Cash Application Specialist

Location: Blue Bell - Pennsylvania Industry: Finance & Control Job ID: 1504 Date Published: 17-Oct-2024 Salary: 49,000 - 59,000 Cash Application Specialist Location: Blue Bell, PA About SKF: SKF has been making the world spin since 1907! SKF is an industry-leading manufacturer dedicated to a culture of belonging, where our people flourish in an equitable environment that promotes leadership development and career growth. SKF bearings played an integral role in helping Mars Rover collect rock and regolith samples on the planet’s surface. As an SKF team member, you will join 40,000 colleagues from more than 130 countries developing bearing technology and services that make rotation more reliable and sustainable. Sustainability is at the heart of everything we do. SKF aims to have net zero greenhouse gas emissions at all our production facilities by 2030 . SKF products keep vehicles rolling, power the machines that put food on your table, and even reach into the cosmos as part of the Mars rover mission. Founded in Sweden in 1907, today SKF is publicly traded on the Nasdaq Stockholm with annual sales in 2020 of approximately $10 billion. Summary: The role is responsible for applying payments timely and accurately within SKF standards to the customer’s accounts using automation, analytical skills, a structured way of working, and discipline. Communication is required with internal and external customers to secure, understand, and apply payments accurately. Identify, support, and implement new technologies and process changes. Communicates customer and process issues to Managers timely so solutions can be developed proactively. This role is the beginning of the cash collection cycle therefore all duties must be performed timely and accurately. Duties & Responsibilities: Apply cash using the automated cash receipts process, spreadsheet uploads, standard manual processes, and other methods as identified by the company Process payments sequentially and balance to the bank daily Process payment X business days after receipt as defined by Accounts Receivable leadership Identify misapplied payments, exceptions to the automated cash application program, and complex customer remittances Reconcile bank deposits to the bank and GL Communicate with internal and external customers to secure remittance advice timely to apply payments accurately Process customer chargebacks timely and accurately to ensure a prompt resolution Manage shared email boxes containing customer correspondence relating to remittance advice, chargebacks, customer statements, and other miscellaneous communication Contact customers to clarify the payment detail to ensure an accurate application Minimize cash on account and misapplied payments Support process improvements, accept, and advocate change in the way of working Focus on meeting departmental monthly cash goals and targets Support internal and external audits Other duties as required Qualifications/Skills Needed: College degree preferred or a minimum of 3 to 5 years of experience in cash application or a related function with a high school diploma J. D. Edwards or SAP experience preferred Intermediate excel skills Excellent written and verbal communication skills Strong analytical skills Accounting/Finance aptitude Strong organizational, and prioritization skills Ability to work effectively both within a team environment and independently A disciplined way of working, accuracy, and attention to details Must have a growth mindset along with openness to new processes and ways of working Problem solving ability including root cause analysis What You’ll Love About SKF: Rest and Relaxation. Enjoy a generous PTO policy and 13 paid holidays. Work/Life Integration. SKF supports work/life integration, home, family, community, personal well-being and health. Flexible work options available, depending on role. Diversity in the Workplace. ? At SKF, we strive to embed Diversity, Equity and Inclusion in everything we do. By developing a culture of belonging, our people can flourish; leading to an inclusive, equitable environment that promotes leadership, engagement and innovation. Best in Class Benefits. SKF cares about the wellbeing of our employees. Comprehensive healthcare options to fit your needs and opt out payment. Added benefits include company paid life insurance, STD, LTD. Supplemental benefits include critical illness coverage, tuition reimbursement, employee discount programs, and much more! Invest in your Future. Participate in our 401K program that boasts a 10% employer contribution: 100% match up to 5% of your elected contribution (100% Vested) plus an additional 5% company contribution. Reports to: O2C Team Lead Location: Blue Bell, PA Job ID: 20945 SKF provides equal employment [and affirmative action] opportunities to applicants and employees without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, protected veteran status, or disability. 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