WHAT DOES AN ACCOUNT SPECIALIST DO?

Updated: Nov 06, 2024 - The Account Specialist processes accounts payable, rent, and utility payments, along with analyzing property tax payments and tenant ledgers in collaboration with property managers. Duties extend to handling year-end tax preparations and adhering to local rent control regulations. This role encompasses managing mail and notices, maintaining accurate records through data entry, and ensuring timely billing through the ERP system.

A Review of Professional Skills and Functions for Account Specialist

1. Accounting Specialist Duties

  • Financial Reporting: Accurate and timely preparation of monthly reporting package in accordance with IFRS.
  • USGAAP Compliance: Accurate and timely preparation of local accounts in accordance with USGAAP.
  • Document Validation: Validate the accuracy, completeness, and integrity of the legal entity's financial documents.
  • Reconciliation & Analysis: Monthly balance sheet and income statement reconciliations and financial analysis, including variance-to-budget analysis.
  • Process Automation: Automating processes for a more scalable operation.
  • Audit Support: Assist with paperwork associated with the annual audit.
  • Budget Analysis: Analyze and prepare accurate and timely project budgets for both operating and capital budgets, assisting in the appropriate calculation and recording of capitalized interest.
  • Suspense Account Management: Maintain all related suspense accounts (e.g., unallocated payments).
  • Corporate Card Processing: Process Corporate Card Statements, reimbursements, and invoices received from suppliers.
  • Supplier Payments: Process daily payments to suppliers.
  • Expense Analysis: Analyze operational expenses on a monthly basis, accrue missing costs, and report to the Finance Manager.
  • Audit Oversight: Oversee assigned sections during the yearly audit of accountants.
  • Administrative Assistance: Assist the Finance Manager with various monthly and ad-hoc administrative tasks.
  • Procedure Improvement: Improve finance procedures.

2. Accounting Specialist Details

  • Data Entry: Perform routine data entry and maintenance within the General Ledger system.
  • Documentation Review: Gather and review documentation for data entry and processing to ensure accounting information is accurate and timely.
  • Suspense Transaction Research: Perform daily research on suspense transactions.
  • Audit Support: Support accounting operations by receiving and responding to research and audit requests.
  • Integrity & Excellence: Always take action using Integrity, Caring, and Excellence to achieve all-win outcomes.
  • Supplier Registration: Ensure accurate and timely registration of suppliers in the corresponding entity and assist with all requests relating to changes in banking setup.
  • Bank Communication: Communicate with suppliers or employee contacts regarding issues with banking information (differences between bank details in the site and invoice copy).
  • Payment Resolution: Resolve issues with banks, suppliers, or employee contacts for payments that are returned or rejected due to banking issues.
  • Invoice Assistance: Assist payment processors with all invoices not captured in the batch due to banking issues.
  • Supplier Registration Support: Assist invoice processors with any invoices routed to the queue due to the absence of supplier registration.
  • Process Improvement: Recommend process improvements to streamline the current workflow.
  • E-Billing Management: Cooperate in the management of the active cycle by e-billing with direct interaction with delegated partners.
  • Credit Team Collaboration: Collaborate with the entire Credit team, sharing common tasks with a special focus on customer payments, ensuring perfect accounting alignment of customer statements, particularly for strategic clients.
  • Customer Alignment: Directly contact strategic customers as needed to align on accounting discrepancies or for specific requests regarding internal processes.
  • Financial Analysis: Undertake financial analysis and management reporting, mostly on Hilti Store accounting activities.

3. Accounting Specialist Responsibilities

  • General Ledger Management: Handle general ledger bookkeeping, monitor the service level defined with the outsourcer, and manage reconciliations.
  • Cash Reconciliation: Reconcile cash and/or account balances to maintain accurate balances and comply with accounting practices.
  • Month-End Support: Support the month-end closing (accruals) in collaboration with Poste Italiane and internal departments, ensuring respect of deadlines and making appropriate corrections and adjustments.
  • Accounting Solutions: Look for and provide solutions for accounting irregularities.
  • Financial Statement Support: Support the financial statements redaction.
  • Audit Assistance: Assist with external audit requests.
  • Fiscal Compliance: Support the periodic fiscal obligations.
  • Project Involvement: Involve in ad-hoc local finance projects (e.g., payments digitalization) and in global communities representing the market organization.
  • Audit Liaison: Act as a key point of contact for internal and external auditors.
  • Relationship Management: Establish and maintain good relationships with internal and external teams, providing data when needed for external queries.
  • Disbursement Processing: Process disbursements for payables, surplus lines, and expense reports.
  • Discrepancy Resolution: Reconcile and resolve discrepancies, request missing invoices, and apply overpayments.
  • Invoice Matching: Match invoices with approvals and/or receipts.
  • Vendor Billing: Code and input vendor bills into the accounting system.
  • Account Analysis: Analyze assigned payable accounts and respective client accounts.

4. Accounting Specialist Job Summary

  • Billing Entry: Accurately enter and process billing information.
  • Payment Posting: Post client payments by recording cash, checks, and credit card transactions.
  • Invoice Matching: Match vendor invoices with purchase orders to ensure proper payment.
  • Timely Invoice Entry: Timely enter vendor invoices in the system for payment to take advantage of early payment discounts.
  • Report Preparation: Prepare and maintain various A/P and A/R reports.
  • Record Maintenance: Maintain up-to-date records in the system.
  • Receivables Collection: Assist with the collection of receivables by monitoring accounts receivable and resubmitting bills to overdue accounts.
  • Insurance Management: Assist with the management of subcontractor insurance certificates, contractor licenses, and business licenses.
  • A/P and A/R Processing: Carry out A/P and A/R activities according to specific procedures and deadlines.
  • Query Investigation: Investigate customer and vendor queries.
  • Aging Reconciliation: Reconcile aging reports and address past due items.
  • Process Improvement: Recommend and drive process improvements for functional areas.
  • Audit Assistance: Assist with audit and tax requests.
  • Documentation Development: Develop and maintain documentation of processes for functional areas.

5. Accounting Specialist Accountabilities

  • Invoice Processing: Review, batch, and process accounts payable invoices and payments.
  • Documentation Collection: Obtain W-9 forms, receipts, and appropriate backup.
  • Rent Payment Processing: Review, batch, and process rent payments.
  • Utility Payment Analysis: Analyze and process utility payments.
  • Property Tax Processing: Analyze and process property tax payments.
  • Tenant Ledger Analysis: Work with property managers to analyze tenant ledgers and resolve tenant questions.
  • Tax Preparation Support: Assist in year-end tax preparation and audit schedule preparation.
  • Regulatory Familiarization: Become familiar with local rent control requirements and regulations.
  • Mail Processing: Process mail and notices to residents and vendors.
  • General Accounting Duties: Perform general accounting duties, including data input, filing, scanning, and organizing information.
  • Receipt and Invoice Management: Deliver receipts and sales invoice/billing statements.
  • ERP Posting: Prepare and post-delivery receipts and sales invoices on the ERP system.
  • Sales Invoice Monitoring: Monitor issued sales invoices to customers.
  • Weekly Reporting: Provide a weekly report of issued sales invoices to customers.

6. Accounting Specialist Functions

  • Receipt Posting: Posting of receipts and payments (PO status update).
  • Manual Invoice Processing: Processing manual sales invoices and invoice attachments.
  • Client Statement Reconciliation: Reconciliation of client statements.
  • Remittance Completeness Check: Checking the completeness of remittance advice.
  • Collection Reporting: Prepares weekly/monthly collection reports and aging of accounts receivables.
  • Collection Follow-Up: Responsible for follow-up collections, ensuring that aging accounts are at an acceptable level.
  • Credit Issuance Oversight: Oversee the firm’s issuance of credit, determine credit limits, and monitor the collections of past-due accounts.
  • Collection Scheduling: Responsible for scheduling daily collections.
  • Credit Memo Preparation: Preparation of credit memos and debit memos.
  • Billing Documentation: Prepares and submits documents for billing purposes.
  • BIR Transaction Upload: Responsible for uploading all BIR-related transactions (1601C, 1601C, 1604CF, 1604E, 2550M, 2550Q, 2316, SLS & SLP, 1702Q & 1702RT).
  • CONEC Books Update: Manual update of CONEC books of accounts for BIR.
  • Monthly Report Preparation: Monthly accounting reports preparation (cash receipts, check disbursements, lapsing schedule report).
  • Check Disbursement Classification: Classification of closed CVs in check disbursement.
  • Liquidation Management: Checking and closing of liquidation.

7. Accounting Specialist Job Description

  • Invoice Management: Printing and electronically filing invoices that are sent to EVEREVE through different channels.
  • Data Entry: Taking approved invoices and entering them into the Great Plains software for payment.
  • Inventory Reconciliation: Reconciling inventory payables.
  • Purchase Order Matching: Matching purchase orders to received inventory to invoices.
  • Freight Billing Entry: Entering freight billing (UPS) to ensure proper allocation to payables.
  • Project Assistance: Assisting with special projects.
  • Month-End Support: Assisting with month-end or year-end tasks.
  • Adaptability: Responsibilities may shift as business needs change.
  • Statement Preparation: Preparation of statement of accounts billed to AFTECH.
  • Entry Posting: Posting entries on the system, including offsetting/contra-entries of transactions made with AFTECH.
  • Asset Depreciation: Depreciation and amortization of assets.
  • Schedule Maintenance: Maintaining the depreciation and amortization schedules for the assets.
  • ERP Posting: Posting entries on the ERP system.
  • Inventory Count Scheduling: Monthly inventory count schedule.
  • Inventory Monitoring: Monthly monitoring of inventories issued and on hand.

8. Accounting Specialist Overview

  • A/P Processing: Classify, code, process, pay, and file high-volume A/P for three companies, including vendor and customer file maintenance in QuickBooks.
  • A/R Billing Preparation: Prepare all A/R billings and reminders, including sponsorships, grants, and other invoices as requested.
  • Vendor Issue Resolution: Communicate and resolve outstanding vendor issues while maintaining positive relationships.
  • Use Tax Management: Maintain use tax records and credit card reconciliation.
  • Benefit Reconciliation: Prepare benefit reconciliations.
  • ACA Compliance: Maintain ACA information and process annual 1094 & 1095 forms.
  • Deposit Processing: Prepare and process deposits and credit card payments.
  • Accounting Support: Assist with all accounting functions to support the VP of Finance.
  • Filing System Maintenance: Maintain accurate and well-organized filing systems (both hard copy and electronic).
  • General Ledger Analysis: Analyze general ledger accounts, research, and reconcile discrepancies.
  • Journal Entry Completion: Complete journal entries.
  • Sales Tax Calculation: Calculate, prepare, and submit monthly sales tax returns.
  • Filing Assistance: Assist with quarterly and annual filings.
  • Account Auditing: Audit accounts and records to ensure accuracy and completion.
  • Registration Review: Review and update registrations.

9. Accounting Specialist Details and Accountabilities

  • Customer Invoicing: Assist with daily customer invoicing and customer account reconciliation.
  • Account Creation: Create new customer accounts and conduct monthly audits of customer accounts.
  • Agreement Data Entry: Daily review and data entry of customer agreements and upgrades/downgrades to customer agreements.
  • Invoice Preparation: Prepare invoices/checks for signatures.
  • Inquiry Response: Answer customer/vendor inquiries via phone and/or email.
  • Commission Calculation: Calculate commissions for the sales team and the business development team.
  • Fixed Asset Management: Perform all functions relating to fixed assets, including generation of monthly depreciation entries.
  • Credit Card Reconciliation: Reconcile and process a high volume of credit card transactions into the accounting program.
  • Administrative Support: Complete other administrative duties as assigned by supervisor/manager.
  • Invoice Processing: Process customer invoices, accounts receivable, and accounts payable.
  • Payment Processing: Process incoming payments by check and ACH.
  • Statement Reconciliation: Receive, process, and reconcile statements.
  • Financial Statement Preparation: Prepare monthly financial statements.
  • Report Generation: Generate and review monthly reports.

10. Accounting Specialist Tasks

  • General Ledger Assistance: Assist with the preparation of the General Ledger and any other accounting entries (accounts receivable, accounts payable, intercompany reconciliation, fixed assets, etc.).
  • Financial Closing Support: Assist with the preparation of the monthly financial closing.
  • Journal Entry Preparation: Prepare recurring month-end journal entries for posting to the general ledger.
  • Account Reconciliation: Reconcile account balances as assigned to maintain accurate balances and comply with accounting practices.
  • Excel Maintenance: Review, improve, and maintain Excel spreadsheets associated with areas of responsibility as necessary to ensure accuracy and efficiency.
  • Discrepancy Research: Research discrepancies in financial information and/or documentation (e.g., purchase orders, invoices, etc.) to ensure accuracy and adherence to procedures prior to processing.
  • Compliance Assurance: Ensure compliance with internal accounting procedures.
  • Audit Documentation: Prepare periodical documentation related to external and internal audit processes.
  • Bank Deposit Preparation: Prepare and complete bank deposits.
  • Audit Preparation: Assist with preparation for annual audits.
  • Procedure Documentation: Create procedure documents.
  • Record Maintenance: Maintain accurate records, including ledgers, journals, receipts, and invoices.
  • Internal Control Support: Work with other functions to maintain a solid internal control environment that complies with related policies.
  • Employee Data Management: Maintain employee master data with timeliness and accuracy.

11. Account Resolution Specialist Roles

  • Clerical Support: Work with self-pay A/R and support the HME team with the clerical needs of the department.
  • Debt Negotiation: Make outbound/take inbound calls to customers to negotiate payment arrangements and set up payment plans.
  • Financial Assessment: Review key financial data to determine the patient's general financial situation and ability to pay for balances due.
  • Data Interpretation: Extract, review, and interpret billing statements, charge information, private or government insurance benefits, and other related information from multiple billing and documentation servers (for multiple hospitals, clinics, and insurance companies) while resolving account balances.
  • Confidentiality Compliance: Utilize solid judgment and adhere to all policies ensuring the protection of confidential information related to patient demographics, medical information, diagnosis codes, etc., according to both internal and Federal HIPAA regulations and guidelines.
  • Team Development: Contribute to structure a new team, defining new process and implementing improvements.
  • Vendor Collaboration: Work with the vendors to ensure they are operating efficiently on tools and to improve selection, profitability, and help business grow.
  • Performance Tracking: Implement and track metrics for recording the success and quality of products.
  • Process Enhancement: Suggest process improvements and assist internal partners to drive them to completion.
  • Operational Efficiency: Execute tasks geared towards adding selection, reducing defects, increasing revenue, and reducing costs for customers.

12. Account Specialist Additional Details

  • Relationship Management: Develop and maintain strong business relationships with partners/internal stakeholders.
  • Technology Issue Management: Manage technology issues and solutions that impact the partner’s success.
  • Revenue Optimization Communication: Communicate revenue optimization plans and results to partners, coordinating invoicing, reporting, and compensation.
  • Contract Compliance Monitoring: Monitor contractual service levels and obligations to ensure compliance and timely renewals.
  • Roster Upload Management: Responsible for the roster upload process, including accepting, reviewing, formatting Excel files from partners, and timely uploading to generate consumer policies.
  • Reconciliation Process Management: Conduct the reconciliation process by reviewing monthly statements and confirming amounts match new policies, changes, and cancellations in the roster documents.
  • Invoicing: Create and send invoices to partners based on reconciliation efforts.
  • Partner Training: Conduct onsite partner training.
  • Sales Support: Support sales teams to achieve revenue and profitability goals.
  • Project Planning and Workflow Development: Develop project plans and workflows by communicating and planning/facilitating virtual and in-person meetings with all applicable parties.
  • Meeting and Review Preparation: Support, prepare for, and participate in partner meetings and business and strategic reviews.
  • Data Analysis and Research: Partner with sales staff to research and analyze data, historical information, and trend analyses.

13. Account Specialist Essential Functions

  • AP Team Supervision: Help supervise the AP team
  • Financial Management: Manage vendor invoices and payments and ensure all billings, documents, and financial information are accurately recorded and properly authorized on a timely basis
  • Issue Resolution: Receive, investigate, and resolve internal and external inquiries concerning discrepancies/issues with processing of invoices, intercompany billing payments, expense reimbursements, etc.
  • Expense Monitoring: Review and follow up on expense reports for accuracy and completeness
  • Financial Reconciliation: Perform reconciliation, follow-up, and posting of corporate credit cards
  • Procurement Administration: Prepare purchase orders by verifying specifications and price, obtaining quotations, and recommending suppliers for substitute items, reviewing and obtaining approval for requisitions
  • Supply Chain Coordination: Track status of purchase orders and work with suppliers to schedule/expedite deliveries, resolve discrepancies in shipment/pricing, warranty claims and damage, and return of materials, maintain vendor relationships
  • Purchasing Liaison: Liaise with internal staff in relation to purchasing requirements and keep them informed on technical details, price, and availability
  • Payment Verification: Verify receipt of items and authorize payment for purchases by reconciling requisitions/orders with invoices and maintaining receiving documentation
  • Inbox Management: Responsible for the day-to-day management of the AP shared inbox, taking action as required or escalating issues to other members of the team
  • Document Organization: Keep information accessible by sorting and filing documents
  • Budget Assistance: Assist in the production of annual budgets and forecasts
  • External Liaison: Assist in the provision of information and liaison with external business associates, such as auditors, regulators, tax agents, and governmental authorities, etc.
  • Reporting Assistance: Assist as assigned, in preparing relevant management reporting, month-end and audit schedules, tax returns, financial statements, or other reports
  • Department Support: Perform other ad-hoc duties/responsibilities and special projects as required to support the Finance Department
  • Regulatory Compliance: Ensure compliance with regulatory and tax reporting requirements, internal controls, and accounting policies and procedures

14. Account Specialist Role Purpose

  • Client Communication Production: Compose, proofread, and promote client communications to production following approved procedures.
  • Requirements Gathering and Implementation: Gather client requirements and ensure the successful implementation of those requirements.
  • Database Management: Create and manage client settings with the production database.
  • Data Review: Review and understand client-provided data.
  • CRM Maintenance: Maintain CRM database with client requests.
  • Adaptive Problem Solving: Handle situations requiring adaptation of response or extensive research according to customer response.
  • Escalation Resolution: Resolve problems escalated through lower staff levels.
  • Cross-functional Coordination: Coordinate with various company functions and liaise with customers post-delivery.
  • Warranty Management: Review warranty claims, discuss product capabilities and issues per customer needs, and provide special pricing for non-standard warranty items and repairs.
  • Discrepancy Resolution: Resolve discrepancies regarding shortages, over shipments, defective products, repairs, etc.
  • Return Credit Management: Resolve return credit issues.
  • System Utilization: Use computerized systems for tracking, information gathering, and troubleshooting.
  • External Customer Communication: Communicate with external customers and prospects via telephone, in-person, email, or live chat.
  • Internal Communication: Communicate with internal partners and departments (e.g., Engineering Sales, Purchasing, Accounting) via telephone, in-person, email, or live chat.
  • Customer Request Analysis: Analyze and act on customer requests, performing contract reviews.
  • Software and Report Analysis: Analyze and interpret electronic software platforms, reports, and portals.
  • Sales Analysis: Conduct inside sales business development, analyzing customer account sales and gross profit growth trends using in-house tools.

15. Account Specialist General Responsibilities

  • Lead Identification: Identify special sales leads and qualify the customers on specialized product needs
  • Sales Conversion: Convert customer interactions into a profitable revenue source
  • Purchase Need Discovery: Ongoing identification and discovery of purchase needs
  • Telephonic Sales Closure: Close a deal on the phone if a sales opportunity exists
  • Order Processing Proficiency: Display proficiency in order processing using Staples order management system
  • Customer Insight Acquisition: Obtain customer insight data for new customers (e.g., competitive information, purchasing behavior, product needs, etc.) and leverage knowledge to respond to sales objections
  • Data Management: Update customer data and maintain data integrity
  • Industry Knowledge: Possess strong and current industry knowledge
  • Promotional Distribution: Distribute available promotional material in support of campaigns
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