What are the responsibilities and job description for the Accounts Receivable Specialist position at Vinson and Elkins?
Position Overview :
Responsible for daily functions of the firm-wide collection efforts, including conducting credit reviews for new and existing clients; inventory review and consultation with attorneys on payment status and efforts; contacting clients regarding payment; coordinating collection efforts with and through billing coordinators and other staff; developing and preparing inventory (AR and WIP) related reports; maintaining validity and functionality of firm collection software and providing training to billing staff and others as needed; analyzing inventory trends and providing forecasting and other analytics to provide recommendations to management.
Primary Duties and Responsibilities :
- Establish regular and consistent communication with billing attorneys according to a preconfigured calendar. Coordinate and execute follow-ups with both billing attorneys and clients, adhering to the firm's structured collection process.
- Conduct a review of receivables to recommend further actions or adjust priorities to maximize collection results.
- Craft thoughtful and impactful correspondence that motivate internal and external clients to take action. Ensure all communications are clear, concise and include all essential information.
- Analyze payment performance. Consult with attorneys and billing coordinators regarding payment status. Maintain detailed records on collection efforts and status using current collections software. Identify current and potential issues and alert attorneys and management of same.
- Develop and foster relationships, both internal and external, establishing connections with key personnel to effectively address inventory issues.
- Collaborate with billing coordinators to gain insight into client billing requirements and resolve any issues, ensuring timely payment to the firm.
- Conduct a monthly review of top delinquent inventory; supplemented by additional analysis and reports as needed. Collaborate with practice group leadership to address and escalate inventory concerns effectively.
- Develop a comprehensive understanding of receivables to create accurate and dependable cash flow forecasts.
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