Cash Application Specialist
Business Unit: Business Operations Americas
Requisition Number: 234035
Primary Location: United States-New Jersey-Iselin
Assignment Category: Full-time regular
Experience Level: Entry level
Education Required Level: Bachelor's Degree
Travel Required: No
Siemens is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationally for more than 165 years. As a global technology company, Siemens is rigorously leveraging the advantages that this setup provides. To tap business opportunities in both new and established markets, the Company is organized in eight Divisions: Power and Gas, Power Generation Services, Energy Management, Building Technologies, Mobility, Digital Factory, Process Industries and Drives, and Financial Services.
Siemens Financial Services, Inc. is the U.S. arm of the global Financial Services division of Siemens, (SFS), an international provider of business-to-business financial solutions. SFS helps facilitate investments, providing commercial finance, project and structured finance with specific asset expertise in the energy, healthcare, industry, and infrastructure markets. SFS supports Siemens as well as other companies with their capital needs and acts as an expert manager of financial risks within the Siemens Company. Leveraging its financing expertise and industrial know-how creates value for customers and helps them strengthen their competitiveness.
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The Cash Application Specialist will be responsible for performing all incoming cash related activities for the lease and loan accounts in the Commercial Finance (COF) and Industrial and Healthcare finance (IHF) businesses in the Cassiopae subledger system. The Cash Application Specialist will be responsible for ensuring timely and accurate accounts receivable and cash application processing, as well as daily cash reporting and reconciliation activities.
Essential Job Functions (necessary to perform the job):
- The position requires strong analytical skills and attention to detail.
- In depth knowledge of commercial lease and loan cash application concepts and cash reconciliation methods.
- Excellent communication skills, both written and verbal. The ability to communicate ideas and concepts clearly and concisely.
- Strong people skills with the ability to build good working relationships with internal clients and colleagues.
- Process, apply and post daily cash (incoming checks/multiple lockbox accounts, wires, ACH direct debit, intercompany clearing and cash transfers)
- Address all business portfolio related cash application requests, including manual set up of ACH direct debits, manual cash adjustments/reapplications and research/address cash related inquiries and requests.
- Daily processing of large volumes of incoming payments accurately and in a timely manner
- Daily cash reports to be run and reviewed for accuracy.
- Manage multiple suspense accounts
- Process returned checks/rejected payments
- Prepare the daily cash reconciliation reports and research, analyze and reconcile any discrepancies. Process any adjustments and corrections needed to the daily cash postings in a timely manner.
- Prepare and process manual ACH direct debit pulls for one-time requests submitted by the portfolio teams.
- Daily review and reconciliation of the automated module ACH direct debit payments – validate the daily ACH pulls are sent to the bank and the automated assumed cash postings are processed in the subledger system (Cassiopae).
- Process and allocate incoming intercompany cash transfers
- Process outgoing intercompany cash transfers
- Process and post “live” checks on the last 3 business days of each month and maintain detailed records of all manual check postings.
- Maintain electronic cash documentation library – daily upload and maintenance of cash documentation in SharePoint and Knowledge Lake. Warehouse librarian for Iron Mountain.
- Maintain detailed cash summary logs and reports to be shared with management
- Complete data inputs and coding for the daily outgoing wire transfer payments.
- Interact with the bank to resolve any bank account related inquiries and issues.
- Develop strong working relationships with other operational disciplines, including Accounting, Operations and Portfolio.
- Minimum of 5 years of cash application/accounts receivable experience
- Minimum 4 years college degree with focus on Finance or Accounting.
- Must be detail oriented and possess strong analytical and organizational skills.
- Ability to interact well with others in a team environment.
- Excellent verbal and written communication skills.
- High degree of flexibility, energy and initiative.
- Familiarity with Cassiopae system preferred.