Purpose
The Cash Application Specialist is responsible for accurately applying customer payments to accounts, researching payment discrepancies, and ensuring the integrity of accounts receivable records. This role works closely with customers, collections, credit, sales, and finance teams to resolve unapplied cash, short payments, deductions, and other payment-related issues while supporting the company's cash flow and financial reporting objectives.
Key Responsibilities
- Accurately post and apply customer payments received via ACH, wire transfers, lockbox, checks, and credit cards.
- Research and resolve unapplied cash, payment discrepancies, short pays, overpayments, and duplicate payments.
- Reconcile daily cash receipts with bank deposits and accounting records.
- Investigate remittance information and match payments to outstanding invoices.
- Collaborate with Accounts Receivable, Credit, Collections, Customer Service, and Sales to resolve customer payment issues.
- Maintain accurate customer account records and documentation.
- Process customer refunds, credit balances, and account adjustments as needed.
- Monitor unapplied cash aging and proactively resolve outstanding items.
- Support month-end and year-end closing activities by ensuring timely cash application and reconciliations.
- Assist with audit requests by providing supporting documentation and explanations.
- Identify opportunities to improve cash application processes and increase automation and efficiency.
- Maintain compliance with company policies, accounting standards, and internal controls.
Key Competencies and Skills Required
- Experience working with ERP systems (SAP, AS/400, Solar Eclipse, or similar).
- Strong understanding of accounts receivable processes and payment application.
- Proficiency in Microsoft Excel, including formulas, sorting, filtering.
- Excellent attention to detail and accuracy.
- Strong analytical and problem-solving skills.
- Effective verbal and written communication skills.
- Ability to prioritize workload and meet deadlines in a fast-paced environment.
Minimum Qualifications
- High school diploma or equivalent; Associate's or Bachelor's degree in Accounting, Finance, or Business preferred.
- 2+ years of experience in cash application, accounts receivable, or accounting.
Preferred Qualifications
- Experience with lockbox processing and electronic payment platforms.
- Knowledge of banking processes and treasury operations.
- Experience in a high-volume transaction environment.
- Continuous improvement or Lean process improvement experience.
Core Competencies
- Attention to Detail
- Analytical Thinking
- Customer Focus
- Problem Solving
- Time Management
- Communication
- Collaboration
- Accountability
- Organization
- Adaptability
Physical Requirements
- Prolonged periods of sitting and working on a computer.
- Ability to occasionally lift up to 15 pounds.
- Ability to perform repetitive keyboard and data entry tasks.
Success Measures
A successful Cash Application Specialist will:
- Apply customer payments accurately and on time.
- Maintain minimal unapplied cash balances.
- Resolve payment discrepancies promptly.
- Support accurate month-end financial reporting.
- Foster positive relationships with internal departments and customers.
- Contribute to continuous improvements in cash application processes.
Our commitment to excellence in customer service is only part of our story. We are also dedicated to supporting our most valuable asset, our associates! One of the ways we do this is by offering a variety of high-quality benefits for our associates and their families.
All full-time associates receive the benefits of law and are eligible for the following benefits:
- Mayor Medical Insurance for Family
- Life insurance
- Food Coupons
- 10 days of vacation
- 30-day year end bonus
We're an equal opportunity employer and we welcome diversity and inclusion! Reece USA is an Equal Opportunity Employer— Employer Race, Color, Religion, Sex, Sexual Orientation, Gender Identity, National Origin, and any other status protected by law.
