Job Description: Cash Application Specialist – Invoice to Cash (ITC) Department

Position Overview:

We are seeking a detail-oriented and proactive Cash Application Specialist to join our Invoice to Cash (ITC) department. The successful candidate will be responsible for accurately processing incoming payments, resolving unapplied cash and deductions, and collaborating with internal and external stakeholders to enhance cash application processes. This role requires strong analytical skills, effective communication, and the ability to work independently in a fast-paced environment.

Key Responsibilities:

• Process and Apply Payments:Accurately apply daily cash receipts, including checks, ACH, wire transfers, and credit card payments, to customer accounts and invoices.
• Investigate Unapplied Cash: Research and resolve unapplied or unidentified payments by collaborating with customers and internal teams to ensure proper allocation.
• Manage Deductions:Analyze and address customer deductions by coordinating with relevant departments to validate claims and process adjustments as necessary.
• Stakeholder Communication: Serve as a liaison between the ITC department and internal/external customers to address payment discrepancies, provide account information, and enhance customer satisfaction.
• Documentation and Reporting: Maintain accurate records of cash applications, adjustments, and communications; generate reports to monitor unapplied cash, deductions, and other key metrics.
• Process Improvement: Identify gaps and opportunities for process enhancements; develop and implement workflow improvements to increase efficiency and accuracy in cash application procedures.
• Workflow Creation: Document current state process workflows to standardize and streamline processes and ensure compliance with company policies and financial regulations.
• Client Engagement: Lead discussions with clients regarding payment issues, account reconciliations, and process improvements; present information clearly and professionally.
• Governance Meetings: Organize and facilitate governance meetings to review cash application performance, discuss challenges, and strategize on improvements.

Qualifications:

• Educational Background: Bachelor's degree in Accounting, Finance, Business Administration, or a related field preferred.
• Experience: Minimum of 3 years of experience in cash application, accounts receivable, or a related financial role.
• Experience in Workday, CORA would be an added advantage
• Familiarity with Lean or Six Sigma methodologies for process improvement.

General Skills

• Analytical Abilities: Strong data analysis skills with the ability to identify patterns, trends, and root causes of payment discrepancies.
• Communication Skills: Excellent verbal and written communication skills; ability to interact effectively with stakeholders at all levels.
• Organizational Skills: Exceptional attention to detail, organizational skills, and the ability to manage multiple tasks and deadlines independently.
• Problem-Solving: Proven ability to conduct root cause analysis and implement effective solutions to complex issues.
• Process Improvement: Experience in identifying process inefficiencies and implementing improvements; ability to create and document workflows.
• Stakeholder Management: Demonstrated experience in managing relationships with internal and external stakeholders, including leading client discussions and governance meetings.