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Cash Application Specialist

Flow Control Group

  • Charlotte, NC
  • 30+ days ago

    Highlights

    Post daily customer payments (ACH, wire, check, credit card) accurately and timely mannerResearch and resolve unapplied cash, short payments, overpayments, and deductionsReconcile customer accounts and identify discrepanciesProcess lockbox transactions and remote depositsCommunicate with customers regarding remittance details and payment issuesCollaborate with billing, collections, and sales teams to resolve account discrepanciesMaintain documentation for audit and compliance purposesAssist with month-end closing activities related to accounts receivablePrepare cash application reports and metrics as neededEnsure adherence to internal controls and company policies. High school diploma or equivalent (Associate's or Bachelor's degree in Accounting/Finance preferred)1-3 years of accounts receivable or cash application experienceStrong data entry accuracy and attention to detailExperience with ERP/accounting systems (e.g., SAP, Oracle, NetSuite, JD Edwards, etc.)Proficiency in Microsoft ExcelStrong analytical and problem-solving skillsExcellent communication skills (written and verbal)Ability to manage high transaction volume.

    Numbers & Facts

    LocationCharlotte, NC

    Description

    Position SummaryThe Cash Application Specialist is responsible for accurately applying incoming payments to customer accounts, resolving discrepancies, and supporting overall accounts receivable operations. This role ensures the timely and precise posting of payments while maintaining strong internal controls and customer relationships.

    Key Responsibilities

    Post daily customer payments (ACH, wire, check, credit card) accurately and timely mannerResearch and resolve unapplied cash, short payments, overpayments, and deductionsReconcile customer accounts and identify discrepanciesProcess lockbox transactions and remote depositsCommunicate with customers regarding remittance details and payment issuesCollaborate with billing, collections, and sales teams to resolve account discrepanciesMaintain documentation for audit and compliance purposesAssist with month-end closing activities related to accounts receivablePrepare cash application reports and metrics as neededEnsure adherence to internal controls and company policies

    Required Qualifications

    High school diploma or equivalent (Associate's or Bachelor's degree in Accounting/Finance preferred)1-3 years of accounts receivable or cash application experienceStrong data entry accuracy and attention to detailExperience with ERP/accounting systems (e.g., SAP, Oracle, NetSuite, JD Edwards, etc.)Proficiency in Microsoft ExcelStrong analytical and problem-solving skillsExcellent communication skills (written and verbal)Ability to manage high transaction volume

    Preferred Qualifications

    Experience with lockbox processingUnderstanding of deductions managementKnowledge of GAAP principlesExperience in high-volume corporate environments

    Key Competencies

    Detail-orientedOrganized and deadline-drivenStrong reconciliation skillsCustomer service mindsetProcess improvement orientation

    Cash Application Specialist KPIs

    1. Cash Posting TimelinessGoal: 95-100% of payments posted within 24 hours of receipt

    Measures speed and operational efficiencyCritical for accurate AR aging

    1. Posting Accuracy RateGoal: 99%+ accuracy

    Errors divided by total transactionsTracks misapplied payments, incorrect amounts, wrong accounts

    1. Unapplied Cash PercentageGoal:

    Ensures payments are properly matchedReduces downstream collection issues

    1. Daily Processing VolumeGoal: Meets or exceeds benchmark for company size

    Example: 200-500 transactions/day (varies by system automation level)Measures productivity

    1. Research & Resolution TimeGoal: 90% of discrepancies resolved within 3-5 business days

    Tracks efficiency in handling short pays, deductions, and unidentified payments

    1. Month-End Close SupportGoal: 100% completion of assigned tasks on schedule

    No delays to AR close due to cash posting backlog

    1. Aging Impact ContributionGoal: Reduce AR aging errors tied to misapplied payments

    Indirect KPI measuring how clean posting supports collections

    1. Customer Remittance ComplianceGoal: 95%+ remittances properly documented

    Ensures audit trail and strong internal controls

    1. Process Improvement ContributionsGoal: 1-2 documented efficiency improvements per year

    Automation suggestionsReduction in unapplied cashWorkflow enhancements

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