Full-Time

Accounts Receivable Manager

Posted on 10/31/2024

Fairmatic

Fairmatic

51-200 employees

Data-driven auto insurance for fleet businesses

Fintech
Financial Services

Senior

Remote in USA

Category
Financial Accounting
Management Accounting
Accounting
Required Skills
Data Analysis
Requirements
  • Bachelor’s degree in Accounting, Finance, Business Administration, or a related field.
  • 5+ years of experience in accounts receivable and/or accounting, with at least 2 years in a leadership role.
  • Experience in the insurance industry
  • Strong understanding of accounting principles, financial reporting, and collections processes.
  • Excellent analytical skills with the ability to interpret financial data and make informed decisions.
  • Proficient in accounting software and Microsoft Office Suite, particularly Excel.
  • Strong communication, negotiation, and interpersonal skills.
  • Ability to work independently in a fast-paced, start-up environment.
  • Detail-oriented with strong organizational and time management skills.
Responsibilities
  • Oversee and manage the entire accounts receivable process, ensuring timely and accurate invoicing, payment application, and collection of outstanding balances.
  • Monitor accounts to identify and resolve discrepancies, delinquent accounts, and uncollectible balances.
  • Develop and implement strategies to reduce Days Sales Outstanding (DSO) and improve cash flow.
  • Build and maintain strong relationships with agency partners to ensure smooth communication and prompt payment of invoices.
  • Address client inquiries and disputes in a professional and timely manner, working to resolve issues while maintaining positive relationships.
  • Review monthly reconciliations of accounts receivable sub-ledger to the general ledger, ensuring accuracy and completeness.
  • Prepare and post journal entries related to accounts receivable, including adjustments for bad debt, credit memos, and revenue recognition.
  • Assist in the preparation of month-end financial statements by providing accurate and timely accounts receivable data.
  • Lead and mentor a small team of accounts receivable specialists, providing guidance, training, and support to ensure team success.
  • Establish clear goals and performance metrics for the team, conducting regular performance evaluations.
  • Prepare and present regular reports on accounts receivable performance, including ageing reports, cash flow forecasts, and collection metrics.
  • Analyze data to identify trends, risks, and opportunities for improvement in the accounts receivable process.
  • Manage Carrier Reporting Process, including reconciling premiums with Data Feed/bordereau reports.
  • Ensure compliance with company policies, industry regulations, and accounting standards.
  • Collaborate with the finance and legal teams to mitigate risks related to credit and collections.
  • Identify and implement process improvements to enhance the efficiency and effectiveness of the accounts receivable function.
  • Leverage technology and automation tools to streamline processes and reduce manual work.

Fairmatic offers auto insurance solutions tailored for fleet businesses, such as construction and logistics companies, using data and artificial intelligence to enhance operations and reduce costs. Their fleet dashboard provides features like safety tips and digital incident reporting, promoting proactive risk management. Unlike traditional insurance models, Fairmatic's performance-priced insurance allows fleets to lower their premiums monthly based on their performance. The company aims to improve the insurance experience for fleets and brokers, ensuring quick recovery after incidents.

Company Stage

Series B

Total Funding

$85.6M

Headquarters

San Francisco, California

Founded

2019

Growth & Insights
Headcount

6 month growth

4%

1 year growth

18%

2 year growth

86%
Simplify Jobs

Simplify's Take

What believers are saying

  • Fairmatic raised $46 million to enhance AI innovation in auto insurance.
  • Integration with telematics providers boosts data accuracy for fleet management.
  • Growing demand for digital transformation aligns with Fairmatic's AI solutions.

What critics are saying

  • Increased competition from similar insurtech companies may erode market share.
  • Rapid AI advancements require costly updates to Fairmatic's platform.
  • Potential regulatory scrutiny on AI-driven models could impact operations.

What makes Fairmatic unique

  • Fairmatic offers performance-priced auto insurance, allowing monthly premium adjustments.
  • The company uses AI and telematics data for proactive risk management.
  • Fairmatic provides a seamless claims management service to expedite fleet recovery.

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