JOB SUMMARY: Coordinate team members’ work assignments and activities of the functional area of assignment. Under general supervision, lead development of solutions to customer related requests and/or system problems.
PRINCIPAL DUTIES AND RESPONSIBILITIES: Responsibilities include those of a Cash Management Specialists and any of the following duties:
- Receives department goals as provided, makes them actionable for workgroup implementation and coordinates team members to achieve department objectives with assistance from the Manager.
- Provides leadership and direction to the team members with assistance from the Manager.
- Provides leadership and training to coworkers.
- Serves as a team member responsible for administration of team processes.
- Fosters and maintains a close relationship with other functional areas to assure that cross-functional processes are coordinated and running appropriately with assistance from the Manager as needed.
- Makes recommendations for improvements to existing processes and procedures.
- Participates in annual business planning and interactions with vendor(s) relationships.
- Plans, conducts and coordinates assignments across multiple functional areas, reviews progress, and evaluates results, which are communicated to the appropriate Manager and key stakeholders.
- Facilitates research in order to identify and post Unapplied Suspense (U/A) payments. Utilizes extensive research methods, including but not limited to the following: Intranet/Internet research, Salesforce, InfoLease, Finance Express, communication with internal employees and Caterpillar Dealers; external financial institutions, etc. Makes decisions within the scope of delegated authority.
- Assigns ownership for and ensures the accurate posting of all U/A funds. Encourages collaboration with other Cash Applications Team members, internal employees and customers to ensure that no funds remain in U/A for more than 180 days, except for items that are required to remain in U/A for an approved business reason.
- Ensures that the U/A reps maintain back up for every U/A request that is received and resolved. Submits the required paperwork to Accounting. Sends email notification to requesting party that transaction is complete. Updates Salesforce notes and closes case, if applicable.
- Oversees the identification of overpayments and approves refunds when necessary within their authority with assistance from a manager if needed.
- Oversees the Treasury reconciliation report (i.e. data file) that is received from the bank in order to process incoming wire transfers. This acts as a verification report, which is used to balance the cash posting of wires for Accounting.
- Oversees the application of direct credits to customer accounts for waived bank fees as a result of incoming wire transfers.
- Oversees the resolution of payment discrepancies by assisting in reconciliations on customer accounts.
- May create manual batches for miscellaneous bank credits and debits referenced on the bank statements associated with customer’s accounts and post them to the appropriate contract or GL account. For bank debits, works with Reversal Team to reverse and reapply funds appropriately.
- May process direct credits and reversals requested by outside departments or as the business need requires.
- Develops cash application procedures and training documentation.
- Leads the research and communication of various posting activities and errors to the internal business partners.
- Participates in the accomplishment of continuous improvement objectives for the department. Progress toward accomplishment of objectives is measured through maintenance of necessary measurements and analysis of associated data. Participates in the identification of problem areas and development of resolutions to address them.
- Understands the Harassment policy of the company and is responsible for its application in all aspects of employment.
SKILLS, ABILITIES, AND KNOWLEDGE:
- Deep subject matter expertise with the understanding of cash processes, front and backend: which should include but not limited to, lockbox, wires, EDI, direct debit, reversals, returns and unapplied suspense.
- Demonstrated ability to communicate future direction and deliver timely effective information to leadership and key stakeholders.
- Demonstrated ability to train and advise employees on the processes and procedures of cash application procedures and processes.
- Demonstrated ability to motivate coworkers and others to achieve objectives
- Strong written and verbal communication skills.
- Demonstrated working ability to independently manage multiple tasks on one or more projects.
- Demonstrated ability to interact with vendors and suppliers.
- Demonstrated ability to successfully lead process improvement or development teams.
- Demonstrated ability to seek out relevant information.
- Demonstrated knowledge or and the demonstrated ability to apply math computation skills including basic addition, subtraction, multiplication, and division, as well as, statistics and other mathematical concepts used in modeling.
- Demonstrated knowledge of accounting distribution and ability to verify correctness and completeness of such information.
- Knowledge of accounting principles and procedures as they related to accounts receivables.
- Demonstrated ability to apply cash application techniques and the demonstrated ability to resolve complex problems and perform reconciliations on customer accounts.
- Demonstrated knowledge of wire payments utilizing the lease accounting software.
- Demonstrated ability to create and maintain intermediate Excel spreadsheets and run reports as needed.
- Demonstrated ability to develop cash application procedures and training materials.
- Demonstrated knowledge of computer systems operations to analyze basic systems problems and deficiencies.
- Demonstrated ability to analyze procedures and integrate them with systems to make processes more efficient.
EDUCATION/EXPERIENCE: A 4-year university degree or equivalent diploma, preferably in Accounting, is recommended. Equivalent experience may be substituted for education.