Cash Receipt Manager
Job Description
The Cash Receipts Manager will oversee the receipt, application, and reconciliation of various forms of payments, ensuring timely and accurate processing. This role involves managing a team, improving processes, maintaining compliance, and collaborating with various departments to ensure seamless operations.
Objectives
- Oversee the receipt of cash, checks, ACH payments, wire transfers, and other forms of payment.
- Ensure timely and accurate processing of all incoming payments.
- Supervise the application of cash receipts to customer accounts.
- Ensure payments are posted correctly to avoid discrepancies.
- Manage unapplied cash and resolve issues promptly.
- Reconcile unapplied cash receipts to identify and rectify mismatches.
- Reconcile daily cash receipts with bank deposits.
- Perform monthly bank reconciliations.
- Ensure all discrepancies are identified, investigated, and resolved.
- Identify areas for process improvement and implement best practices.
- Develop and maintain cash handling procedures and policies.
- Prepare daily, weekly, and monthly cash receipt reports.
- Provide analysis and insights on cash flow trends.
- Ensure compliance with internal controls and financial policies.
- Adhere to regulatory requirements and standards.
- Lead, train, and supervise a small team of AR specialists focused on cash receipt applications.
- Conduct performance evaluations and provide feedback.
- Manage customer inquiries and resolve payment-related issues.
- Maintain positive relationships with internal and external stakeholders.
- Collaborate with the collections team and other departments to ensure seamless operations.
- Coordinate with banks and financial institutions for smooth processing of payments.
- Utilize accounting software and other financial systems for cash application and reconciliation.
- Ensure data accuracy and integrity in financial systems.
Duties and Responsibilities
Daily Tasks:
- Review and process all incoming cash receipts.
- Apply payments to customer accounts in the accounting system.
- Reconcile daily cash receipts with bank statements.
- Address any discrepancies in cash receipts and applications.
Weekly Tasks:
- Prepare weekly cash receipt reports for management.
- Conduct team meetings to review performance and address issues.
- Update cash handling procedures as needed.
Monthly Tasks:
- Perform month-end bank reconciliations.
- Prepare and analyze monthly cash flow reports.
- Reconcile unapplied cash receipts and resolve any outstanding items.
- Conduct monthly performance evaluations for the cash receipts team.
Ongoing Tasks:
- Monitor and manage unapplied cash balances.
- Implement process improvements and best practices.
- Maintain compliance with financial policies and regulations.
- Provide training and development for team members.
- Manage and resolve customer payment inquiries and disputes.
Ad-hoc Tasks:
- Assist in internal and external audits.
- Develop and implement new cash management strategies.
- Coordinate with IT for system upgrades and enhancements.
Qualifications
- Bachelor’s degree in finance, accounting, or a related field.
- Proven experience in cash management or accounts receivable.
- Strong analytical and problem-solving skills.
- Excellent leadership and team management abilities.
- Proficiency in accounting software and financial systems.
- Strong communication and interpersonal skills.
- Attention to detail and commitment to accuracy.
- Knowledge of internal controls and compliance regulations.
- Exempt Status
- Exempt