How to Become an Accounts Receivable Officer(1 courses)
What do I need to study to become an Accounts Receivable Officer?
Take the next step in your accounting career with this online Diploma of Accounting (FNS50217) from Monarch Institute and achieve your goals.View course information
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Definition of Accounts Receivable Officer
The Accounts Receivable Officer ensures that their company or organisation obtains accurate and timely payment for goods and services provided to customers. This involves generating and sending invoices, reminders and statements to clients, recording transactions and making bank deposits.
Following the organisationâ€™s accounting procedures and policies, an Accounts Receivable Officer prepares financial documents such as cash flow reports, balance sheets, and profit and loss statements.
They are also responsible for communicating with clients regarding payment methods, following up and reporting late payments, and liaising with banks to verify electronic cash transfers and credit card payments.
In some cases the Accounts Receivable Officer also serves in the accounts payable role, receiving and reviewing invoices, processing and sending payments, and handling internal transactions such as reimbursements and petty cash.
What are the responsibilities of an Accounts Receivable Officer ?
- Producing and distributing invoices to clients and following up to ensure timely payment.
- Documenting transactions and maintaining billing records.
- Liaising with customers regarding payment methods and schedules.
- Reconciling accounts.
- Identifying, resolving and reporting late or incorrect payments.
- Preparing and executing bank deposits.
- Receiving, verifying and processing incoming payments.
Career Outlook for Accounts Receivable Officer
The average age of people working as is 43 with 17.00% of them being male. 62.90% of are employed full-time and they typically work around 36.6 hours per week.
Unemployment is average and, with A Bachelor Degree or higher, the average Community Worker can earn around $1,071 per week Before Tax. In 2015 there were 137,400 working and the future growth of the profession is predicted to be stable, with numbers around 133,900 in 2020.