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Cash Application Specialists handle a variety of tasks related to company finances. They manage the organization of the company's financial records and oversee the overall cash inflow. They may also be assigned to handle payment collection, preparation of invoices, and receipts' issuance. They manage their relationship with their counterparts in client organizations to ensure a harmonious work relationship. This will help them follow up payments, communicate better, and resolve any concerns. Cash application specialists are also in charge of updating client records and ensuring that clients' payments are accurate. They also process refunds and facilitate other financial transactions.

Cash Application Specialist Responsibilities

Here are examples of responsibilities from real cash application specialist resumes representing typical tasks they are likely to perform in their roles.

  • Manage documents for staff collaboration and training in SharePoint.
  • Work with private, work comp, auto, Medicare and Medicaid insurance companies as well as other payers.
  • Post daily payments including checks, wires, and automate clearing house (ACH) credit transfers to customer accounts.
  • Run weekly GL and TB reports.
  • Contact commercial and Medicaid payers regarding payment issues.
  • Process non-sufficient funds (NSF) /Chargeback documentation.
  • Assist with billing new and existing Medicaid and private insurance claims.
  • Research and resolves unapply payments, NSF checks and credit card declines.
  • Train personnel, design process modules, perform root-cause analysis, and conduct ISO audits.
  • Interpret insurance EOB's, apply adjustments and discounts, charge-backs and claim denials per line item.
  • Operate process machines, perform quality checks, troubleshoot problems, line train new employees, operate forklift
  • Provide documentation for incoming cash payments against receivables and ensure proper application of cash, wire, and ACH payments.
  • Prepare reports that need further work, print EOB's for those invoices and provide them to the billing staff.
  • Task with ensuring that all lockboxes, correlations, G/L and checks are clear and balance on a monthly basis.
  • Maintain and troubleshoot product displays to ensure functionality and performance.

Cash Application Specialist Skills and Personality Traits

We calculated that 14% of Cash Application Specialists are proficient in Customer Service, Cash Application, and Patients. They’re also known for soft skills such as Computer skills, Detail oriented, and Integrity.

We break down the percentage of Cash Application Specialists that have these skills listed on their resume here:

  • Customer Service, 14%

    Provided clients with superior customer service; delivered all projects to asset manager and financial institutions accurately and on deadline.

  • Cash Application, 8%

    Participated in ongoing process improvements and ideas to improve the efficiency and productivity in policies and procedures in Cash Applications Department.

  • Patients, 6%

    Worked with coordinators updating and entering compliance and demographic information for nurses and patients.

  • Data Entry, 6%

    Performed data entry, bookkeeping, and accounting responsibilities for all monetary transactions coinciding with bankruptcy litigation.

  • ACH, 5%

    Posted payments that included checks, credit cards, ACH and wires - Completed write offs and maintenance applications for the Collectors

  • Customer Accounts, 5%

    Credit Card Processing and Reconciliation, Posting/Researching of Cash Receipts, Maintenance and Reconciliation of Customer Accounts, GL Reconciliation

Some of the skills we found on cash application specialist resumes included "customer service," "cash application," and "patients." We have detailed the most important cash application specialist responsibilities below.

  • Arguably the most important personality trait for a cash application specialist to have happens to be computer skills. An example from a resume said this about the skill, "bookkeeping, accounting, and auditing clerks need to be comfortable using computer spreadsheets and bookkeeping software." Additionally, other resumes have pointed out that cash application specialists can use computer skills to "cash application obtains computer generated batch numbers that identifies each batch with a unique number. "
  • Another commonly found skill for being able to perform cash application specialist duties is the following: detail oriented. According to a cash application specialist resume, "bookkeeping, accounting, and auditing clerks are responsible for producing accurate financial records." Check out this example of how cash application specialists use detail oriented: "scan ach remittance detail to sharepoint and file cash reports on a daily basis. "
  • Integrity is also an important skill for cash application specialists to have. This example of how cash application specialists use this skill comes from a cash application specialist resume, "bookkeeping, accounting, and auditing clerks have control of an organization’s financial documentation, which they must use properly and keep confidential" Read this excerpt from a resume to understand how vital it is to their everyday roles and responsibilities, "maintain integrity during reconciliation process to insure proper balancing when posting batches through online lockboxes. "
  • A thorough review of lots of resumes revealed to us that "math skills" is important to completing cash application specialist responsibilities. This resume example shows just one way cash application specialists use this skill: "bookkeeping, accounting, and auditing clerks deal with numbers daily and should be comfortable with basic arithmetic." Here's an example of how this skill is used from a resume that represents typical cash application specialist tasks: "prepare various cash application spreadsheets, reports and statistics. "
  • See the full list of cash application specialist skills.

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    What Payment Processors Do

    A payment processor is responsible for managing and informing the clients of their payment obligations for the services offered by a financial institution or other related organizations. Payment processors record transactions and ensure the timely completion of account statements. They discuss the terms and conditions of the service contract with the clients and respond to their inquiries and concerns. A payment processor must have excellent communication and organizational skills, especially in coming up with repayment plans and solutions for clients who are not able to pay services in time.

    In this section, we take a look at the annual salaries of other professions. Take payment processor for example. On average, the payment processors annual salary is $3,528 lower than what cash application specialists make on average every year.

    Even though cash application specialists and payment processors have vast differences in their careers, a few of the skills required to do both jobs are similar. For example, both careers require customer service, cash application, and patients in the day-to-day roles.

    These skill sets are where the common ground ends though. A cash application specialist responsibility is more likely to require skills like "reconciliations," "cash receipts," "cash handling," and "medicare." Whereas a payment processor requires skills like "phone calls," "lockbox," "securities," and "powerpoint." Just by understanding these different skills you can see how different these careers are.

    Payment processors really shine in the insurance industry with an average salary of $38,534. Whereas cash application specialists tend to make the most money in the transportation industry with an average salary of $39,650.

    Payment processors tend to reach similar levels of education than cash application specialists. In fact, payment processors are 0.3% less likely to graduate with a Master's Degree and 0.0% less likely to have a Doctoral Degree.

    What Are The Duties Of a Finance Clerk?

    Finance clerks are financial professionals who are responsible for performing various administrative tasks such as keeping financial records, preparing bills, and delivering excellent customer service. These clerks are required to process bills, checks, receipts, and other documents to ensure that they are all properly signed and distributed. They must verify financial and other data so that they can enter those data into the database and maintain updated records. Finance clerks must also assist with account reconciliations and should report the status of accounts and discrepancies to the management.

    Next up, we have the finance clerk profession to look over. This career brings along a higher average salary when compared to a cash application specialist annual salary. In fact, finance clerks salary difference is $1,667 higher than the salary of cash application specialists per year.

    Not everything about these jobs is different. Take their skills, for example. Cash application specialists and finance clerks both include similar skills like "data entry," "customer accounts," and "bank deposits" on their resumes.

    While some skills are similar in these professions, other skills aren't so similar. For example, several resumes showed us that cash application specialist responsibilities requires skills like "customer service," "cash application," "patients," and "ach." But a finance clerk might use skills, such as, "purchase orders," "hr," "credit card," and "telephone calls."

    Finance clerks may earn a higher salary than cash application specialists, but finance clerks earn the most pay in the government industry with an average salary of $40,090. On the other side of things, cash application specialists receive higher paychecks in the transportation industry where they earn an average of $39,650.

    In general, finance clerks study at similar levels of education than cash application specialists. They're 0.8% more likely to obtain a Master's Degree while being 0.0% more likely to earn a Doctoral Degree.

    How an Accounting Representative Compares

    Account representatives are in charge of making sales. Their primary duties include designing and maintaining customer accounts, as well as being a liaison between the organization and clients. They constantly communicate with clients, respond to their concerns, and monitor transactions as well as payments. Also, they develop company invoices, regularly keeping track of client's transactions, maintaining records of the client's account, and routinely auditing them. The job requirements include strong communication and negotiation skills, relevant experience in sales, and confidence.

    The third profession we take a look at is accounting representative. On an average scale, these workers bring in higher salaries than cash application specialists. In fact, they make a $6,318 higher salary per year.

    While looking through the resumes of several cash application specialists and accounting representatives we discovered that both professions have similar skills. These similarities include skills such as "customer service," "cash application," and "patients," but they differ when it comes to other required skills.

    Some important key differences between the two careers are a few of the skills necessary to fulfill responsibilities. Some examples from cash application specialist resumes include skills like "cash receipts," "cash handling," "patient payments," and "medicare," whereas an accounting representative might be skilled in "payroll," "computer system," "insurance claims," and "insurance verification. "

    Accounting representatives make a very good living in the automotive industry with an average annual salary of $47,306. Whereas cash application specialists are paid the highest salary in the transportation industry with the average being $39,650.

    Accounting representatives are known to earn similar educational levels when compared to cash application specialists. Additionally, they're 1.6% more likely to graduate with a Master's Degree, and 0.1% more likely to earn a Doctoral Degree.

    Description Of a Billing And Insurance Coordinator

    A billing and insurance coordinator is responsible for coordinating with employees from different departments of an organization for billing and insurance processing purposes. Billing and insurance coordinators sort mail for distribution to appropriate personnel, performing administrative and clerical duties as needed, managing and releasing of invoices under the manager's supervision, and responding to employees' inquiries and concerns. A billing and insurance coordinator must be highly analytical, as well as have excellent knowledge of the insurance disciplines and processes to assist the employees with their payments and benefits.

    Now, we'll look at billing and insurance coordinators, who generally average a higher pay when compared to cash application specialists annual salary. In fact, the difference is about $3,583 per year.

    While their salaries may vary, cash application specialists and billing and insurance coordinators both use similar skills to perform their jobs. Resumes from both professions include skills like "customer service," "cash application," and "patients. "

    Even though a few skill sets overlap, there are some differences that are important to note. For one, a cash application specialist might have more use for skills like "ach," "credit card payments," "reconciliations," and "cash handling." Meanwhile, some billing and insurance coordinators might include skills like "work ethic," "strong work ethic," "billing issues," and "medical billing" on their resume.

    Billing and insurance coordinators earn a higher salary in the professional industry with an average of $58,069. Whereas, cash application specialists earn the highest salary in the transportation industry.

    Billing and insurance coordinators reach similar levels of education when compared to cash application specialists. The difference is that they're 0.4% more likely to earn a Master's Degree more, and 0.2% more likely to graduate with a Doctoral Degree.