Most finance coordinators list "patients," "customer service," and "payroll" as skills on their resumes. We go into more details on the most important finance coordinator responsibilities here:
What Does a Finance Coordinator Do?
Finance coordinators are skilled professionals who are employed by all types of industries to manage their financial records accurately. Under the supervision of financial managers, they correlate the company's accounts receivables and payables. They should be able to keep records together with documentation effectively to ensure precision and punctuality of deliverables. Their responsibilities include ensuring accurate billing of customers, managing billing issues and disputes, and making required adjustments to clients' accounts. Candidates for the job must be organized, detail-oriented, able to multi-task as well as cautiously handle sensitive information.
Finance Coordinator Responsibilities
Here are examples of responsibilities from real finance coordinator resumes representing typical tasks they are likely to perform in their roles.
- Manage patient and insurance account receivables, perform patient account reconciliations, account audits, process insurance billing/correspondence.
- Construct posts featuring highlights of past events on Facebook.
- Enter EOB payments and denials and perform follow up with insurance company on denials.
- Create promotional flyers for annual concerts and fundraisers which are posted through via Facebook and local areas.
- Review and process EOB's daily, entering comments into the bill comment log as to status of follow up.
- Produce basic PowerPoint presentation materials, including graphical renderings for illustration.
- Supervise patient registration activities, maintain accounts receivable ledgers including daily, weekly and monthly balancing.
- Administer payroll, compensation and benefits and coordinate work activities relating to employment, compensation and employee training.
- Track hourly payroll data, create monthly backup documentation, and submit invoices for payment according to location-specific requirements.
- Collaborate with insurance company representatives, case managers and physicians to obtain treatment authorization for potential kidney and kidney/pancreas transplant patients.
- Process semi-monthly, monthly and annual payroll taxes, meeting all IRS deadlines.
- Provide a statement of giving to contributors following appropriate IRS regulations for tax deductions.
- Process weekly check payments and keep all the necessary documentation for the payments make via checks and ACH.
- Ensure that third-party, ACH direct deposit, and wire payments consistently meet payment terms, accounting requirements, and deadlines.
- Retrieve surgical authorizations and process coding from ICd-9 to ICD-10.
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Finance Coordinator Skills and Personality Traits
We calculated that 21% of Finance Coordinators are proficient in Patients, Customer Service, and Payroll. They’re also known for soft skills such as Computer skills, Integrity, and Detail oriented.
We break down the percentage of Finance Coordinators that have these skills listed on their resume here:
- Patients, 21%
Researched and established contractual agreements with finance company to extend patients interest free credit to cover extensive dental treatment.
- Customer Service, 11%
Established and managed all operational/financial functions, including purchasing, inventory control, sales quotations, customer service and profitability reporting.
- Payroll, 5%
Tracked hourly payroll data, created monthly backup documentation, and submitted invoices for payment according to location-specific requirements.
- Reconciliations, 4%
Managed patient and insurance account receivables, performed patient account reconciliations, account audits, processed insurance billing/correspondence.
- Data Entry, 3%
Received, recorded and compiled transactions orderly with original document and data entry into accounting system to generate summons
- Insurance Benefits, 3%
Verify insurance benefits and eligibility, calculate patient responsibility amounts, and enter comprehensive account notes.
The three companies that hire the most prestigious finance coordinators are:
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What Accounting Clerks Do
Accounting clerks are employees assigned to manage administrative and clerical tasks in the accounting department. Accounting clerks handle office accounting records and ensure that files are properly labeled and stored. They validate records and check whether these are updated. They also sort through documents to ensure that they are in their proper storage bins. Aside from document handling, they also help with creating and validating financial statements and bookkeeping. As such, accounting clerks should have a strong background in accounting to manage their tasks better.
We looked at the average finance coordinator annual salary and compared it with the average of an accounting clerk. Generally speaking, accounting clerks receive $10,675 lower pay than finance coordinators per year.
While the salaries between these two careers can be different, they do share some of the same responsibilities. Employees in both finance coordinators and accounting clerks positions are skilled in customer service, reconciliations, and data entry.
There are some key differences in responsibilities as well. For example, a finance coordinator responsibilities require skills like "patients," "payroll," "insurance benefits," and "insurance verification." Meanwhile a typical accounting clerk has skills in areas such as "general ledger accounts," "credit card payments," "ledgers," and "cash receipts." This difference in skills reveals how truly different these two careers really are.
Accounting clerks receive the highest salaries in the government industry coming in with an average yearly salary of $40,064. But finance coordinators are paid more in the professional industry with an average salary of $53,893.
Accounting clerks tend to reach similar levels of education than finance coordinators. In fact, accounting clerks are 4.6% less likely to graduate with a Master's Degree and 0.1% less likely to have a Doctoral Degree.
What Are The Duties Of an Accounts Payable Clerk?
An accounts payable clerk is responsible for supporting the accounting department by performing clerical duties to file financial reports timely and accurately. Accounts payable clerks manage and verify invoices documents, reconcile balance spreadsheets, process payments for suppliers and vendors, resolve billing discrepancies, confirm and post account statements, record outstanding credits, and maintain an organized record of transactions. An accounts payable clerk must have excellent knowledge of the accounting principles to deliver high-quality services and help the business minimize excessive financial loss.
The next role we're going to look at is the accounts payable clerk profession. Typically, this position earns a lower pay. In fact, they earn a $11,025 lower salary than finance coordinators per year.
While the salary may be different for these job positions, there is one similarity and that's a few of the skills needed to perform certain duties. We used info from lots of resumes to find that both finance coordinators and accounts payable clerks are known to have skills such as "customer service," "payroll," and "reconciliations. "
While some skills are similar in these professions, other skills aren't so similar. For example, several resumes showed us that finance coordinator responsibilities requires skills like "patients," "insurance benefits," "insurance verification," and "medicaid." But an accounts payable clerk might use skills, such as, "vendor statements," "ach," "general ledger accounts," and "vendor inquiries."
It's been discovered that accounts payable clerks earn lower salaries compared to finance coordinators, but we wanted to find out where accounts payable clerks earned the most pay. The answer? The technology industry. The average salary in the industry is $41,570. Additionally, finance coordinators earn the highest paychecks in the professional with an average salary of $53,893.
On the topic of education, accounts payable clerks earn similar levels of education than finance coordinators. In general, they're 4.9% less likely to graduate with a Master's Degree and 0.1% less likely to earn a Doctoral Degree.
How an Accounting Associate Compares
An accounting associate is responsible for supporting the operations of the accounting department, ensuring the stability of the financial services and status of an organization. Accounting associates process invoices, update client accounts on the database, manage financial reports, assist with tax auditing and processing, monitoring the financial statements and activities of the organization, escalate financial disputes, and verify accounts receivable. An accounting associate must have excellent knowledge of the accounting industry, as well as exceptional analytical and time-management skills to perform clerical duties as needed under minimal supervision.
Let's now take a look at the accounting associate profession. On average, these workers make higher salaries than finance coordinators with a $1,179 difference per year.
By looking over several finance coordinators and accounting associates resumes, we found that both roles utilize similar skills, such as "customer service," "reconciliations," and "data entry." But beyond that the careers look very different.
Some important key differences between the two careers are a few of the skills necessary to fulfill responsibilities. Some examples from finance coordinator resumes include skills like "patients," "payroll," "insurance benefits," and "insurance verification," whereas an accounting associate might be skilled in "account reconciliations," "general ledger accounts," "work ethic," and "balance sheet. "
Accounting associates make a very good living in the finance industry with an average annual salary of $52,406. Whereas finance coordinators are paid the highest salary in the professional industry with the average being $53,893.
Accounting associates are known to earn similar educational levels when compared to finance coordinators. Additionally, they're 2.0% less likely to graduate with a Master's Degree, and 0.0% less likely to earn a Doctoral Degree.
Description Of an Accountable Clerk
The duties of an accountable clerk vary in one's industry of employment. Typically, their responsibilities revolve around overseeing the financial aspects of a company, including revenue and budget. They mostly process payments and income, ensuring accuracy in every detail and transaction. An accountable clerk may also have clerical tasks such as producing progress reports, answering calls and correspondence, coordinating with various department personnel, and maintaining a database of information. Should there be any issues, it is essential to report to a manager right away.
Accountable clerks tend to earn a lower pay than finance coordinators by about $11,238 per year.
While their salaries may vary, finance coordinators and accountable clerks both use similar skills to perform their jobs. Resumes from both professions include skills like "customer service," "data entry," and "purchase orders. "
Even though a few skill sets overlap, there are some differences that are important to note. For one, a finance coordinator might have more use for skills like "patients," "payroll," "reconciliations," and "insurance benefits." Meanwhile, some accountable clerks might include skills like "process payroll," "office equipment," "payment vouchers," and "general ledger accounts" on their resume.
Now, let's take a closer look at the financials in each career. The government industry tends to pay more for accountable clerks with an average of $40,489. While the highest finance coordinator annual salary comes from the professional industry.
Accountable clerks reach lower levels of education when compared to finance coordinators. The difference is that they're 5.3% more likely to earn a Master's Degree less, and 0.0% less likely to graduate with a Doctoral Degree.
Types Of Finance Coordinator
Coordinator
Average Salary: $41,599
Bachelor's Degree
Available Jobs: 174,219
How To Become a Coordinator
Accounts Payable Clerk
Average Salary: $38,333
Bachelor's Degree
Available Jobs: 125,307
How To Become an Accounts Payable Clerk
Accounting Clerk
Average Salary: $38,683
Bachelor's Degree
Available Jobs: 83,359
How To Become an Accounting Clerk
Front Desk Coordinator
Average Salary: $31,667
Bachelor's Degree
Available Jobs: 35,456
How To Become a Front Desk Coordinator
Administrative Coordinator
Average Salary: $40,599
Bachelor's Degree
Available Jobs: 29,831
How To Become an Administrative Coordinator
Patient Coordinator
Average Salary: $32,954
Bachelor's Degree
Available Jobs: 11,507