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Invoicing customers for R&D

if you're thinking about applying for a job in accounts receivable you may be wondering what exactly an accounts receivable specialist does on a day-to-day basis well accounts receivable refers to money owed to a business from third parties such as customers other businesses and anybody else so people who work in accounts receivable jobs help manage these receipts let's take a large law firm as an example lawyers at the firm will typically advise clients on legal matters and send them an invoice at a later date they give their clients payment terms of 30 days which means the clients have 30 days to pay without incurring any penalties such as interest or late fees because the invoices are not paid for immediately the law firm is effectively selling their services on account to their customers and because the money needs to be received at some point in time each invoice becomes an accounts receivable item in the law firm's accounts the process of issuing the invoices to clients and chasing up payment is dealt with by the accounts receivable Department so in a nutshell accounts receivable Specialists help manage the process of receiving payments for customer invoices more specifically the day-to-day tasks of accounts receivable Specialists include entering new customer details into the accounting system creating invoices and sending them to clients calling clients to inquire about payments that are due identifying and reconciling receipts from clients monitoring unpaid accounts producing regular reports for management and helping to collect on overdue accounts given the nature of the job and the day-to-day tasks involved it's advantageous to have good system skills if you're planning on applying for an accounts receivable job it's also helpful to enjoy dealing with people as you may be in regular contact with customers but if you don't have much experience with these things don't worry accounts receivable jobs are often entry-level positions which means you don't need a lot of experience to apply as long as you're enthusiastic motivated and willing to learn you may find that you can get a start in accounts receivable with very little experience so that's it for our look at what an accounts receivable specialist does on a day-to-day basis check out our channel for lots more videos on accounts receivable and other business finance topics