What are the responsibilities and job description for the Cash Application Supervisor position at Loop?
About Loop
Loop is on a mission to unlock profits trapped in the supply chain and lower costs for consumers. Bad data and inefficient workflows create friction that limits working capital and raises costs for every supply chain stakeholder.
Loop's modern audit and pay platform uses our domain-driven AI to harness the complexity of supply chain data and documentation. We improve transportation spend visibility so companies can control their costs and power profit. That is why industry leaders like J.P. Morgan Chase, ABB, Tyson Foods, and Estee Lauder work with Loop.
Our investors include J.P. Morgan, Index Ventures, Founders Fund, 8VC, Flexport, and 50 industry-leading angel investors. Our team brings subject matter expertise from companies like Uber, Google, Flexport, Meta, Samsara, Intuit, Rakuten, and long-standing industry leaders like C.H. Robinson.
About the Role
The Cash Application Lead will, under general supervision from the Treasury Manger, develop and monitor accounting systems and procedures for custodial cash application and unapplied cash resolution. The Cash Application Lead will also participate in less complex general accounting projects and will be responsible for monitoring and directing custodial requests and Operations custodial requests.
Key Responsibilities
Loop is on a mission to unlock profits trapped in the supply chain and lower costs for consumers. Bad data and inefficient workflows create friction that limits working capital and raises costs for every supply chain stakeholder.
Loop's modern audit and pay platform uses our domain-driven AI to harness the complexity of supply chain data and documentation. We improve transportation spend visibility so companies can control their costs and power profit. That is why industry leaders like J.P. Morgan Chase, ABB, Tyson Foods, and Estee Lauder work with Loop.
Our investors include J.P. Morgan, Index Ventures, Founders Fund, 8VC, Flexport, and 50 industry-leading angel investors. Our team brings subject matter expertise from companies like Uber, Google, Flexport, Meta, Samsara, Intuit, Rakuten, and long-standing industry leaders like C.H. Robinson.
About the Role
The Cash Application Lead will, under general supervision from the Treasury Manger, develop and monitor accounting systems and procedures for custodial cash application and unapplied cash resolution. The Cash Application Lead will also participate in less complex general accounting projects and will be responsible for monitoring and directing custodial requests and Operations custodial requests.
Key Responsibilities
- Train and lead cash application team in funds application and best practices and train and assist in resolution of unapplied cash entries and reporting of unapplied cash. Train and assist cash application team in requests system and management of requests (follow up and escalation)
- Lead check processing/carrier refund processing team . Assist Treasury Manger with process improvement implementations, ordering check printing supplies as needed, and assist team in resolution of daily balancing issues or processing problems/errors.
- Monitor all custodial accounts for accuracy/completeness of cash applications. Review unapplied cash and funding issues logs and ensure client unapplied cash has a corresponding record/request in the system.
- Monitor request system, provide directions on requests, and ensure good communication between Operations, custodial team and payment processing.
- Interfaces with account coordinators, CRM's, customers, and carriers to ensure good communication, and accurate funding/release processes and ensure client special handling requests are fulfilled. Ensure custodial refunds include pertinent information (remittance detail) so client can identify and process custodial refunds in their payment system and that refunds are being properly directed to the client.
- Review and maintain ledgers of incoming freight funds and (manual) service fees – handle corrections and interface with Finance to insure accurate application of funds (per client remittance) to freight versus service fee.
- Create financial spreadsheets and/or complete research to support reconciliation of Client Trust Account when required.
- Assists in electronic payment set ups and verifies carrier bank instructions and carrier bank revisions and communicates to carrier database maintenance to process set ups/revisions.
- Assists in payment voids, reissues, and client refunds.
- Assists in the design and development of controls and procedures and assists in development of best practices within custodial department as custodial process evolves. Act as liaison between Operations and Accounting (Finance and custodial) to ensure corrections are processed timely and accurately/unapplied cash resolution is handled timely and accurately.
- Provides ideas and assists to lead process improvements within cash application and carrier refund processes
- Assists whole custodial accounting staff as required.
- All other duties assigned.
- 3-year general accounting or bookkeeping experience or administrative experience.
- Must demonstrate proficiency using common office applications.
- Must be able to ask questions and learn quickly.
- Must be self-motivated and able to prioritize own workload.
- Must be detail oriented and able to work in a fast-paced, multi-task environment.
- Must have excellent interpersonal, written, and verbal communication skills.
- Must be PC literate with proficient knowledge of MS Office Suites (Windows, Word, and Excel).
- Must be able to establish and meet goals and deadlines with minimal supervision.
- Premium Medical, Dental, and Vision Insurance plans, premiums covered 100% for you
- 401(k) with employer match
- Unlimited PTO
- Generous professional development budget to feed your curiosity
- Physical and Mental fitness subsidies for yoga, meditation, gym, etc
