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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.