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Cash Application Analyst
About the job
As a Cash Applications Analyst, you will play a critical role in managing the financial transactions of the organization. Your primary responsibilities include the accurate processing and allocation of incoming payments to customer accounts and invoices. You will maintain detailed records of all transactions, conduct regular reconciliations to ensure data accuracy, and work to resolve any discrepancies. Moreover, you will communicate with both customers and internal departments to address payment-related inquiries and disputes professionally, ensuring a high level of customer service.
Job Responsibilities:
Payment Processing:
- Receive, record, and apply incoming payments, including checks, electronic funds transfers, and credit card transactions.
- Ensure accurate allocation of payments to customer accounts or outstanding invoices.
- Reconcile discrepancies in payment information and resolve any issues with incomplete or inaccurate transactions.
Record Keeping:
- Maintain detailed and organized records of all payment transactions.
- Update and maintain the accounts receivable ledger with accurate and up-to-date information.
- Generate regular reports on cash application activities and provide summaries to management.
Reconciliation:
- Conduct regular reconciliations of cash application data to ensure accuracy.
- Investigate and resolve any variances or discrepancies between financial records and actual payments.
- Assist in identifying and preventing fraud or financial irregularities.
Customer Communication:
- Communicate with customers and internal departments to resolve payment-related inquiries or disputes.
- Provide excellent customer service by addressing payment issues promptly and professionally.
Process Improvement:
- Suggest and implement process improvements to enhance the efficiency and accuracy of cash application procedures.
- Stay updated on industry best practices and technology to optimize cash application processes.
Compliance and Reporting:
- Ensure compliance with financial regulations and company policies.
- Assist in the preparation of financial statements and support internal and external audits as needed.
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