Hire AR Analyst Remotely

Do you want to calculate your business assets and cash flows more efficiently? You need an AR analyst to perform the task as they are the experts in this financial domain. Hiring a suitable candidate can manage the accounting efficiently for your organization.

In this blog, we will show you the measures involved in hiring an AR analyst remotely.

Before hiring, let’s know about the job roles and necessary skills required to perform the financial tasks.

What is an AR analyst, and what are the job roles?

An AR (Accounts Receivable) analyst is a financial professional responsible for managing an organization’s outstanding invoices and ensuring that payments are received from customers or clients.

The primary role of an AR analyst involves monitoring accounts receivable, reconciling accounts, and resolving any issues that may delay payment.

Here are some key job roles of an AR analyst:

Monitoring and analyzing

• Track customer accounts receivable balances: This involves reviewing invoices, payments, and credits to understand the current financial status of each customer.
• Analyze aging reports: Identify overdue payments and prioritize collection efforts based on the age and amount of outstanding debts.
• Investigate discrepancies: Research and resolve any inconsistencies in customer accounts, such as missing payments or incorrect billing information.
• Forecast cash flow: Predict future incoming payments and cash flow based on historical data and trends.

Communication and collection

• Communicate with customers: Proactively contact customers via phone, email, or letter to collect overdue payments and resolve payment issues.
• Negotiate payment plans: Work with customers to develop personalized payment plans that are mutually agreeable and ensure debt recovery.
• Resolve customer inquiries: Address customer concerns and provide accurate information about their accounts.
• Maintain professional relationships: Build positive customer relationships to facilitate smooth communication and payment collection.

Reporting and compliance

• Prepare reports: Generate and analyze reports on account aging, collection performance, and cash flow trends.
• Reconcile accounts: Ensure accuracy and balance within customer accounts and accounting records.
• Maintain compliance with financial regulations: Adhere to company policies and relevant accounting standards.
• Document all actions: Keep detailed records of all communication and activities taken on customer accounts.

The job roles and responsibilities are essential to optimize the financial activities of organizations. Professionals need specific skills and knowledge in this domain to perform the tasks.
Check the skills before you hire AR analyst for your organization.

Required skills to hire AR analyst remotely

When hiring an AR (Accounts Receivable) analyst remotely, it’s essential to look for candidates with specific skills and qualifications to ensure they can effectively perform their job duties from a remote location.

Here’s the list of the critical skills to look for:

Domain-specific skills

• Financial acumen: Strong understanding of accounting principles, financial statements, and cash flow management.
• Data analysis: Proficiency in analyzing data from various sources, including spreadsheets, ERP systems, and customer reports.
• Communication skills: Excellent written and verbal communication skills to effectively interact with customers, colleagues, and management.
• Problem-solving and decision-making: Ability to identify and resolve complex customer accounts and payment issues.
• Software proficiency: Knowledge of AR software and other relevant applications, such as accounting software, CRM systems, and email management tools.
• Attention to detail: Highly accurate and meticulous in reviewing and managing customer accounts.

Soft skills

• Time management: Excellent organizational and time management skills to prioritize tasks and meet deadlines efficiently in a remote setting.
• Self-motivation and independence: Ability to work independently and with minimal supervision, taking ownership of tasks and responsibilities.
• Strong interpersonal skills: Ability to build positive relationships with customers and colleagues via communication and active listening.
• Technical aptitude: A willingness to learn and adapt to new software and technologies.
• Excellent communication skills: Clear and concise communication, both written and verbal, with colleagues, managers, and customers.

Salary package of remote AR analyst

The salary package for a remote AR analyst can vary significantly depending on several factors, including:

Experience

• Entry-level AR analysts will naturally have a lower salary than those with more experience and skills.
• Years of experience and specific industry knowledge can significantly impact the offered wage.

Company size and industry

• Larger companies or those in more lucrative industries like tech or finance will likely offer higher salaries than smaller companies or those in less profitable sectors.

Specific skills and qualifications

• Additional skills like advanced data analysis, strong coding or automation abilities, or certifications in relevant fields can boost the offered salary.

Based on current data from sources like Glassdoor and ZipRecruiter, the annual salary range for remote AR analysts can vary broadly:

• Entry-level: $40,000 – $50,000 (approx)
• Mid-level: $50,000 – $70,000 (approx)
• Senior-level: $70,000 – $100,000+ (approx)

The salary range above will differ on other factors like educational qualifications and experience in the relevant domain.

Hiring cost of AR analyst remotely

The hiring cost of an AR analyst remotely can be broken down into several components. It can vary significantly depending on various factors like the location of the candidate, company size, and industry type. Here are some key factors to consider when calculating the potential cost to hire an AR analyst remotely

Direct cost

Recruitment costs

These include expenses for job board listings and recruitment agency fees if utilized for finding remote candidates in the broader talent pool.

Onboarding costs

Setting up a remote employee with necessary hardware (laptop or other equipment), software licenses (AR software and other relevant tools), and remote communication and collaboration tools can be factored into the initial costs.

Salary and benefits

This is the most significant component and can vary depending on the experience level and location of the candidate, as mentioned earlier (see salary range in my previous response).

Remote work benefits like equipment stipends or flexible work arrangements also add to the cost depending on the company policy and agreement with the candidate.

Indirect cost

Legal and compliance costs

Depending on the company’s and the candidate’s location, there might be additional legal and compliance considerations related to remote work tax implications and labor laws.

Productivity loss during onboarding

There can be a period of initial learning and adjustment for new remote employees, which may result in temporary productivity loss until the candidate is fully trained and integrated into the team.

The exact hiring cost of an AR analyst remotely will depend on various factors and can vary significantly from case to case. However, by understanding the different cost components and employing appropriate strategies, you can optimize your remote hiring process and minimize unnecessary expenses while attracting top talent to your team.

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Conclusion

Overall, an AR analyst plays a vital role in maintaining healthy cash flow for an organization by efficiently managing accounts receivable and ensuring that payments are collected on time. In addition, Global Squirrels helps you to hire AR analyst remotely with the most cost-saving way to expand your finance and accounting team.