Cash Application Specialist

Role

The Cash Application Specialist is responsible for the timely and accurate application of customer payments, reconciliation of cash receipts, and resolution of payment discrepancies. This role plays a critical part in maintaining the integrity of accounts receivable records, supporting cash flow management, and ensuring a high level of customer service. The position works closely with Accounts Receivable, Collections, Treasury, Billing, and Customer Service teams to investigate and resolve payment issues while ensuring compliance with company policies and internal controls.

Key Responsibilities

• Accurately post and apply customer payments received via ACH, wire transfer, checks, and other payment methods.
• Research and resolve unapplied cash, short payments, overpayments, deductions, and payment discrepancies.
• Reconcile daily cash receipts and ensure all transactions are recorded accurately in the ERP system.
• Analyze remittance advice and customer payment information to ensure proper application against outstanding invoices.
• Monitor and maintain unapplied cash accounts and aging reports.
• Collaborate with Accounts Receivable and Collections teams to resolve customer account issues and payment disputes.
• Process customer refunds, credit balances, and account adjustments as needed.
• Assist with month-end and year-end close activities, including account reconciliations and reporting.
• Support Treasury by providing cash receipt information and assisting with cash reporting activities.
• Maintain accurate documentation and audit trails for all cash application activities.
• Identify opportunities for process improvements, automation, and operational efficiencies.
• Ensure compliance with company policies, internal controls, and applicable accounting procedures.
• Respond to internal and external inquiries regarding customer payments and account activity.

Key Performance Indicators (KPIs)

• Cash application accuracy rate.
• Timeliness of cash posting.
• Reduction of unapplied cash balances.
• Reconciliation completion and accuracy.
• Resolution time for payment discrepancies.
• Compliance with month-end close deadlines.