"Cash and Collections Specialist"

Cash Collections Specialist

Company:
Nichols College

Job Location:
Dudley, Massachusetts

Category:
Business and Financial Services

Type:
Full-Time

Cash and Collections Specialist

DEPARTMENT:
Student Accounts

REPORTS DIRECTLY TO: Director of Student Accounts

Grade 7

JOB SUMMARY:

This position is responsible for providing guidance and direction on student accounts, accounts receivable, and cash management. Key responsibilities include managing and reconciling receivables, revenue, and expense reporting related to student tuition, fees, loan payments, and financial aid disbursements, applying professional knowledge of accounting principles and practices.

DUTIES AND RESPONSIBILITIES:

Key responsibilities include, but are not limited to:

Cash:

• Compile and analyze financial information to prepare entries on general ledger accounts, documenting business transactions. Review and analyze various accounts on the general ledger and the subsidiary ledger for accuracy.
• Review and prepare journal entries and assist in month-end and year-end accounting close process.
• Review, reconcile and finalize all cash receipt sessions; assure appropriate authorizations are documented and audit trail is maintained in all cashiering transactions; audit all cashier sessions according to established procedures.
• Identify and resolve discrepancies; research errors and make adjusting entries with authorization. Accurately and efficiently process all cash, check, credit card, money order and electronic wire funds.
• Prepare daily cash reports; complete required forms and file documentation according to internal control procedures, audit requirements and established policies; post payments, sort and file a variety of forms.
• Provides timely, knowledgeable and courteous responses to all internal and external service requests.
• Maintains a positive, helpful, constructive attitude and work relationship with supervisor, college staff, students, and the community.
• Perform other duties as assigned.

Collections:

• Manages all student accounts collection activity, such as calls and letters for delinquent accounts, preparation of collection files, and associated accounting entries.
• Contact students with overdue accounts and attempt to either collect the overdue amount or negotiate a payment plan to collect it in installments.
• Use credit bureau data, post office information, internet searches and other tools to try to locate customers who have moved or changed phone numbers.
• Maintain records of contacts and attempted contacts with delinquent account customers as well as records of any payments collected from the customer.
• Resolve customer issues and complaints concerning billing.
• Submit regular reports on the status of unpaid accounts and any repayment progress.
• Review clearance with regard to transcript holds and applicable laws.
• Provide support for students and families as it pertains to Student Accounts inquiries. Be accessible to all students with respect to counseling, questions and problem solving as it relates to the Student Accounts department.
• Ensures compliance with federal, state and college policies and procedures for student federal and state financial aid and private contributions.
• Determines and writes off bad debts in accordance with policy. Implements strategies to help reduce delinquencies and maximize collections. Manages assigning delinquent accounts to collections, and maintains working relationship with the Collection Agency.
• Provides timely, knowledgeable and courteous responses to all internal and external service requests.
• Maintains a positive, helpful, constructive attitude and work relationship with supervisor, college staff, students, and the community.
• Perform other duties as assigned.

KNOWLEDGE, SKILLS AND EDUCATION REQUIRED:

• Accounting experience 3+ years
• Bachelor’s degree in business, accounting or other related discipline preferred
• Advanced Excel skills
• Strong analytical skills with the ability to present data, reports and analyses in an effective manner to a variety of audiences
• Ability to establish and maintain effective working relationships with all levels of key management.
• Good planning and organizational skills with attention to detail and a high level of accuracy.

PHYSICAL JOB COMPONENTS:

• The physical demands and work environment described here are representative of those that must be met or are encountered by an employee in the normal course of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
• Physical requirements and environment are typical of those in a general office setting. This job involves regular sitting, standing, walking, typing, moving, lifting objects up to 10 pounds and exposure to office lighting. A wide variety of standard office equipment is continually used, including phone, copier, printer and computer.