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Position Description: Who We Are
NIP Group www.nipgroup.com is a rapidly growing insurance service provider of specialty programs for commercial insurance brokers and carriers providing underwriting, distribution, product management, administration, and risk management services primarily by acting as a managing underwriter (MGA) and a Reciprocal Services Manager (RSM).
Our culture is one that empowers and encourages employees to be innovative, collaborative, and forward-thinking. If you are interested in being a part of a growing, entrepreneurial spirited organization, wed love to hear from you!
About the Position
We are seeking a highly motivated and detail-oriented Accounts Receivable and Accounts Payable (AR/AP) Manager to join our team. The AR/AP Manager is responsible for the comprehensive oversight of the collections function across all business segments, ensuring timely collection of receivable balances, appropriate consideration of current expected credit losses, and adherence to Company policies and procedures.The AR/AP Manager is also responsible for comprehensive oversight of vendor payables across all business segments, ensuring appropriate approvals are obtained in advance of payment, appropriate coding in line with budget categories, timely processing of payments, 1099 coordination (including proactively obtaining W9s, timely filing of 1099s, clearing of B notices from the IRS, etc.), and escheatment of aged outstanding payments.
This role involves extensive collaboration with the Senior Management Team and cross-functional departments to optimize collections and payment processes. This is an exciting opportunity to work for a rapidly growing company that offers excellent career growth potential.
What Youll Do
We have an exciting opportunity for an Accounts Receivable and Accounts Payable Manager to join our team, responsibilities include:
Leadership and Team ManagementManage and direct accounts receivable/collections staff in daily tasks.
Manage and direct accounts payable staff in daily tasks.
Set objectives for the team aligned with the Finance departments goals.
Foster a collaborative team environment for efficient and accurate processes.
Proactively manage fulltime and outsourced resources, including business process organizations located outside of the United States who provide services to the company.
Billing and InvoicingOversee the accurate and timely generation of customer invoices.
Ensure billing processes comply with regulatory requirements and internal policies.
Monthly review and consideration of current expected credit losses in support of evaluation of need for allowance for doubtful accounts.
Vendor Payment Processing
Oversee the accumulation of vendor invoices and payables including identification of correct budget cost center, legal entity, and department for which the payable relates.Ensure vendor requests for payment are properly authorized and are coded properly within the general ledger.
Oversee the 1099 process including proactively obtaining W9s, validating TINs, compiling and reviewing 1099s for distribution prior to annual deadlines, clearing of exceptions (i.e., IRS Form B notices), and coordination of escheat process.
Manage issuance of payments (whether via check, ACH, or wire) ensuring payments are made timely and in accordance with contract requirements and company policies.
Collections ManagementDevelop and implement effective strategies for collections to minimize outstanding receivables.
Monitor and analyze aged receivables, implementing appropriate actions to address overdue accounts.
Escalate troubled accounts to leadership timely to allow for proactive, collaborative approach to resolving emerging issues in collections.
Proactively coordinate with premium audit department and outside premium auditors to ensure timely completion of audits for capture of premium adjustments.
ReconciliationConduct regular reconciliations of accounts receivable and accounts payable to ensure accuracy and completeness.
Investigate and resolve discrepancies, working closely with other departments as needed.
Oversee the implementation of monthly list of standard accruals with monthly reconciliation to actual to identify and address any needed true-ups.
Transaction Processing
Accurately process high-volume cash receipts, including credit card payments, lock box receipts sorting, and managing Wire, ACH, and Remote Check Deposits.Maintain strong relationships with outside vendors who assist in the processing of receivables and payables (e.g., Invoice Cloud).
Balance receipts and reconcile daily work batches to maintain an accurate audit trail.
MiscellaneousPerform other duties as assigned.
What Were Looking For
EducationBachelor of Science in accounting, finance or relevant field is preferred.
Experience
Minimum 5 years' experience in the insurance or financial services industry, with a focus on accounts receivable and/or accounts payable.Proficiency in using general ledger software, Microsoft Office suite, and other finance-related tools and software (Applied EPIC experience would be a plus).
CompetenciesExcellent analytical skills along with the ability to create and present detailed reports.
Robust Excel skills.
Team management and negotiation skills.
Problem-solving attitude.
Strong sense of urgency.
Knowledge of Applied EPIC a plus
What You'll Receive
At NIP Group, we recognize there are many factors that contribute to your overall satisfaction both at work, and in your personal life. For that reason, we provide a perfect mix of compensation, benefits, company culture, and resources to ensure your everyday happiness.Below are some benefits that youll receive.
Competitive compensation to reward you for your hard work every day.Progressive Paid-Time Off program for you to enjoy time out of the office, including time off for volunteering and life events.
Group Medical, Dental, Vision and Life insurance to encourage a healthy lifestyle.
Pretax Health and Dependent Care Spending Accounts to ease taxes on spending.
Discounts in retail and entertainment.