Accounts receivable coordinators hold the responsibility of managing all aspects related to billing clients and collecting and recording income. This job role plays a crucial part in the financial success of a business by ensuring a constant flow of revenue that owners may use for advertising, expansion and general business expenses.
Accounts receivable coordinators send out invoices to clients asking for payment for services rendered or goods provided. Invoicing may occur on a daily, weekly or monthly basis, depending on the size of the company. Accounts receivable clerks may need to adjust invoices manually to reflect special discounts or installment billing amounts for specific customers. Once a client submits payment for an invoice, an accounts receivable coordinator credits the payment to the client’s current balance due and prepares the payment for a bank deposit. If a client has a question regarding an invoice due, the accounts receivable coordinator may need to schedule a conference call to review the validity of the invoice.
In smaller accounting departments, an accounts receivable coordinator also may handle collection activities. If a client exceeds the agreed-upon time limit to make payment on an invoice, the accounts receivable coordinator needs to send a collection letter or speak to the client directly regarding the payment terms. If a client refuses to make a payment, an accounts receivable coordinator can engage the services of a third-party collection agency or have the legal department initiate the litigation process.
Accounts receivable coordinators typically run monthly reports that detail how much revenue is outstanding versus how much has been collected. Accounts receivable coordinators also run collection reports on overdue client balances for accounting managers to review. Accounts receivable coordinators record new client information and have the ability to set up special billing terms or lines of credit for existing clients.
An accounts receivable coordinator may oversee a team of bookkeeping or accounts receivable clerks in large corporations. Accounts receivable clerks use accounting computer programs to generate invoices, track client balances and create accounts receivable reports. An accounts receivable coordinator may report directly to a financial controller. Professionals in this occupation generally have taken college-level accounting courses or have previous experience working in some aspect of the accounting field.
2016 Salary Information for Bookkeeping, Accounting, and Auditing Clerks
Bookkeeping, accounting, and auditing clerks earned a median annual salary of $38,390 in 2016, according to the U.S. Bureau of Labor Statistics. On the low end, bookkeeping, accounting, and auditing clerks earned a 25th percentile salary of $30,640, meaning 75 percent earned more than this amount. The 75th percentile salary is $48,440, meaning 25 percent earn more. In 2016, 1,730,500 people were employed in the U.S. as bookkeeping, accounting, and auditing clerks.
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