Cash Application Specialist

Position Summary The 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 relationships.   Key Responsibilities Post daily customer payments (ACH, wire, check, credit card) accurately and timely manner Research and resolve unapplied cash, short payments, overpayments, and deductions Reconcile customer accounts and identify discrepancies Process lockbox transactions and remote deposits Communicate with customers regarding remittance details and payment issues Collaborate with billing, collections, and sales teams to resolve account discrepancies Maintain documentation for audit and compliance purposes Assist with month-end closing activities related to accounts receivable Prepare cash application reports and metrics as needed Ensure adherence to internal controls and company policies   Required Qualifications High school diploma or equivalent (Associate’s or Bachelor’s degree in Accounting/Finance preferred) 1–3 years of accounts receivable or cash application experience Strong data entry accuracy and attention to detail Experience with ERP/accounting systems (e.g., SAP, Oracle, NetSuite, JD Edwards, etc.) Proficiency in Microsoft Excel Strong analytical and problem-solving skills Excellent communication skills (written and verbal) Ability to manage high transaction volume   Preferred Qualifications Experience with lockbox processing Understanding of deductions management Knowledge of GAAP principles Experience in high-volume corporate environments   Key Competencies Detail-oriented Organized and deadline-driven Strong reconciliation skills Customer service mindset Process improvement orientation   Cash Application Specialist KPIs 1. Cash Posting Timeliness Goal: 95–100% of payments posted within 24 hours of receipt Measures speed and operational efficiency Critical for accurate AR aging   2. Posting Accuracy Rate Goal: 99%+ accuracy Errors divided by total transactions Tracks misapplied payments, incorrect amounts, wrong accounts   3. Unapplied Cash Percentage Goal: < 2–3% of total cash receipts Ensures payments are properly matched Reduces downstream collection issues   4. Daily Processing Volume Goal: Meets or exceeds benchmark for company size Example: 200–500 transactions/day (varies by system automation level) Measures productivity   5. Research & Resolution Time Goal: 90% of discrepancies resolved within 3–5 business days Tracks efficiency in handling short pays, deductions, and unidentified payments   6. Month-End Close Support Goal: 100% completion of assigned tasks on schedule No delays to AR close due to cash posting backlog   7. Aging Impact Contribution Goal: Reduce AR aging errors tied to misapplied payments Indirect KPI measuring how clean posting supports collections   8. Customer Remittance Compliance Goal: 95%+ remittances properly documented Ensures audit trail and strong internal controls   9. Process Improvement Contributions Goal: 1–2 documented efficiency improvements per year Automation suggestions Reduction in unapplied cash Workflow enhancements