Cash Application Specialist

Description

Fire Tron, Inc. is seeking a highly organized and detail-oriented Cash Application Specialist to support our Accounts Receivable function. This position is responsible for the accurate and timely processing of customer payments from receipt through deposit and application.

The Cash Application Specialist will have daily ownership of ensuring that all customer payments received are identified, deposited, recorded, and applied to the appropriate customer accounts and invoices accurately and timely. The role will also be responsible for researching unidentified or unapplied payments, resolving payment discrepancies, and maintaining accurate cash application records.

Success in this position requires strong attention to detail, a sense of urgency, excellent research and reconciliation skills, and the ability to manage a high volume of daily transactions without sacrificing accuracy.

• Monitor all payment channels daily to identify customer payments received, including ACH payments, wire transfers, checks, lockbox receipts, credit card payments, and other electronic payment methods.
• Ensure all physical checks and other payments requiring mobile deposit are deposited accurately and timely.
• Post customer payments to the appropriate customer accounts and invoices daily.
• Apply payments according to customer remittance instructions and supporting documentation.
• Accurately process partial payments, multiple-invoice payments, account-level payments, deductions, over payments, and other non-standard payment activity.
• Ensure cash receipts recorded in the accounting system agree to actual bank deposits and payment activity.
• Maintain accurate transaction dates, payment references, check numbers, remittance details, and other supporting information.

• Research payments received without sufficient remittance information or clear customer identification.
• Contact customers and/or internal team members as necessary to obtain missing remittance information.
• Maintain and actively manage the unapplied cash balance, with the goal of resolving unidentified and unapplied payments as quickly as possible.
• Review unapplied cash and customer credits regularly and identify opportunities to properly apply or resolve outstanding balances.
• Escalate aged or unresolved unapplied cash items to management when additional assistance is required.

• Perform daily reconciliation of customer payments received, bank deposits, and cash posted to the Accounts Receivable subledger.
• Verify that all payments received for the day have been accounted for before completing the daily cash application process.
• Investigate and resolve discrepancies between bank activity, deposits, remittance documentation, and the accounting system.
• Maintain organized supporting documentation and a clear audit trail for all cash receipts and applications.
• Assist with month-end Accounts Receivable and cash reconciliations.
• Support internal and external audit requests related to cash receipts and Accounts Receivable.

• Partner closely with the Credit & Collections team to ensure customer accounts accurately reflect payments received.
• Research customer claims regarding missing, misapplied, or incorrectly posted payments.
• Correct payment applications promptly when errors or discrepancies are identified.
• Provide payment information and supporting documentation to Collections and other internal stakeholders.
• Assist in identifying payments that may impact customer credit holds or collection activity.

• Identify recurring cash application issues and recommend process improvements to increase accuracy and efficiency.
• Help improve processes for obtaining customer remittance information and reducing unapplied cash.
• Maintain documented procedures for cash receipt, deposit, reconciliation, and application activities.
• Support automation and system improvements related to Accounts Receivable and cash application.

Performance in this role will be measured heavily on the timeliness, completeness, and accuracy of daily cash processing, including:

• 100% of identifiable payments received are deposited and/or recorded timely.
• Customer payments are posted to the appropriate accounts and invoices daily.
• Daily cash receipts reconcile to bank and deposit activity.
• Unapplied and unidentified cash is researched promptly and maintained at minimal levels.
• Cash application errors and…