Staffing trends and continued organizational demand will continue to drive the need for highly trained accounts receivable professionals. The U.S. Bureau of Labor Statistics projects nearly 175,000 annual job openings for bookkeeping, accounting, and auditing clerks, which includes some accounts receivable roles, through 2033. Cash management is a top concern for financial operations teams and their CFOs concerned with whether enough funds are available to meet the business's needs, the customer experience when dealing with the company, protecting the company's cash from fraud, and the cost of performing these processes. An accounts receivable specialist is a key strategic role player in managing the organization's cash flow, from setting customers' credit terms to collecting payments.
This accounts receivable certification program is designed to equip you with the skills necessary to execute the accounts receivable specialist function, including internal controls, the P2P process of your customers, regulatory compliance, as well as best practices for customer master file, cash application, collections, and credit management.
Upon completing the accounts receivable training, you will be prepared to take a 90-minute, 100-question multiple-choice exam to demonstrate your ability to manage the accounts receivable process and earn the Accredited Receivables Specialist (ARS) designation from the Institute of Finance and Management (IOFM).
Instructor(s):Steve Fulmer
Steve Fulmer is the Director of Digital Transformation at South Mill Mushroom LLC, bringing over 20 years of finance and accounting experience. He focuses on stabilizing and optimizing financial processes while ensuring data integrity.
Steve began his career in a Fortune 100 chemical company, progressing through roles in tax, financial analysis, and corporate controllership. Before his current role, he served as financial controller for the U.S. operations.
At South Mill, Steve started as a senior accountant, later becoming accounting manager, overseeing the financial close and managing accounts payable and receivable teams. He earned an Accounts Receivable Manager Certification from IOFM, which helped improve DSO and reduce turnover.
Steve holds a bachelor's degree in accounting and an MBA in organizational development from Widener University. He has undergone extensive leadership training focused on team building and communication, and now facilitates leadership courses for employees. He is passionate about learning, teaching, and building high-performing teams, believing in celebrating successes and having fun.
Requirements:
Hardware Requirements:
- This course can be taken on either a PC, Mac, or Chromebook.
Software Requirements:
- PC: Windows 10 or later.
- Mac: macOS 12 or later.
- Browser: The latest version of Google Chrome or Mozilla Firefox is preferred. Microsoft Edge and Safari are also compatible.
- Microsoft Word Online
- Adobe Acrobat Reader
- Software must be installed and fully operational before the course begins.
Other:
- Email capabilities and access to a personal email account.
Instructional Material Requirements:
The instructional materials required for this course are included in enrollment and will be available online.
Hide Syllabus
Lesson 1
- Internal Controls
- Introduction
- What Are Internal Controls?
- Control Environment
- Risk Assessment
- Control Activities
- Accounts receivable Internal Controls
- Policies and Procedures (P&P)
- Audit and Key Terms
- Fraud
- Consequences of Inadequate Internal Controls
- Understanding Your B2b Customer’s Procure to Pay Process (P2P)
- Introduction
- Non-PO Purchases
- PO Purchases
- The Perfect Invoice
- DSO And DPO 33
- Sending Statements of Past Due Invoices
- AP And Procure-To-Pay Best Practices
- Conclusion
- Customer Master File
- Introduction
- Ownership
- Customer File Documentation
- Verifying Customer Data
- Updating the Customer Master File
- Entering and Securing CMF Data
- Cycle Time
- Conclusion
- Credit Management
- Introduction
- Credit Management
- Policy and Procedures (P&P) for the Credit Manager
- New Customer Credit
- Credit Application
- Assigning A Credit Line
- Relationship Between Credit and Sales
- Resources for Credit Managers and The Customer Master File
- Financial Statement Analysis
- Internal Credit Score
- Terms and Payment Methods
- New Customer Acceptance Letter
- Credit and Existing Customers
- Metrics
- Best Practice Summary
- Cash Application, Deductions, and Dispute Management
- Introduction
- Payment Types and Methods
- International Payments
- Cash Application
- Dispute Management
- Best Practices
- Conclusion
- Collections
- Introduction
- Collections Prioritization
- Collection Technology
- Collections Staff
- Collection Methods
- Additional Practices and Tools
- Compliance
- Bankruptcy
- Best Practice
- Conclusion
- Accounting, Records, and Associated Regulations
- Introduction
- Accounting Definitions
- Financial Reporting and Account Standards
- General Ledger
- Month-End Close
- Financial Statements
- Auditing—Internal and External
- Record Retention/Destruction
- Other Regulations
- Unclaimed Property/Escheatment
- Conclusion
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