Accounting Specialist - Cash Application

Cash Application Specialist

Altec is hiring a Cash Application Specialist in Birmingham, AL (Corporate Office). This position is responsible for the timely and accurate application of customer payments, advanced payment research and reconciliation, resolution of unapplied cash and payment discrepancies, support for month-end close activities, and the maintenance of strong internal controls and documentation across cash application processes. This role serves as a subject matter resource for payment application workflows and regularly partners with Accounting, Treasury, Collections, Credit, Customer Service, and Sales to resolve complex payment issues.

Training and Development

• Advanced cash application processes including lockbox, ACH, wires, checks, virtual cards, and electronic remittance formats
• ERP receipts, payment applications, adjustments, reversals, and customer account research
• Remittance interpretation (EDI, ERA, customer backups, bank files) and exception handling procedures
• Research and resolution of unapplied cash, unidentified payments, deductions, chargebacks, overpayments, and short-payments
• Bank reconciliation support, account balancing, and month-end close processes
• Internal controls, audit requirements, documentation standards, and records retention practices
• Cross-functional order-to-cash processes and customer account management fundamentals

Responsibilities

Daily

• Retrieve, review, and process bank, lockbox, ACH, wire, and check payment activity
• Apply customer payments accurately and timely to open invoices across multiple entities
• Perform detailed research on unapplied cash, unidentified payments, deductions, chargebacks, and payment discrepancies
• Resolve payment exceptions including missing remittance, duplicate payments, short-pays, overpayments, and customer account variances
• Maintain clear documentation of research, payment application decisions, and account activity
• Monitor shared inboxes, workflow queues, and assigned tickets to ensure timely resolution
• Partner with Collections, Credit, Customer Service, Accounting, and Sales to resolve payment-related issues
• Weekly
• Reconcile cash received to cash applied and investigate variances
• Research and resolve aging unapplied cash balances
• Review rejected transactions, payment reversals, returns, and bank exceptions
• Analyze unidentified payments and coordinate research efforts with internal departments and banking partners
• Review account balances and payment activity for accuracy and completeness
• Support workflow coverage during peak volume periods and team absences

Monthly

• Support month-end close activities by ensuring payment posting and applications are complete and current
• Assist with account reconciliations and preparation of cash application-related reporting
• Analyze unapplied cash trends and recurring exception categories
• Provide supporting documentation for internal and external audit requests
• Review processes and identify opportunities for workflow improvements and automation

As Needed

• Maintain customer remittance instructions and payment setup information
• Coordinate with Treasury and banking partners regarding transmission issues and payment research
• Assist with system testing, implementation activities, and process enhancements
• Create and update work instructions, training materials, and process documentation
• Provide cross-training support and serve as a resource for team members on payment application procedures

Technology and Tools

• ERP and Accounts Receivable systems for receipt processing, payment application, adjustments, reconciliations, and reporting
• Bank portals, lockbox reporting systems, remittance files, and electronic payment platforms
• Shared inbox, workflow management, and ticketing tools
• Reporting and analytics tools used for cash application, unapplied cash, and reconciliation reporting
• Microsoft Office 365 (Excel, Outlook, Teams, OneNote, and related applications)

Education, Experience, and Skills Required

• High School Diploma/GED required
• And four years of applicable experience required with 2 years Altec experience.
• OR
• Bachelor's Degree and two years of related experience required
• Strong accounting knowledge including debits, credits, reconciliations, account balancing, and transaction analysis
• Experience researching and resolving complex payment and account discrepancies
• Ability to interpret remittance information and analyze customer payment activity
• Ability to add, subtract, multiply, and divide in all units of measure using whole numbers, common fractions, and decimals
• Ability to compute rate, ratio, and percent
• Strong PC skills with Microsoft Office 365, particularly Excel
• Strong analytical, problem-solving, and organizational skills
• Excellent written and verbal communication skills
• Ability to work independently while collaborating effectively with team members and business partners
• Ability to prioritize workload, manage multiple responsibilities, and meet established deadlines
• Demonstrated attention to detail and commitment to accuracy

Other Position Specifications

• Demonstrated record of responsibility
• Customer Service Oriented
• Motivated, goal oriented and persistent
• Maintain Company confidentiality
• Must handle stress and deadlines well
• Participate in Continuous Improvement Initiatives
• Travel 0-25%

Founded in 1929, Altec is a privately held and family-owned company headquartered in Birmingham, AL. We are proud to be a leading manufacturer of products and services that connect people to the power and communications we all need in more than 100 countries throughout the world. While we are known for lifting products: bucket trucks, cranes equipment used to help people access tough-to-reach places, what really makes us successful is how we help our associates reach higher. We help people reach their potential, and we believe that makes all the difference in our company.

Benefits

Among our core values is a focus on family and financial stability, and we believe it is important to provide associates with a competitive benefits package. Highlights of Altec's benefits package are listed below. Learn more by visiting Compensation & Benefits Altec Inc

• Medical, Dental, and Vision Health Care Plans
• Retirement Savings Plan Traditional 401(k) or Roth 401(k)
• Tuition Reimbursement Program (helps meet CPA credit hours requirements)
• Company Holidays, Paid Vacation, and Vacation Purchase
• Company Wellness Programs (Physical, Social, Emotional, Spiritual, Financial)
• Personal and Professional Learning/Development Opportunities
• Plus more!

Customer First - Enjoyment of Work - Family - Financial Stability - Integrity - People are our Greatest Strength - Quality - Spiritual Development Teamwork

Altec Industries, Inc. and its affiliates are equal opportunity employers and maintain affirmative action plans to recruit, retain, develop, and promote qualified individuals without unlawful consideration of race, gender, color, religion, sexual orientation, gender identity, national origin, age, disability, citizenship status, veteran status, or any other characteristic protected by federal, state, or local law. Altec strives to maintain a work environment free from unlawful discrimination and harassment, where associates are treated with respect and dignity.