Cash Application Specialist
Position Summary: The Cash Application Specialist is responsible for ensuring the accurate and timely application of cash receipts to customer accounts, resolving discrepancies, maintaining the integrity of our financial records, and processing high volume electronic and manual remittance transactions. This position is also responsible for reconciling cash transactions, third party remittances, and credit/debit card payments.
Key Duties and Responsibilities:
- Accurately apply daily cash receipts (e.g., checks, ACH, wire transfers, Lockbox, BillTrust, and credit card payments) to customer accounts in a timely manner, ensuring proper allocation and documentation.
- Responsible for researching, analyzing, and resolving cash application discrepancies to ensure accurate customer account balances and timely payment processing.
- Reviews unapplied cash, payment variances, short pays, overpayments, and account discrepancies; works with internal teams to identify root causes and implement appropriate resolutions.
- Manage and process customer payments, utilizing multiple modules required for precise payment posting.
- Assist in internal and external audits by providing accurate records, documentation, and reports as required. Ensure adherence to auditing standards and financial regulations.
- Utilize Sage X3 or equivalent ERP system to manage and input cash applications, research discrepancies, and generate requested payment data for multiple credit departments. Suggest and implement process improvements to optimize the use of the ERP system.
- Prepare and maintain detailed reports on cash application activities, including aging reports, payment trends, and other key metrics for management review.
- Work closely with the Cash Application team, Accounts Receivable, Finance, and Sales teams to streamline processes and ensure accurate financial data across departments. Provide expert-level support to internal teams on application usage and troubleshooting.
- Identify opportunities to improve cash application processes, implement best practices, and contribute to the overall efficiency of the finance department.
Critical Knowledge and Skills:
- Knowledge of financial practices, payment processing, and auditing standards.
- Detail-oriented with excellent reconciliation and research abilities. Excellent problem-solving abilities with a focus on resolving discrepancies.
- Proficiency in Microsoft Excel and other financial software tools.
- Effective communication skills, both written and verbal.
- Ability to work as part of a team in a fast-paced environment.
- Experience in a mid to large-sized organization with complex financial structures.
- Familiarity with other accounting software and tools.
Education and Experience: • Associates or Bachelor’s degree in Accounting, Finance, OR a minimum of 5 years of equivalent experience in cash applications, accounts receivable, or a related financial role • Proven experience working with Sage X3 or an equivalent ERP system.
Salary/Pay:
• $25 to start (with $1-2 pay jump once hired on) + benefits
We are looking for someone who is bright, strong attention to detail, accurate, willing to help others out.