Accounting Assistant - Accounts Receivable
Job Number1170 Classification Title: Accounting Assistant Job Posting: Apr 25, 2008 - May 3, 2008 Union: CSU 52
Number of Openings (approximation): 1 - Permanent - Full-time
Department:Treasury Management Section Branch (Finance Department)
Work Location(s)
7 Sir Winston Churchill Square
T5J 2V4
Description
In this basic level accounting position for the Collections Unit, you will apply your knowledge of accounting principles and practices to communicate with customers regarding overdue or delinquent accounts. Specifically, this will include:
• Regularly review and maintain an inventory of overdue accounts receivable accounts to ensure that they are handled on a timely basis and collection methods are completed as per policy and procedures. • Contact delinquent account holders by telephone and or writing with customers or business areas.• Follow up with customers to establish payment or negotiate payment plans. • Responsible for documenting all collection efforts and adjustments using the SAP system.• Recommend accounts for write off (e.g. deceased, bankrupt)• Provide skip tracing functions on returned mail and locate debtors using a variety of internal and external databases.• Post billing information and adjust customer accounts.• Provide analysis of assessment and accounting records.• Respond to customer inquiries and resolve disputed invoices.• Maintain good public relations in the performance of collection duties.
Qualifications
• A recognized accounting certificate and one (1) year of experience in an office environment. • A basic working knowledge of the Corporate Financial Systems, including SAP and other related business applications. Working knowledge of accounts receivable applications preferred. • Demonstrated competency in the use of Microsoft Office applications and spreadsheets. • Demonstrated ability to deal courteously with the public and make decisions within established policies. • A basic knowledge of accounting, administrative procedures and regulations including GAAP, FOIP, and GST.
Hours of Work: 33.75 hours per week, Monday — Friday. Hours of work may be subject to the terms and conditions of a variable hours of work program. Salary Range: 21M, Salary Grade: 013, $20.86 - $26.18 (Hourly), $1,407.85 - $1,766.81 (Bi-Weekly), $36,744.82 - $46,113.81 (Annually). The rates quoted are in accordance with a collective agreement between the Union and the City of Edmonton. General: Civic Service Union 52 members are requested to send a copy of their application for this competition to the union office. The City of Edmonton thanks all applicants for their interest in this employment opportunity; however, only those candidates considered for the position will be contacted. Human Resources Consultant: MG/MB
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3 comments:
..Analysis is the process of breaking a complex topic or substance into smaller parts to gain a better understanding of it.
..Skip tracing is process of locating people.
Skip Tracing is not just service that a collection agency can do. It's not something only detectives can do either. Skip Tracing is a skill that can be learned relatively easy
Anyone can find information about a person if they dig deep enough. The Skip Tracer may need information in order to: Collect Debts, Service Legal Matters, Repossess Something, Locate Witnesses, Locate Missing Persons or Heirs, Find Life Insurance Beneficiaries, Locate People that Property and/or Money is owed to Locate a Long Lost Relative, Friend, or Loved One. The list of reasons why a Skip Tracer may be needed can get very long
Skip Tracing can be a very rewarding job both challenging and financially rewarding. It is possible for a person to learn the trade relatively easy and in a simple way. If you want to get into this subject more, click on the highlighted areas throughout these instructions and check out the things I will be showing you
Locating people who have moved hastily or that have secretly fled without giving notice, and absconded in order to avoid paying debts, some disregarding and omitting what intervenes, or those that are trying to hide from the law, can be located. Those that are "Missing" (for a variety of reasons) can in most cases be found through the paper trails they leave behind
Divorce or Marital Litigation and lawsuits generate a lot of work for Skip Tracers. The service may be needed to help collect on Past Due Child Support or to help bring a Bail Jumper or Convicted Criminal to Justice. Sometimes it is only needed to correct a simple Human Computer Input Error resulting an Inaccurate Address or Telephone Number that is needed for contacting someone. With that said it brings us to the starting point
First thing, we should do is "Categorize the Skip." The person your looking for is either an Intentional Skip, or an Unintentional Skip. If the person has taken flight from the authorities for criminal acts, or they are not wanting to be found for some reason they are an Intentional Skip, and it is not likely this person will leave behind the typical "trails" that skip tracers look for. Many Intentional Skips are aware of what is necessary, what they must do, to avoid being found
The Intentional Skip avoids lawsuits, and bill collectors by moving around a lot. They may change their telephone numbers and get a Post Office Box to avoid obligations, but usually are not willing to make an entire identity change and will frequently leave a trail that can be followed
If the person is an Intentional Skip and they know how to hide, you just have to hope that person "slips up" somewhere. It gets difficult if the person has taken flight, they are aware of how to avoid paper trails, they do not stay in touch with old friends, family and relatives, they work under the table for cash only, they change their occupations frequently, they dropped all their old hobbies, they took on a new look, and they adopted new behavior patterns.
The following will be helpful in your search:
• Subjects Common Name Used (and Alias names)
• Spouse's Name and Maiden Name
• Last known Address (and the date it was valid)
• Any Previous Addresses (and dates valid)
• Last Known Telephone Numbers (and dates valid)
• Social Security Number(s)
• Date Of Birth (or approximate age if date of birth)
• Date Of Birth Of Spouse (or approximate age)
• Last Known Employment (Occupation)
• Last Known Employment Of Spouse (Occupation)
• ID Numbers or Drivers License # (state issued in
What is the A/R cycle?
What is Collection Software?
What is skip Tracing?
How NSF cheques affect A/R?
What search techniques you will use?
What is your use of SAP?
What is a credit memo?
What is customer reconciliation?
What is the Accounting Cycle?
What type of letters to clients? Business or Notice or Informal.
What is the Collection Process?
How do you prioritize your work?
What kind of supervision you like?
How do you deal with conflict with coworkers?
Managing Cash Flow
Knowing how to measure cash flow is just one of the skills you need to manage the cash flow of your business. The statement of cash flow shows you where your cash comes from, where you spend it, and the net change in cash for the year. Understanding how the cash "flows" through your business can help you to forecast and manage your business. To manage cash flow effectively, you must follow the operating cycle of your business and see how to use the operating cycle to forecast cash flow in the future.
Operating Cycle
The operating cycle measures the length of time that it takes a business to convert cash outflows for raw materials, labor, etc., into cash inflows. This cycle will determine, to a large extent, the amount of capital necessary to start and operate your business. The operating cycle consists of three sub-cycles:
Accounts receivable cycle
Inventory cycle
Accounts payable cycle
Accounts Receivable Cycle
The accounts receivable cycle measures the length of time it takes a business to convert a sale into cash. In other words, how long does it take a business to collect its accounts receivable.
The following diagram depicts the cycle:
Sale -> Accounts Receivable -> Cash
One way to measure the length of time it takes to convert a sale into cash is by calculating the number of days of cash receipts invested in accounts receivable.
The calculation consists of two steps:
1. Calculate average daily sales:
Average daily sales =
Annual Sales
------------------
360*
2. Calculate average daily sales in accounts receivable:
Average days of sales in accounts receivable =
Accounts receivable
-----------------------
Average daily sales
*Accepted accounting practice calculate the number of days in a year at 360 (30 per month x 12 months). This is the common figure to use when calculating daily averages based on annual figures.
Using information from Best Company (accrual basis), you know that the total sales for the company is $1200 ($400 cash sales + $800 sales on account). So the average daily sales is calculated:
$1200
----------
360 = $3.3 daily sales
You also know that accounts receivable at the end of the year was $200 ($800 sales on account &endash; $600 collections on accounts). So the average daily sales in accounts receivable is calculated:
$200
----------
$3.3 = 60 days
Inventory Cycle
The inventory cycle measures the length of time it takes your business to convert inventory into cost of sales. This represents the number of days of cash invested in inventory.
The following diagram depicts the cycle:
Cash -> Inventory -> Cost of Sales
One way to measure the length of time it takes to convert inventory into cost of sales is by calculating the average number of days of cost of sales in inventory.
The calculations consist of two steps:
1. Calculate average daily sales:
Average daily sales =
Annual Sales
------------------
360*
2. Calculate average daily sales in accounts receivable:
Average daily cost of sales in inventory =
Inventory
-----------------------
Average daily cost of sales
Using information from Best Company (and assuming cost of sales is 60% of sales), the average cost of sales per day is calculated:
$720
----------
360 = $2.0 daily cost of sales
The average daily cost of sales in inventory (assuming inventory is $200) is calculated:
$200
----------
$2.00 = 100 days
Accounts Payable Cycle
The accounts payable cycle measures the length of time it takes your business to pay its accounts payable. It represents the number of days of cash financed by your creditors. The following diagram depicts the cycle:
Cash -> Accounts Payable
One way to measure the length of time it takes a business to pay its accounts payable is by calculating the average number of days of cost of sales in accounts payable.
The calculations consist of two steps:
1. Calculate average daily cost of sales:
Average daily cost of sales =
Cost of Sales
------------------
360*
2. Calculate average daily sales in accounts receivable:
Average daily cost of sales in accounts payable =
Accounts payable
-----------------------
Average daily cost of sales
Again, using the Best Company as an example and assuming the average daily cost of sales is $2.00, the average daily cost of sales in accounts payable is calculated:
$100
----------
$2.00 = 50 days
The operating cycle is the sum of the sales and inventory cycles less the accounts payable cycle. It represents the length of time from when a business purchases materials and other costs of production to make a product until the time the business collects the accounts receivable from the sale of the product, reduced by the financing of the costs of production by the business's vendors.
The cash cycle for the Best Company is calculated:
Days
Accounts receivable cycle
60
Inventory cycle
100
Accounts payable cycle
(50)
Operating cycle
110
The business has 160 days of sales invested in its accounts receivable and inventory. If vendors are financing 50 days of sales, owners of the business must finance the remaining 110 days with capital, either loans or equity.
The operating cycle is dependent on a number of factors including the business's credit and collection policies, the business's inventory management policies, and the business's credit rating and payment patterns. The business can shorten it's operating cycle by implementing or strengthening the policies and procedures in these areas.
Forecasting Cash Flow
An accurate cash flow forecast requires an understanding of the financial statements of the business and a good sense of how different accounts relate to one another. For instance, you should know how accounts receivable are correlating with sales, or how expenses correlate with accounts payable.
Using the Best Company as an example, we can prepare an simplified cash flow forecast using the following assumptions in developing a cash flow forecast:
Assumptions:
Sales
10% growth
Cost of sales
60% of sales
Fixed expenses
$250
Depreciation expense
$150
Interest income
$100
Proceeds on equipment sales
$-0-
Equipment purchases
$500
Tax rate
40%
All other accounts
Expected to remain the same as in year 1
The forecasted income statement of the Best Company is expected to be as follows:
Sales
$1320
Cost of sales
528
______
Gross profit
660
Operating expenses
150
Depreciation
150
______
Total expenses
300
Operating income
360
Interest income
100
Income before taxes
460
Income taxes
184
______
Net income
$276
Cash Flow Statement (Indirect method):
Operating Activities:
Net income
$276
Add: non-cash items depreciation
150
Changes in current assets and liabilities
Accounts receivable
(20)
Inventory
(20)
Accounts payable
10
Cash received from operations
396
Investing Activities:
Equipment purchases
500
________
Net change in cash before financing activities
$(104)
In this example, Best Company knows that it must arrange financing of $104 o cover cash shortage for next year's forecasted operations. The cash flow forecast allows the business to plan ahead and anticipate cash flow shortages.
Most forecasts are based on a business's financial history. They can be projected from a month's, a quarter's or a year's worth of financial records. If you are just beginning your business, you can still do worthwhile projections. Certain industry standards exist for many businesses from which to do projections. Consult RMA Annual State Studies (Robert Morris Associates: Philadelphia, Penn.) or Almanac of Business and Industrial Ratios (Leo Troy, PhD, Prentice Hall: Englewood Cliffs, N.J
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