What does a collections/accounts receivable do?
An officer for collections/accounts receivable is in charge of a company's financial activities, ensuring that they receive payment from clients. They primarily focus on overseeing all billing and invoices, processing and verifying all receipts and rendered services, maintaining an accurate record of all transactions, producing reports and presentations, reviewing account and payment histories, and ensuring the accuracy of all processes involving the matter. Furthermore, should there be any complex issues, it is essential to reach out to a manager or a supervisor right away.
Collections/accounts receivable responsibilities
Here are examples of responsibilities from real collections/accounts receivable resumes:
- Plan and conduct sensitive HUMINT collection operations with an emphasis on managing and debriefing confidential sources.
- Work accounts receivable for Medicaid verification and payments.
- Work remittance advice from Medicaid ensuring accuracy of payments.
- Research and obtain extensive knowledge of FDCPA debt recovery laws and assist in recovering commercial debt from organizations.
- Communicate effectively with patients, physicians, hospital staff, and insurance representatives to ensure accuracy in claims processing.
- Review claims to determine if process correctly and if necessary, direct patients to contact insurance companies regarding additional benefit questions.
- Perform collections activities on delinquent loan accounts to include repossessions, foreclosures, bankruptcy proceedings, and disposition of repossess assets.
- Increase profitability through negotiation and enforcement of schedule collection campaigns.
Collections/accounts receivable skills and personality traits
We calculated that 21% of Collections/Accounts Receivables are proficient in Customer Service, Patients, and Delinquent Accounts. They’re also known for soft skills such as Listening skills, Negotiating skills, and Speaking skills.
We break down the percentage of Collections/Accounts Receivables that have these skills listed on their resume here:
- Customer Service, 21%
Provided exceptional customer service when resolving difficult or unusual collection cases while consistently meeting performance standards and Quality Assurance goals.
- Patients, 6%
Reviewed claims to determine if processed correctly and if necessary, directed patients to contact insurance companies regarding additional benefit questions.
- Delinquent Accounts, 5%
Followed collection policies to ensure that clients' received appropriate dunning letters and emails notification regarding delinquent accounts.
- Credit Card Payments, 5%
Processed all credit card payments received from customers using our established merchant processing accounts.
- Past Due Accounts, 5%
Job Responsibilities-Primary responsibility to collect past due accounts by contacting consumers on the telephone.
- Customer Accounts, 5%
Managed successfully the credit status of assigned customer accounts and developed a communication plan to ensure timely invoice payment.
Common skills that a collections/accounts receivable uses to do their job include "customer service," "patients," and "delinquent accounts." You can find details on the most important collections/accounts receivable responsibilities below.
Listening skills. One of the key soft skills for a collections/accounts receivable to have is listening skills. You can see how this relates to what collections/accounts receivables do because "collectors must pay attention to what debtors say when trying to negotiate a repayment plan." Additionally, a collections/accounts receivable resume shows how collections/accounts receivables use listening skills: "communicated with the sales staff to increase the credit line with some customers and reduce with others. "
Negotiating skills. Many collections/accounts receivable duties rely on negotiating skills. "the main aspects of a collector’s job are reconciling the differences between two parties (the debtor and the creditor) and offering a solution that is acceptable to both parties.," so a collections/accounts receivable will need this skill often in their role. This resume example is just one of many ways collections/accounts receivable responsibilities rely on negotiating skills: "utilized highly developed customer service and negotiating skills to collect current and overdue accounts, reducing company losses through debt write-offs. "
Speaking skills. collections/accounts receivables are also known for speaking skills, which are critical to their duties. You can see how this skill relates to collections/accounts receivable responsibilities, because "collectors must be able to speak to debtors to explain their options and ensure that they fully understand what is being said." A collections/accounts receivable resume example shows how speaking skills is used in the workplace: "presented viable options and initiated payment arrangements. "
The three companies that hire the most collections/accounts receivables are:
- Sysco10 collections/accounts receivables jobs
- Latham Pool5 collections/accounts receivables jobs
- Performance Food Group4 collections/accounts receivables jobs
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Compare different collections/accounts receivables
Collections/accounts receivable vs. Billing associate
A billing associate is responsible for processing payments and invoices for customers and ensuring accurate financial reports for auditing purposes. Billing associates utilize the business' accounting systems to monitor billing transactions and resolve account discrepancies accordingly. They also update customer records in the database, post payments timely, and escalate outstanding bills to the supervisor for resolution. A billing associate reaches out to the clients and customers for payment responsibility and respond to the inquiries and concerns they may have.
These skill sets are where the common ground ends though. The responsibilities of a collections/accounts receivable are more likely to require skills like "past due accounts," "provides administrative support," "outbound calls," and "collection calls." On the other hand, a job as a billing associate requires skills like "medical billing," "insurance billing," "billing inquiries," and "hipaa." As you can see, what employees do in each career varies considerably.
Billing associates earn the highest salaries when working in the technology industry, with an average yearly salary of $37,737. On the other hand, collections/accounts receivables are paid more in the finance industry with an average salary of $39,163.The education levels that billing associates earn slightly differ from collections/accounts receivables. In particular, billing associates are 0.7% more likely to graduate with a Master's Degree than a collections/accounts receivable. Additionally, they're 0.1% more likely to earn a Doctoral Degree.Collections/accounts receivable vs. Payment processor
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 addition to the difference in salary, there are some other key differences worth noting. For example, collections/accounts receivable responsibilities are more likely to require skills like "past due accounts," "provides administrative support," "collection calls," and "collection efforts." Meanwhile, a payment processor has duties that require skills in areas such as "phone calls," "patient payments," "lockbox," and "securities." These differences highlight just how different the day-to-day in each role looks.
Payment processors may earn a lower salary than collections/accounts receivables, but payment processors earn the most pay in the insurance industry with an average salary of $38,534. On the other hand, collections/accounts receivables receive higher pay in the finance industry, where they earn an average salary of $39,163.payment processors earn similar levels of education than collections/accounts receivables in general. They're 0.5% less likely to graduate with a Master's Degree and 0.1% less likely to earn a Doctoral Degree.Collections/accounts receivable vs. Debt collector
Debt collectors are also known as collection agencies and are responsible for recovering past due debts. Most of them are hired by companies to collect debt either for a fee or a percentage of the total amount recovered. Also, some debt collectors buy delinquent debts at a discount and seek to collect the debt's full amount. They have many strategies to collect debts, including calling debtor's phones, sending letters, and even visiting them at their home. However, if debtors fail to pay their due, debt collectors can either update the debtor's credit report or sue them over debt. Once sued and debtors ignore court hearings and lose by default, results could either be garnishment on debtor'debtors' wages or levies on their bank.
There are many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, a collections/accounts receivable is likely to be skilled in "patients," "provides administrative support," "data entry," and "account balances," while a typical debt collector is skilled in "debt collection," "hipaa," "computer system," and "due balances."
Debt collectors earn the best pay in the construction industry, where they command an average salary of $34,803. Collections/accounts receivables earn the highest pay from the finance industry, with an average salary of $39,163.Most debt collectors achieve a similar degree level compared to collections/accounts receivables. For example, they're 1.8% less likely to graduate with a Master's Degree, and 0.0% less likely to earn a Doctoral Degree.Collections/accounts receivable vs. Billing representative
A billing representative assists with the overall operations of the organization's billing department. Billing representatives post payments timely on the database, update account statements, generate financial reports, release invoices, and resolve account discrepancies. They also perform client accounts reconciliation as needed, monitor account receivables, review overdated balance, and notify clients of payment updates to ensure accurate and timely billing. A billing representative must have strong analytical and communication skills to manage clients' accounts, as well as comprehensive knowledge on the accounting industry to explain the payment terms and policies of an organization to a client.
Types of collections/accounts receivable
Updated January 8, 2025
