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Cash Application Specialist

Company: The Hanover Insurance Group
Location: Lake Forest
Posted on: January 19, 2023

Job Description:

As a Fortune 500 company, Packaging Corporation of America (PCA) is an ideas and solutions company. Our corrugated packaging business seeks to be the leader in helping our customers - large and small - package, transport and display products of all kinds. Our white paper business delivers Paper With Purpose by providing the highest level of customer service and operational excellence. We have approximately 15,000 team members in more than 100 locations in the United States that strive to meet the local needs of our customers. Our mission is to serve the needs of our customers, today and tomorrow, with products and services that exceed expectations for performance and environmental responsibility.

Position Summary: The Cash Application Specialist is responsible for the application and resolution of cash discrepancies received through automatic bank posting to the corporate Accounts Receivable system. This position handles a significant volume of remittance line items daily and reviews payments that do not fully auto-apply for a number of reasons (tax, shortages, deductions, pricing, etc.). Other responsibilities include offsets, transfers, and help desk support to PCA personnel through the A/R Helix Help Desk System. Communication with plants, Sales and IT may be necessary at times in order to resolve discrepancies, errors or stalled system issues and unknown problems that may come up. This position is responsible for processing 300-350 payments per week and requires a detail-oriented individual who can fully understand the application of a payment across a multiple number of plants. Dimensions: This is a high-volume department, which processes approximately 5,000 checks/ACH payments per week and approximately $110,000,000 to $135,000,000 in payments. The A/R Department also receives about 750-1,000 Helix tickets per month that require timely resolution and communication with the plants and Corporate Accounting. Principle Accountabilities:

  • Accurately process daily cash received within the Oracle on-line system
  • Review daily checks received via BMO Harris Bank Internet software for discrepancies
  • Analyze key remittance data and deductions / discrepancies to accurately reflect the customer's payment
  • Process requests received in Helix from plant personnel for offsets to clear or correct customer accounts
  • Process and research Helix requests for discrepancy transfers from one plant to another
  • Assist plant personnel with information regarding removals or applications on customer accounts
  • Troubleshoot potential cash application issues with plants, sales and IT if necessary.
  • Understand and apply the corporate accounting A/R policies and procedures appropriately
  • Adheres to a large number of instructions to readily recognize payment exceptions before merely placing the payment on account
  • Review customer remittances that are loaded in Sharepoint to ensure its proper application.
  • This role may support the cash application process associated with our Boise Paper division which are on independent, stand-alone systems. This also requires the compilation of monthly support packages associated with payment transfers between systems or write-offs associated with payment deductions.
  • Provide cross-functional support to the A/R team in case of team member absence
  • Knows and follows policies and procedures of the company, shares information that would benefit other members of the team and finds ways to improve the delivery of service to our customers
  • Strives to strengthen PCA's business philosophy of meeting needs and exceeding expectation for customers.This includes supporting PCA's Commitment to Service which involves doing what's right for our customers, focusing on strategies that add value and support growth, and keeping the promises that we make
  • Communicates with the plants, sales or customer when needed to resolve any payment discrepancy or issue that could create downstream impacts. Decision Making:
    After becoming familiar with the A/R systems, company policies, and procedures, this position will need to make accurate decisions with cash application and maintaining customer accounts daily. Through researching inquires, they will determine and obtain adequate back up and approval to process refunds to customers. They must also determine the accuracy of plant requests for maintenance on customer accounts. Decisions that cannot be made will be escalated from the Cash Application Specialist to the immediate supervisor or manager. Interactions with Customers and Contacts
    Cash Application Specialist will work closely with all members of the Corporate Finance, Accounts Payable, Tax, and Treasury.The incumbent is expected to build a good working relationship with plant level staff as well as PCA customers and auditors.
    Position Requirements
    • Education equivalent to graduation from high school required, two years of accounting college courses preferred.
    • 3-5 years of experience in Accounts Receivables preferred.
    • Ability to quickly learn new computer application programs.Previous experience with computer software that handles accounts receivable preferred. This position would use GEAC Accounts Receivable and General Ledger transactions. The A/R departments also supports its own help desk using the Helix application.
    • Working knowledge of Microsoft Excel, Microsoft Word, Internet, and Outlook preferred.
    • Depending on specific division, some cash posters may be required to learn PeopleSoft in order to support our Boise Paper division.
    • Strong organizational skills.
    • Able to prioritize assignments and handle multiple tasks simultaneously.
    • Strong attention to detail.
    • Strong mathematical ability, analytical skills, and ability to evaluate entries for accuracy and appropriateness.
    • Strong verbal and written communication skills with ability to communicate company policies and procedures related to the Accounts Receivable process.
    • Previous work experience as a member of a team, or a strong understanding of the importance of open communication and information sharing between team members.
    • Able to work overtime as needed. #LI-VP1 All qualified applicants must apply at Careers.packagingcorp.com to be considered.

      PCA is an Equal Opportunity Employer - Veterans/Disabled and other protected categories.

Keywords: The Hanover Insurance Group, Lake Forest , Cash Application Specialist, Accounting, Auditing , Lake Forest, California

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