Cash Application Specialist

Job Description Job Title Cash Application Specialist Job Description Job Title: Cash Application Specialist Location: Chennai Market: NAM (North American) Shift: 2 PM to 11 PM and 12 Noon to 9 PM Mandatory Language: Fluent English both written and spoken About the Job: AsCash Application Specialist, you will join Philips Accounting Operations team. On daily basis you will have a chance to take an active role in helping to form our new centralized cash applications team, and the accounting and reconciliation activities that relate. This work all supports our existing team of Collections Specialists who are responsible for cash collections with a defined group of major/key customer accounts, at Philips by maintaining excellent relationships with our customers, internal finance leadership, and cross-functional business partners. Your role: - Daily retrieval of bank activity (ACH, wire, lockbox and credit card) and ERP receipt activity and post payments to customer accounts - Daily posting of cash receipts as well as SAP coding of deductions taken, by customer, as per remittance detail provided by customer/collections team - Review of customer portal for remittance advice - Processing of clearing and offsets as approved by management - Review of accounts and presentation of offset proposals for Deductions Specialist review and approval - Follow up, with deductions Specialist, as necessary on unapplied cash - Requesting of Proof of Delivery (POD) from logistics partner(s) - Filing of initial claims with carriers when PODs do not support delivery - Compiling and uploading, in UDM, Bill Back packets which the Deductions Specialist provide customer in support/collections of shortage claims - Pull debit memos relating to Trade (advertising) for review, upload and clearing via Image Silo - At end of each month, manual clearing of Trade deductions prior to month end close - Creation of credit memos for pricing discrepancies - Daily and monthly reconciliations against monthly bank statements - identifying and resolving reconciliation items on customer accounts - Manage the Unapplied Cash report and work with Collections to identify solutions to unreconciled cash items - Providing indirect leadership to cash applications, internal finance leadership and cross-functional business partners related to cash management best practices - Support and contribute to accounts receivable accounting lean process improvements - Drive improvements in process automation You're the right fit if: - Bachelor's degree or equivalent or vocational Education in finance, accounting, business administration, economics - Minimum 2 years to 5 Years of experience in Cash Application high volume environment experience in Accounts Receivable Management and/or Collections is considered a plus - Experience in SAP system, knowledge of Autobank is considered a plus - Analytical skills, proficient in MS Excel - Fluent English - both written and spoken - Customer service focus - Determination to achieve excellent results - Possibility of shift work (preferably 2 PM to 11 PM and 12 Noon to 9 PM) How we work together We believe that we are better together than apart. For our office-based teams, this means working in-person at least 3 days per week. Onsite roles require full-time presence in the company's facilities. Field roles are most effectively done outside of the company's main facilities, generally at the customers or suppliers locations. Indicate if this role is an office/field/onsite role. About Philips We are a health technology company. We built our entire company around the belief that every human matters, and we won't stop until everybody everywhere has access to the quality healthcare that we all deserve. Do the work of your life to help the lives of others. . Learn more about . . Discover . . Learn more about . If you're interested in this role and have many, but not all, of the experiences needed, we encourage you to apply. You may still be the right candidate for this or other opportunities at Philips. Learn more about our commitment to diversity and inclusion . #LI-PHILIN