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Key Responsibilities and Required Skills for Income Specialist

💰 $45,000 - $75,000

FinanceAccountingFinancial ServicesAsset ManagementReal Estate

🎯 Role Definition

This role requires a highly meticulous and analytical Income Specialist to join our dynamic finance team. In this pivotal role, you will be the guardian of our organization's revenue streams, responsible for the end-to-end processing, reconciliation, and reporting of all incoming funds. The ideal candidate is a proactive problem-solver with an unwavering commitment to accuracy, who thrives in a fast-paced environment. You will ensure the integrity of our financial data, support critical accounting functions, and collaborate across departments to maintain seamless income operations. This position offers a significant opportunity to impact our financial health and operational efficiency.

📈 Career Progression

Typical Career Path

Entry Point From:

  • Accounts Receivable Specialist
  • Junior Accountant or Bookkeeper
  • Financial Services Representative
  • Data Entry Clerk (Finance/Accounting)

Advancement To:

  • Senior Income Specialist / Team Lead
  • Revenue Manager or Analyst
  • Financial Analyst
  • Treasury Analyst

Lateral Moves:

  • Compliance Analyst
  • Royalty Analyst
  • Accounts Payable Specialist

Core Responsibilities

Primary Functions

  • Meticulously process and apply a high volume of incoming payments, including checks, ACH, wires, and credit card transactions, ensuring accurate and timely posting to the correct client, tenant, or general ledger accounts.
  • Perform daily, weekly, and monthly reconciliations of bank statements, payment gateways, and internal accounting systems to identify and resolve any discrepancies or variances promptly.
  • Conduct in-depth research and analysis on unapplied cash, payment exceptions, and chargebacks, collaborating with internal teams and external clients to achieve resolution.
  • Manage the complete lifecycle of investment income, including the accurate recording of dividends, interest, and capital gains, and ensuring proper allocation across portfolios.
  • Oversee the calculation, verification, and processing of royalty statements and payments, ensuring compliance with complex contractual agreements and reporting deadlines.
  • Prepare, validate, and distribute detailed income and revenue reports to management and key stakeholders, providing clear insights into cash flow, trends, and performance metrics.
  • Serve as the primary point of contact for all internal and external inquiries related to income, payments, and account balances, providing exceptional customer service and clear communication.
  • Ensure strict adherence to accounting principles (GAAP), internal controls, and company policies throughout all income-related processes to maintain audit readiness.
  • Manage and maintain the integrity of customer and income-related data within the ERP and CRM systems, performing regular clean-up and validation tasks.
  • Drive the month-end and year-end closing processes for accounts receivable and revenue accounts, preparing journal entries, accruals, and balance sheet reconciliations.
  • Spearhead the annual 1099-MISC and 1099-INT reporting process, including data validation, form generation, and electronic filing to ensure full IRS compliance.
  • Monitor accounts receivable aging reports, identify delinquent accounts, and execute a collections strategy in a professional and effective manner.
  • Analyze and interpret complex legal and financial documents, such as leases, client contracts, or investment agreements, to ensure income is recognized and processed correctly.
    t- Review and process adjustments, write-offs, and refunds, ensuring all such transactions are properly documented and approved according to company policy.
  • Identify opportunities for process improvement and automation within the income processing cycle to enhance efficiency, accuracy, and scalability.
  • Administer and reconcile corporate actions, such as stock splits, mergers, and spin-offs, to ensure their impact on investment income is calculated and recorded accurately.
  • Collaborate closely with the Treasury department to forecast daily cash receipts and provide critical data for cash positioning and management.
  • Validate and process income data feeds from various external sources, ensuring seamless integration and data integrity within our core financial systems.
  • Handle multi-currency transactions and foreign exchange conversions, ensuring income is recorded at the correct valuation.
  • Generate and dispatch client invoices, statements, and billing notifications, ensuring they are accurate and delivered according to schedule.

Secondary Functions

  • Support the annual external audit by preparing schedules, providing requested documentation, and answering inquiries related to revenue and cash receipts.
  • Assist in training and mentoring junior team members or new hires on income processing procedures and systems.
  • Support ad-hoc data requests and exploratory data analysis to assist leadership with strategic decision-making.
  • Contribute to the organization's data strategy and roadmap by providing subject matter expertise on income data.
  • Collaborate with IT and business units to translate data needs into engineering requirements for system enhancements.
  • Participate in sprint planning and agile ceremonies within the finance and data teams for special projects.

Required Skills & Competencies

Hard Skills (Technical)

  • Advanced Microsoft Excel: Mastery of VLOOKUP, HLOOKUP, PivotTables, SUMIF, and complex formula creation for data manipulation and analysis.
  • Accounting Software Proficiency: Hands-on experience with at least one major ERP or accounting system (e.g., SAP, Oracle NetSuite, Yardi, QuickBooks Enterprise).
  • Data Reconciliation: Proven ability to reconcile large datasets from multiple sources with a high degree of accuracy.
  • Financial Reporting: Skill in preparing clear and concise financial reports, including AR aging, cash receipts summaries, and revenue variance analysis.
    -GAAP Knowledge: Solid understanding of Generally Accepted Accounting Principles, particularly concerning revenue recognition and cash application.
  • 1099 & Tax Reporting: Direct experience with the processes and compliance requirements for 1099-MISC/INT/DIV reporting.
  • Cash Management Principles: Knowledge of different payment types (ACH, Wire, Check) and banking procedures.
  • CRM/Billing Systems: Familiarity with using systems like Salesforce or dedicated billing platforms to research and manage client accounts.
  • SQL (Basic): The ability to write basic queries to extract and validate data is a significant plus.
  • Process Improvement: Demonstrated ability to analyze and re-engineer workflows for greater efficiency.

Soft Skills

  • Extreme Attention to Detail: An exceptional ability to spot inaccuracies and ensure precision in all tasks, from data entry to reporting.
  • Analytical & Problem-Solving Skills: The capacity to investigate complex discrepancies, identify the root cause, and implement effective solutions.
  • Strong Communication: Excellent written and verbal communication skills for interacting professionally with clients, vendors, and internal teams.
  • Time Management & Organization: Ability to prioritize and manage a high volume of tasks and meet strict deadlines in a fast-paced environment.
  • Integrity & Discretion: A commitment to handling sensitive financial information with the utmost confidentiality and ethical standards.
  • Adaptability: Flexibility to adapt to changing priorities, processes, and new technologies.
  • Proactive & Self-Motivated: A "can-do" attitude with the initiative to tackle challenges without constant supervision.
  • Team Player: A collaborative mindset with a willingness to support team members and contribute to shared goals.

Education & Experience

Educational Background

Minimum Education:

  • Associate's Degree or equivalent relevant work experience in a finance or accounting role.

Preferred Education:

  • Bachelor's Degree

Relevant Fields of Study:

  • Accounting
  • Finance
  • Business Administration
  • Economics

Experience Requirements

Typical Experience Range:

  • 2-5 years of direct experience in an income processing, accounts receivable, or a related accounting/finance role.

Preferred:

  • Experience within the financial services, asset management, real estate/property management, or SaaS industries is highly desirable.
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