial data and identify trends or issues will help you make informed decisions and recommendations.

  • Communication Skills: You will need to communicate clearly and professionally with clients, colleagues, and stakeholders, both verbally and in writing.

  • Interpersonal Skills: Building and maintaining relationships with clients is important, so you should approach interactions with empathy and professionalism.

  • Technical Proficiency: Familiarity with accounts receivable software, spreadsheets, and databases is vital. You should be comfortable using financial management software and tools.

  • Problem-Solving Skills: You should be adept at identifying issues in payment processes and developing effective solutions quickly.

  • Knowledge of Accounting Principles: Understanding basic accounting concepts will aid in interpreting financial reports and managing accounts accurately.

  • Negotiation Skills: You may need to negotiate payment terms or resolve disputes, so being persuasive and tactful is beneficial.

  • Adaptability: You should be open to changes in processes or technology, as the financial landscape can evolve rapidly.

  • Ethics and Integrity: Maintaining confidentiality and demonstrating ethical behavior is essential, as you will handle sensitive financial information.

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 Oklahoma

The job market for Accounts Receivable Specialists in Oklahoma is experiencing a steady demand, driven by various industries recognizing the importance of effective cash flow management. Here are some key insights into the current market:

  • Demand for Positions: Many businesses in sectors such as healthcare, manufacturing, and retail are actively seeking Accounts Receivable Specialists. The increased need for proper invoicing and collections processes has resulted in consistent job openings in this area.

  • Growth Potential: The role of Accounts Receivable Specialists is anticipated to grow as companies expand and adapt to changing economic conditions. With a focus on accuracy and efficiency in financial transactions, organizations are prioritizing the recruitment of skilled professionals in this field.

  • Geographical Hotspots:

    • Oklahoma City: As the state capital, it hosts numerous corporations and healthcare organizations that generate substantial accounts receivable activities, making it a prime location for job opportunities.
    • Tulsa: Known for its oil and gas industry, Tulsa offers potential positions within energy companies and their associated service providers, which often require robust accounts receivable processes.
    • Norman and Edmond: These growing cities in the Oklahoma City metropolitan area also contribute to expanding job opportunities, especially within educational institutions and local businesses.

  • Industry Diversity: The demand for Accounts Receivable Specialists is not limited to one sector. Various industries such as agriculture, technology, and retail trade are also seeking skilled professionals, providing a range of career options.

  • Economic Resilience: Oklahoma's economy, supported by various industries and a focus on business development, offers stability that is beneficial for job seekers looking for long-term opportunities in accounts receivable.

  • Networking Opportunities: Engaging with local professional associations and business networking groups can increase visibility in the job market. Networking within financial and accounting forums can also lead to potential job leads and collaborations.

These factors indicate a positive outlook for Accounts Receivable Specialists in Oklahoma, presenting ample opportunities for those interested in this career path.

Top Related Careers to Accounts Receivable Specialist 2024

Repossession Coordinator
Financial Collections Agent
Customer Accounts Manager
Credit Recovery Specialist

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

  • American Institute of Professional Bookkeepers (AIPB)

    • Website: AIPB
    • Description: Offers certification programs, professional development, and resources for bookkeeping professionals, including accounts receivable specialists.

  • National Association of Credit Management (NACM)

    • Website: NACM
    • Description: Provides access to industry-related resources, educational materials, and networking opportunities for credit and financial professionals.

  • Institute of Finance and Management (IOFM)

    • Website: IOFM
    • Description: Offers resources and training specifically focused on accounts receivable, accounts payable, and finance management, including certification programs.

  • AccountingCoach

    • Website: AccountingCoach
    • Description: A free resource with explanations of accounting concepts, including accounts receivable processes that can enhance your understanding of the field.

  • Texas Society of CPAs (TSCPA)

    • Website: TSCPA
    • Description: Provides educational resources, networking opportunities, and continuing professional education, relevant for those in the accounting and finance sectors, including receivables management.

  • Coursera

    • Website: Coursera
    • Description: Online learning platform offering courses on accounting principles, finance, and specialized areas such as credit management, which are beneficial for aspiring accounts receivable specialists.

  • LinkedIn Learning

    • Website: LinkedIn Learning
    • Description: Offers video courses on various professional topics including financial management, accounting, and accounts receivable processes.

  • Oklahoma Society of CPAs

    • Website: OSCPA
    • Description: A state-wide organization providing resources, educational programs, and networking for accounting professionals in Oklahoma.

  • Bureau of Labor Statistics (BLS) - Occupational Outlook Handbook

    • Website: BLS - Accounts Receivable Specialists
    • Description: Detailed information regarding job outlook, salaries, and national employment data for positions related to accounts receivable and bookkeeping.

  • Financial Accounting Standards Board (FASB)

    • Website: FASB
    • Description: Provides updates and standards pertinent to accounting practices, essential for ensuring compliance in accounts receivable management.

Utilizing these resources can enhance your knowledge, skills, and connections in the field of accounts receivable, helping you to advance your career in Oklahoma.

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

  • What does an Accounts Receivable Specialist do?
    An Accounts Receivable Specialist is responsible for managing and processing incoming payments, tracking outstanding invoices, and ensuring timely collection. This role often involves communication with clients to resolve payment issues and maintaining accurate financial records.

  • What qualifications do I need to become an Accounts Receivable Specialist?
    Typically, you will need a high school diploma or equivalent; however, an associate’s or bachelor’s degree in finance, accounting, or a related field is often preferred. Familiarity with accounting software and strong analytical skills are also beneficial.

  • What skills are important for this role?
    Key skills include attention to detail, strong organizational abilities, effective communication, and proficiency in accounting software. Additionally, problem-solving skills and a good understanding of financial principles are important.

  • What type of companies hire Accounts Receivable Specialists in Oklahoma?
    A wide range of companies across various industries hire Accounts Receivable Specialists, including healthcare facilities, manufacturing companies, retail organizations, and financial institutions.

  • Is there a demand for Accounts Receivable Specialists in Oklahoma?
    Yes, there is a consistent demand for Accounts Receivable Specialists in Oklahoma, particularly as businesses focus on efficient financial management and timely collections to improve cash flow.

  • What is the average salary for an Accounts Receivable Specialist in Oklahoma?
    As of 2023, the average salary for an Accounts Receivable Specialist in Oklahoma is approximately $40,000 to $50,000 per year, depending on experience, education, and the specific industry.

  • What is the typical career progression for an Accounts Receivable Specialist?
    With experience, you may advance to senior specialist roles, become a supervisor, or transition into related positions such as Accounts Payable Specialist or Financial Analyst.

  • What are the common challenges faced in this role?
    Common challenges include dealing with difficult customers regarding overdue payments, managing multiple accounts, and keeping up with changes in accounting regulations or software.

  • Can I work remotely as an Accounts Receivable Specialist?
    Many companies offer remote work options for Accounts Receivable Specialists, especially those that utilize cloud-based accounting software. However, this can vary by employer.

  • Are there opportunities for certification in this field?
    Yes, there are several certifications available for accounting professionals, such as the Certified Accounts Receivable Professional (CARP) designation, which can enhance your credentials and marketability.