How to Become an Accounts Receivable Manager
Step 1: Understand the job description and responsibilities of an Accounts Receivable Manager
What does an Accounts Receivable Manager do?
AN Accounts Receivable Manager controls all activities in the accounts receivable function. Manages collection activities such as sending follow-up inquiries, negotiating with past due accounts, keeping track of cash receipts and referring accounts to collection agencies. Being an Accounts Receivable Manager ensures accurate receivable records and verifies outstanding account balances. Creates financial reports relating to account receivable function and status of accounts. Additionally, Accounts Receivable Manager audits methods and procedures of accounts receivable function to improve efficiency. Requires a bachelor's degree of accounting or finance. Typically reports to a director. The Accounts Receivable Manager manages subordinate staff in the day-to-day performance of their jobs. True first level manager. Ensures that project/department milestones/goals are met and adhering to approved budgets. Has full authority for personnel actions. Extensive knowledge of department processes. To be an Accounts Receivable Manager typically requires 5 years experience in the related area as an individual contributor. 1 to 3 years supervisory experience may be required.
Accounts receivable management is a process that is related to the management of the outstanding money owed to a business by its customers and other debtors.
The job of the accounts receivable manager is to generally oversee the department that is charged with tracking such funds through functions that may include hiring staff and taking proactive measures to implement favorable policies.
One of the functions of the accounts receivable manager is to ensure that the proper staff is selected to work in the management of accounts receivable, including the development of regimes for the proper training of such staff.
The types of employees that may work in the accounts receivable department include people like the customer care representatives who will be given the responsibility of calling customers to remind them of outstanding or overdue balances and to get some form of commitment from them regarding the repayment of such funds.
An accounts receivable manager will be there to answer any questions these employees might have regarding their jobs and to help them resolve any complex issues that might develop with certain customers.
Step 2: Learn best tips to become an Accounts Receivable Manager
Best tips for those who want to become an Accounts Receivable Manager
Here are some tips to become an Accounts Receivable Manager.
Make it Easy for Customers to Pay.
Be Clear About Payment Deadlines.
Start Early – Don’t just sit around waiting for the customer not to pay you.
Collection Call – After you have sent the letter and have received nothing, it’s time to get on the phone with the customer.
Prepare for Excuses – The hardest part of the collection call is having to listen to the customer’s different excuses for not paying.
Step 3: View best colleges and universities for Accounts Receivable Manager
Best colleges and universities for Accounts Receivable Manager
- Florida Southern College
- Colby College
- Dartmouth College
- University of Notre Dame
- Western Washington University
- Canisius College
Step 4: Think about whether is it worth to be an Accounts Receivable Manager
Is being an Accounts Receivable Manager Worth it?
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Step 5: Prepare relevant skills for being an Accounts Receivable Manager
What skills do you need to be an Accounts Receivable Manager?
Due to the management level associted with this job, many skills are required to being successful and ensuring the success of your team. It is necessary to be able to excel with: Accounts Receivable, Dunning, GAAP Standards. For management positions, some skills may come as a no brainer, for this role those would be: AR Automation Software. As you can tell, it is no easy feat to be a manager, and the skills required reflect that.
Generally the Accounts Receivable Manager is ensuring that all the figures are correct and the remittance information is accurate and easy to understand.
Keeping clients and vendors happy is key to a business’ success so Account Receivable Managers must ensure these relationships remain strong.
An Accounts Receivable Manager must enjoy providing customer service and be an experienced leader.
Accounts Receivable Managers should be team players and excellent in communicating both verbally and in writing.
Being able to spot an error on an invoice, run some numbers while discussing an account with a client or co-worker or just doing a little adding and subtracting in your head all require you to know basic math, a key skill that accounts receivable managers need.
Step 6: View average salary for Accounts Receivable Manager
How much does an Accounts Receivable Manager make?
The average salary range for an Accounts Receivable Manager is from $76,822 to $103,701. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Accounts Receivable Manager jobs
- Accounts Receivable Analyst
- Accounts Receivable Supervisor
- Accounts Receivable Operations Manager
- Accounts Payable/Receivable Manager
- Accounts Receivable Operations Supervisor
- Accounts Receivable Coordinator II
- Accounts Receivable Processor II
- Accounts Receivable Specialist II
- Accounts Receivable Coordinator III