- The accounts receivable department has two main responsibilities:
1. Tracking predicted revenue (invoicing) and attempting to collect those revenues.
2. Assisting in the creation of financial statements and the design of customer-facing forms such as invoices.
- All of this is frequently aided by IT systems, which accounts receivable personnel must be familiar with.
- Customers requesting credit may be subjected to credit checks by accounts receivable. Because not every consumer is creditworthy, Accounts Receivable provides an extra degree of protection against late payments. When clients are late in paying, the accounts receivable department makes attempts to recover the outstanding sum, which has apparent negative consequences.
- Finally, while tracking who owes what, Accounts Receivable tends to make reconciliatory modifications to the accounts, discovering and correcting input errors. Customers’ requests for refunds and credits are sometimes taken into consideration, and accounts are adjusted as a result.