Accounts Receivable Specialist Certification (Exam Cost Included)

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).

What you will learn

• Review peer-tested best practices for each phase of the payment process – from receipt of invoice, through processing and payment
• Learn how to mitigate risks stemming from tax laws, as well as T&E-related fraud and abuse
• Understand how automation will continue to adjust how you do what you do
• Comprehend the outline of the credit cycle (O2C), credit department goals, and its interdepartmental relationships within a business setting
• Discover how to analyze methods for credit application, credit line assignment, customer onboarding, credit limit management, and enhancement of sales interactions to optimize credit management processes

How you will benefit

• Earn a certification from IOFM, a recognized and respected authority in financial operations
• Advance your career in accounts receivable or the related fields of credit and collections, shared services, or financial operations management by proving a high level of expertise in accounts receivable
• Stand out as an attractive job candidate with valuable skills that will help to improve efficiency and generate savings for any organization

1. Internal Controls
   1. Introduction
   2. What Are Internal Controls?
   3. Control Environment
   4. Risk Assessment
   5. Control Activities
   6. Accounts receivable Internal Controls
   7. Policies and Procedures (P&P)
   8. Audit and Key Terms
   9. Fraud
   10. Consequences of Inadequate Internal Controls
2. Understanding Your B2b Customer's Procure to Pay Process (P2P)
   1. Introduction
   2. Non-PO Purchases
   3. PO Purchases
   4. The Perfect Invoice
   5. DSO And DPO 33
   6. Sending Statements of Past Due Invoices
   7. AP And Procure-To-Pay Best Practices
   8. Conclusion
3. Customer Master File
   1. Introduction
   2. Ownership
   3. Customer File Documentation
   4. Verifying Customer Data
   5. Updating the Customer Master File
   6. Entering and Securing CMF Data
   7. Cycle Time
   8. Conclusion
4. Credit Management
   1. Introduction
   2. Credit Management
   3. Policy and Procedures (P&P) for the Credit Manager
   4. New Customer Credit
   5. Credit Application
   6. Assigning A Credit Line
   7. Relationship Between Credit and Sales
   8. Resources for Credit Managers and The Customer Master File
   9. Financial Statement Analysis
   10. Internal Credit Score
   11. Terms and Payment Methods
   12. New Customer Acceptance Letter
   13. Credit and Existing Customers
   14. Metrics
   15. Best Practice Summary
5. Cash Application, Deductions, and Dispute Management
   1. Introduction
   2. Payment Types and Methods
   3. International Payments
   4. Cash Application
   5. Dispute Management
   6. Best Practices
   7. Conclusion
6. Collections
   1. Introduction
   2. Collections Prioritization
   3. Collection Technology
   4. Collections Staff
   5. Collection Methods
   6. Additional Practices and Tools
   7. Compliance
   8. Bankruptcy
   9. Best Practice
   10. Conclusion
7. Accounting, Records, and Associated Regulations
   1. Introduction
   2. Accounting Definitions
   3. Financial Reporting and Account Standards
   4. General Ledger
   5. Month-End Close
   6. Financial Statements
   7. Auditing—Internal and External
   8. Record Retention/Destruction
   9. Other Regulations
   10. Unclaimed Property/Escheatment
   11. Conclusion

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.

Prerequisites:

There are no prerequisites required to complete this course.

Certification Requirements:

The Accounts Receivable Specialist Certification course is specifically designed to help individuals with prior accounts receivable knowledge become certified. IOFM recommends that you meet one of the following for ARS certification:

• No degree = 3 yrs. Accounts receivable experience
• 2-year degree = 2 yrs. Accounts receivable experience
• 4-year degree = 1 yr. Accounts receivable experience

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.

What is the average salary for an accounts receivable specialist?

According to Glassdoor, the median salary for an accounts receivable specialist is $58,000, while the median salary for an accounts receivable manager is $79,000. As technology changes the landscape of financial operations and companies seek to optimize cash flow, skilled accounts receivable professionals can leverage in-demand technical and strategic skills to increase their compensation.

What does an accounts receivable specialist do?

An accounts receivable specialist manages the money owed to a company by its customers. They ensure timely payment of invoices, maintain accurate financial records, and resolve any payment discrepancies. Essentially, they handle the bookkeeping and accounting related to incoming payments.

Does this course prepare you for a certification?

Yes. Upon successful completion of the course and final exam, you will earn the Accounts Receivable Specialist designation.

How long does it take to complete this course?

After you register, you will receive 3 months to complete the course. The time allotted for completion has been calculated based on the number of course hours.

When can I start this course?

This course is open enrollment, so you can register and start the course whenever you are ready. Access to your course can take 24-48 business hours.

What if I don't have enough time to complete the course within the time frame provided?

The time allotted for course completion has been calculated based on the number of course hours. However, if you are unable to complete the course, contact the student advising team to see what options you may have available to work out a suitable completion date. Please note that an extension fee may be charged.

What kind of support will I receive?

Our courses are designed to accommodate various learning preferences. Depending on the course structure, you may get different forms of support. Self-paced courses are designed to be user-friendly and independent, minimizing the need for external support. In courses with instructors, our direct platform support feature includes opportunities for questions, discussions, and remediation, with email and phone support available for select courses. Our student advising team is available to guide you on program requirements and administrative requests, but they do not provide assistance with course content. Our goal is to provide you with the necessary support for success, whether it's through self-paced exploration, direct communication, or guidance from our advising team.

What happens when I complete the course?

Upon successfully passing the final exam, you will be awarded a certificate of completion from the school or organization that you registered through.

Am I guaranteed a job?

ed2go courses will help you gain the skills you need to obtain an entry-level position in most cases. However, you should always research the job market in your area before enrolling.

Can I get financial assistance?

ed2go courses are non-credit, so they do not qualify for federal aid, FAFSA, and Pell Grant. In some states, vocational rehab or workforce development boards may provide funding to take our courses. Additionally, you may qualify for financial assistance if you meet certain requirements. Learn more about financial assistance.

How can I get more information about this course?

If you have questions that are not answered on our website, representatives are available via LIVE chat. You can also call us at 1-877-221-5151 during regular business hours to have your questions promptly answered. If you are visiting us during non-business hours, please send us a question using the "Contact Us."