Cash Application Analyst

2 weeks ago

Mumbai, India QAD Full time
Job Description

QAD is looking for a Cash Application Specialist / Bank Reconciliation Specialist . The individual will be responsible for accurately and efficiently applying cash receipts to customer accounts, reconciling discrepancies, and resolving payment issues. This role plays a critical part in maintaining accurate financial records and optimizing cash flow management . The individual needs to be detail-oriented and analytical

This is a hybrid position with 2 days work from office.

Office Location: Goregaon, Mumbai

Only candidates based out of Mumbai will be considered for the role. 

What you will do:

Receive and Process Cash Receipts:

Receive daily cash receipts from various sources (, checks, electronic transfers, credit card payments).

Sort and organize cash receipts for processing.

Apply Cash Receipts to Customer Accounts:

Match incoming cash receipts to corresponding customer accounts.

Accurately record and apply cash receipts to customer accounts in the accounting system.

Book JE to clear the differences for I/C transfers or FX impacts

Ensure timely application of cash receipts to meet company deadlines.

Coordinate with GL team for any follows up on cash receipts/reconciliations questions

Reconcile Cash Receipts:

Compare cash receipts with bank statements to ensure accuracy.

Identify and investigate discrepancies or irregularities between cash receipts and bank statements.

Reconcile differences between cash receipts and bank deposits. 

Resolve Discrepancies:

Investigate discrepancies between payments received and outstanding invoices.

Communicate with customers or internal stakeholders to resolve payment discrepancies.

Update records and documentation to reflect resolved discrepancies.

Collaborate with Internal Stakeholders:

Coordinate with Accounts Receivable and Collections teams to resolve payment issues.

Communicate effectively with internal stakeholders regarding cash application and account reconciliation.

Provide support and information as needed to facilitate account reconciliation processes.

Maintain Records:

Keep detailed and accurate records of cash transactions and adjustments.

Ensure compliance with company policies and procedures for record-keeping.

Organize records for easy retrieval and reference.

Generate Reports and Analysis:

Prepare reports on cash application activities, aging receivables, and other relevant metrics.

Analyze data to identify trends, anomalies, or areas for improvement.

Present findings and recommendations to management or relevant stakeholders.

Identify Process Improvements:

Proactively identify opportunities for process improvements within the Procure to Pay function.

Collaborate with team members to implement best practices and streamline cash application processes.

Participate in continuous improvement initiatives to enhance efficiency and effectiveness.

Assist with Ad-hoc Projects:

Support management by assisting with ad-hoc projects and tasks as assigned.

Contribute expertise and insights to project teams as needed.

Flexibly adapt to changing priorities and requirements.

Qualifications

Professional Degree: Bachelor's degree in Accounting/Finance or a related field

Other Program / Supplemental Training: Certification in accounts receivable or related field (, Certified Credit and Collections Professional) is a plus.

Number of years: Minimum of 3 years of relevant experience in cash application, accounts receivable, or related financial role

Computer skills: Proficiency in MS Excel and experience with ERP systems (, SAP, Oracle) preferred

Other knowledge / skills: 

Strong analytical skills with keen attention to detail.

Excellent communication and interpersonal skills, with the ability to collaborate effectively across teams.

Proven ability to prioritize tasks and manage time efficiently in a fast-paced environment.

Understanding of accounting principles and practices related to cash management and receivables.

Ability to adapt to changing priorities and work independently with some supervision.

Additional Information

Your health and well being are important to us at QAD. We provide programs that help you strike a healthy work-life balance. Opportunity to join a growing business, launching into its next phase of expansion and transformation. Collaborative culture of smart and hard-working people who support one another to get the job done. An atmosphere of growth and opportunity, where idea-sharing is always prioritized over level or hierarchy. Compensation packages based on experience and desired skill set

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