Accounts receivable (AR) professionals manage incoming payments, maintain customer accounts, and ensure timely collection of revenue for a business. This involves tasks like generating and sending invoices, processing payments, reconciling accounts, and following up on overdue accounts. They also play a role in maintaining accurate financial records and contributing to month-end closing procedures.
Account Reconciliation:
Ensuring accuracy of accounts by reconciling transactions and identifying and resolving discrepancies.
Collections:
Following up on overdue invoices through various communication channels (phone calls, emails, letters) and potentially negotiating payment plans.
Customer Account Management:
Maintaining accurate records of customer interactions, transactions, and account details.
In essence, accounts receivable professionals are responsible for securing revenue, maintaining healthy cash flow, and ensuring accurate financial records for the business.