A Revenue Accountant is responsible for managing various aspects of the revenue cycle in an organization. This includes overseeing WIP ,invoicing, cash collection from customers, and tracking cash debtors.
Key responsibilities for an Revenue Accountant include:
- Create and distribute accurate and timely WIP invoices based on project completion milestones or billable hours worked.
- Ensure appropriate revenue recognition and adherence to accounting policies and regulations.
- Collaborate with project managers and other stakeholders to gather relevant information for accurate WIP invoicing.
- Monitor and update WIP schedules, ensuring all costs and revenue are correctly allocated.
- Conduct periodic reviews and reconciliations of WIP accounts.
Cash Collection from Customers:
- Generate and send invoices to customers in a timely manner.
- Monitor and follow up on outstanding customer invoices to ensure timely collections.
- Coordinate with sales and customer service teams to resolve any billing discrepancies or disputes.
- Prepare and reconcile cash collection reports.
- Provide regular updates on outstanding balances and aging reports to management.
Cash Debtor Tracking:
- Maintain a detailed record of accounts receivable and cash debtors.
- Monitor and track customer payment patterns and behavior.
- Follow up on overdue payments through phone calls, emails, or written communications.
- Escalate collections issues to appropriate management personnel when necessary.
- Collaborate with credit control team to review credit limits and implement credit control procedures where needed.
- Assist in the month-end and year-end closing processes, ensuring accurate revenue recognition, validation, and reconciliation of revenue-related accounts.
- Perform periodic analysis of revenue-related accounts and provide reports to management.
- Support internal and external audits by providing necessary documentation and explanations related to revenue accounting.
- Stay updated on changes in accounting rules, regulations, and industry best practices relevant to revenue accounting.
- Collaborate with cross-functional teams, including finance, sales, operations, and legal, for effective revenue management and process improvement initiatives.
Essential Skills and Experience:
- Bachelor’s degree in finance, accounting, or related field.
- ACA, ACCA or ACMA equivalent with 1-2 year preferred experience
- Strong financial modelling skills and proficiency in using financial software and tools.
- Strong knowledge of revenue recognition principles
- Proficient in using accounting software and MS Excel.
- Excellent analytical and problem-solving skills.
- Detail-oriented with strong organizational and time management abilities.
- Effective communication and interpersonal skills to interact with internal and external stakeholders.
- Ability to multitask, meet deadlines, and work effectively in a fast-paced environment.
- Sage Line 50 / Oracle/Netsuite