Accounts Receivable Specialist

Position Overview

We are seeking a highly skilled and experienced Accounts Receivable Specialist to join our finance team. In this pivotal role, you will oversee the entire accounts receivable cycle, ensuring the accuracy of customer invoicing, timely collection of outstanding balances, meticulous reconciliation of customer accounts, and robust credit control. The ideal candidate will bring a wealth of experience from manufacturing, bakery, food production, FMCG, or retail sectors, where high sales volumes, multi-branch operations, distributor networks, supermarket chains, key accounts, and credit customers are commonplace.

Key Responsibilities

The Accounts Receivable Specialist will be responsible for a diverse range of financial and operational tasks, including:

• Accounts Receivable Management:
  • Oversee the complete accounts receivable cycle, encompassing invoicing, collections, customer reconciliations, and payment allocation.
  • Ensure all customer invoices, debit notes, credit notes, discounts, rebates, and returns are recorded with precision and timeliness.
  • Verify invoices against sales orders, delivery notes, purchase orders, contracts, and customer agreements to maintain accuracy.
  • Monitor customer account balances and ensure payments are correctly allocated within the accounting system.
  • Maintain up-to-date customer master data, including credit terms, credit limits, and payment conditions.
  • Review daily sales transactions from retail outlets, branches, distributors, and key accounts to ensure consistency.
  • Reconcile accounts receivable balances with the general ledger on a monthly basis to ensure financial integrity.
  • Investigate and resolve discrepancies between invoiced amounts, delivered quantities, returned products, customer deductions, and actual collections.
• Collection and Credit Control:
  • Prepare and review accounts receivable ageing reports to identify overdue accounts and trends.
  • Proactively follow up with customers regarding overdue invoices and outstanding balances to minimize payment delays.
  • Collaborate with Sales, Operations, Logistics, Warehousing, and Customer Service teams to resolve collection issues efficiently.
  • Identify high-risk and overdue accounts, escalating them to Finance Management for appropriate action.
  • Recommend credit holds, revised payment terms, credit limit adjustments, or collection actions as necessary to mitigate risk.
  • Prepare customer statements of account and obtain balance confirmations to ensure accuracy.
  • Support the development and implementation of credit control procedures to enhance financial stability.
  • Maintain comprehensive documentation of collection follow-ups, customer commitments, and payment plans.
  • Participate in collection meetings and provide updates on overdue accounts and expected cash receipts.
• Manufacturing, Bakery, and Retail Transactions:
  • Review sales and collection transactions generated from manufacturing operations, bakery outlets, retail stores, distributors, supermarkets, and wholesale customers.
  • Reconcile sales reports with invoices, delivery records, point-of-sale reports, bank deposits, and customer receipts to ensure alignment.
  • Monitor customer deductions related to product returns, damaged goods, promotional discounts, listing fees, rebates, expiry claims, and commercial agreements.
  • Coordinate with Supply Chain and Sales teams to verify delivery discrepancies and customer claims, ensuring resolution.
  • Ensure customer returns and credit notes are properly authorized and supported with appropriate documentation.
  • Reconcile daily retail collections, including cash, card payments, online payments, and other payment methods, where applicable.
  • Support the reconciliation of sales generated through different branches, channels, and customer categories to maintain consistency.
• Reporting and Month-End Closing:
  • Prepare weekly and monthly accounts receivable reports to provide insights into financial performance.
  • Generate collection forecasts and expected cash inflow reports to support financial planning.
  • Prepare detailed reports covering total receivables, current and overdue balances, customer ageing analysis, collection performance, customer credit exposure, doubtful accounts, unallocated receipts, customer disputes, and deductions.
  • Calculate and report on Days Sales Outstanding (DSO) to assess collection efficiency.
  • Complete month-end closing activities related to accounts receivable, ensuring accuracy and timeliness.
  • Prepare provisions for doubtful debts in coordination with the Finance Manager to reflect potential credit risks.
  • Support external and internal audit requirements by providing reconciliations, confirmations, invoices, receipts, and supporting documents.
  • Assist in preparing financial statements and management reports related to accounts receivable to ensure transparency and compliance.

Qualifications and Experience

To excel in this role, candidates must possess the following:

• A bachelor’s degree in Accounting, Finance, or a related field.
• Minimum of 3-5 years of progressive experience in accounts receivable, preferably within manufacturing, bakery, food production, FMCG, or retail environments.
• Strong proficiency in accounting software and ERP systems, with hands-on experience in financial reporting and reconciliation.
• Exceptional analytical skills with the ability to interpret financial data and identify trends or discrepancies.
• Excellent communication and interpersonal skills to collaborate effectively with cross-functional teams and customers.
• Detail-oriented mindset with a commitment to accuracy and compliance with accounting standards.
• Ability to work under pressure, meet deadlines, and manage multiple priorities in a fast-paced environment.
• Familiarity with credit control practices, collections, and customer account management is highly desirable.