The billing specialist’s job description involves computing balances, recording billing payments and compiling account statements for a company.
He/she can also be responsible for preparing invoices for the delivery of goods or services rendered.
Other duties they may perform include calculating penalties, interest and late fees for clients who are past due on their payment and accounts.
Billing specialists may also work daily with both specialized computer programs and paper forms when analyzing and inputting account information.
A typical billing specialist would have a high school diploma, and close to 38% of billing specialists have a bachelor’s degree or a higher degree in a related field.
Having a college degree is typically an added advantage to the skill set of anyone in this role, especially in the areas of modeling, computations and advanced statistical analysis.
Most billing specialist jobs will include participating in a short-term, on-the-job training in order to ensure compliance with company-standard cum billing practices.
Besides experience with statistical analysis programs and computer software knowledge of medical billing, medical coding procedures and medical terminology may help applicants gain a foothold in billing specialist jobs in insurance companies and in hospitals.
Between now and 2022, the national job market for billing specialists is projected to increase by 18% according to the US Bureau of Labor Statistics.
This increase in positions means the availability of 187,800 jobs. In the health care field, which includes the offices of physicians, surgical centers, hospitals and laboratories will have the highest job openings for billing specialists.
Other fields of growth projected for billing specialists includes tax preparation, accounting and bookkeeping services cum corporate management.
Tasks, Duties, and Responsibilities
Below are major duties, tasks, and responsibilities that make up billing specialists’ job descriptions:
- Submit bills to clients
- Prepare, compile and mail bills for products paid for by clients
- Enter data of orders into the system
- Provide information to the customer service and sales departments as requested
- Respond to billing questions from both local and international customers
- Helping with ad-hoc projects when assigned
- Process and keep track of incoming payments and accounts in compliance with financial procedures and policies
- Perform daily financial transactions which includes classifying, computing , posting, verifying and recording accounts receivable data
- Prepare and send out invoice, bills and bank deposits
- Compare billing accounts with accounts receivable ledger in order to ensure that all payments are properly posted and accounted for
- Verify discrepancies by clients and resolve their billing issues
- Send bill reminders to clients regarding outstanding accounts
- Generate financial statements
- Prepare reports detailing accounts receivable status.
Minimum Requirements – Knowledge, Skills, and Abilities
The following are vital traits, skills, knowledge, and abilities billing specialists are required to have to succeed on the job:
- 2+ years of experience working as a billing specialist
- Proficiency in fair credit practices, accounting principles and collection regulations
- Proven ability to manage accounting figures, calculate, post and financial records
- Data entry skills along as well as a knack for numbers
- Hands-on experience in operating accounting and spreadsheets software
- Proficiency in MS Office and English
- Must be able to enjoy working in a social environment and work well with others
- Clerical accounting experience
- Good data entry skills
- Negotiation skills cum customer service orientation
- Attention to detail cum high degree of accuracy
- Excel experience
- Knowledge of VAT regulations and Sales Tax
- Familiarly with finance and accounting operations
- Experience cum ability to work with ORACLE Financial Systems as well as Microsoft Office Products
- Ability to articulates and convey information effectively in both group and individual situations.