Position Title: Accounts Payables and Receivables Specialist
Work Set-up: Work From Home
Schedule: 6:00 AM to 3:00 PM
Salary: Php 50,000 – Php 60,000
Sign-on Bonus: None
JOB DESCRIPTION FOR AN ADMINISTRATIVE ASSISTANT
The Accounts Payables and Receivables Specialist plays a crucial role in managing the financial transactions of an insurance broking business. The role ensures timely and accurate handling of client and insurer payments, adherence to trust account regulations, and efficient management of financial records in compliance with Australian insurance and financial industry standards.
Key Responsibilities:
1. Accounts Payables (AP)
Insurer and Supplier Payments:
-Process payments to insurers for client premiums within agreed settlement terms.
-Verify insurer and supplier invoices for accuracy, ensuring all amounts align with policy documents and brokerage agreements.
Reconciliation:
-Reconcile insurer statements, trust accounts, and operating accounts to ensure all payments are accounted for.
-Investigate and resolve discrepancies between invoices and payments.
Expense Management:
-Manage and process operational expenses, including office supplies, IT services, and other business costs.
Compliance:
-Ensure all AP transactions comply with trust account and regulatory requirements, maintaining clear audit trails.
2. Accounts Receivables (AR)
Client Invoicing:
-Generate invoices for insurance premiums, brokerage fees, and other charges accurately and on time.
-Adjust invoices for endorsements, cancellations, or policy amendments as required.
Payment Collection:
-Monitor client accounts to ensure timely receipt of payments.
-Proactively follow up on overdue accounts, maintaining professional and clear communication with clients.
Receipts Allocation:
-Accurately allocate client payments into the system, ensuring alignment with trust account requirements.
Reporting:
-Prepare aged debtor reports and provide regular updates to management on outstanding payments. Highlight potential risks or delinquent accounts for escalation.
3. Trust Account Management:
-Ensure all transactions comply with Australian financial services regulations (e.g., ASIC requirements) for trust accounts.
-Regularly reconcile trust account balances, ensuring accurate recording of client and insurer funds.
4. Financial Reporting and Compliance:
-Prepare detailed AP/AR reports, including cash flow projections, aged payables/receivables, and insurer remittance reports.
-Support external audits by maintaining organised records and providing required documentation.
-Stay updated on relevant regulations affecting financial transactions in the insurance industry.
5. Collaboration:
-Work closely with insurance brokers to resolve client queries regarding invoicing, payments, and refunds.
-Liaise with insurers to address any issues related to statements, payments, or commissions.
-Partner with the management team to improve financial processes and reporting.
Required Skills and Experience
Industry Knowledge:
Familiarity with Australian insurance broking operations, including premium funding, trust account regulations, and insurer settlements.
Technical Proficiency:
Experience using accounting and broking software such as Xero, MYOB, or WinBEAT.
Strong understanding of GST, BAS preparation, and financial reporting requirements in Australia.
Attention to Detail:
Meticulous in verifying financial transactions, reconciling accounts, and ensuring compliance.
Communication Skills:
Clear, professional communication with clients, insurers, and internal stakeholders.
Organisation and Time Management:
Ability to manage multiple deadlines for payments, invoicing, and reporting.
Your love for Boomering will jump-start with these meaningful engagement activities and perks. Using the concepts and tools of EOS (Entrepreneurial Operating System), Boomering provides a fun, rewarding and stimulating environment where work-like balance meets a commitment to foster growth.
Genuinely caring Leadership Team
Competitive salary package
Company-provided full set-up for desktop/laptop with a back-up internet
HMO on the first day of hire
15 Vacation Leaves and 5 Sick Leaves
Annual Performance Reviews
Unlimited Employee Referral Incentives
Employee Loan Facilities
Social Clubs and Interest Workshops
Company events where you get a chance to win amazing prizes and be rewarded for your outstanding performance.
Statutory Benefits: Maternity, Paternity and Solo Parent Leaves, Magna Carta for Women, Retirement Benefits, OT, and Premium Pays
About Boomering:
Boomering is an ISO-certified, leading BPO company in Clark Freeport Zone, Pampanga.
Our mission to Enrich Client and Staff Lives through Simple and Smart Offshoring Solutions and our S.T.E.P. Core Values (Service, Transparency, Excellence and Partnership) are the framers of our continuing success.
Providing equal opportunities and collaborative culture of excellence, Boomering is not just your average BPO. We are here to make a difference.
Future-proof your career and pursue your passion with Boomering! We want career thrill-seekers who are committed to growth as much as we are.
Website: www. boomering.ph
Career Portal: https://boomering.zohorecruit.com/jobs/Careers
Facebook and LinkedIn: Boomering Inc.; Boomering Careers
This is a remote position.
Salary: Php 50,000 – Php 60,000
