Cash Application Specialist

Position SummaryThe Cash Application Specialist is responsible for accurately applying incoming payments to customer accounts resolving discrepancies and supporting overall accounts receivable operations. This role ensures the timely and precise posting of payments while maintaining strong internal controls and customer ResponsibilitiesPost daily customer payments (ACH wire check credit card) accurately and timely mannerResearch and resolve unapplied cash short payments overpayments and deductionsReconcile customer accounts and identify discrepanciesProcess lockbox transactions and remote depositsCommunicate with customers regarding remittance details and payment issuesCollaborate with billing collections and sales teams to resolve account discrepanciesMaintain documentation for audit and compliance purposesAssist with month-end closing activities related to accounts receivablePrepare cash application reports and metrics as neededEnsure adherence to internal controls and company policiesRequired QualificationsHigh school diploma or equivalent (Associates or Bachelors degree in Accounting/Finance preferred)13 years of accounts receivable or cash application experienceStrong data entry accuracy and attention to detailExperience with ERP/accounting systems (e.g. SAP Oracle NetSuite JD Edwards etc.)Proficiency in Microsoft ExcelStrong analytical and problem-solving skillsExcellent communication skills (written and verbal)Ability to manage high transaction volumePreferred QualificationsExperience with lockbox processingUnderstanding of deductions managementKnowledge of GAAP principlesExperience in high-volume corporate environmentsKey CompetenciesDetail-orientedOrganized and deadline-drivenStrong reconciliation skillsCustomer service mindsetProcess improvement orientationCash Application Specialist KPIs1. Cash Posting TimelinessGoal: 95100% of payments posted within 24 hours of receiptMeasures speed and operational efficiencyCritical for accurate AR aging2. Posting Accuracy RateGoal: 99% accuracyErrors divided by total transactionsTracks misapplied payments incorrect amounts wrong accounts3. Unapplied Cash PercentageGoal: < 23% of total cash receiptsEnsures payments are properly matchedReduces downstream collection issues4. Daily Processing VolumeGoal: Meets or exceeds benchmark for company sizeExample: 200500 transactions/day (varies by system automation level)Measures productivity5. Research & Resolution TimeGoal: 90% of discrepancies resolved within 35 business daysTracks efficiency in handling short pays deductions and unidentified payments6. Month-End Close SupportGoal: 100% completion of assigned tasks on scheduleNo delays to AR close due to cash posting backlog7. Aging Impact ContributionGoal: Reduce AR aging errors tied to misapplied paymentsIndirect KPI measuring how clean posting supports collections8. Customer Remittance ComplianceGoal: 95% remittances properly documentedEnsures audit trail and strong internal controls9. Process Improvement ContributionsGoal: 12 documented efficiency improvements per yearAutomation suggestionsReduction in unapplied cashWorkflow enhancements