Credit and Collections Manager
Southington CT
Compensation: 90k-100k
Position manages 4 people*
Job Summary
The Credit Manager oversees is responsible for overseeing the credit approval process and the collection of outstanding accounts receivable. This role involves managing a team, developing credit policies, monitoring credit limits, and ensuring timely collections.
Responsibilities:
- Manages credit and collections staff.
- Trains and oversees employees involved in billing functions.
- Directs assigned tasks and provides assistance as needed.
- Conduct performance evaluations.
- Oversee the collections process to ensure timely and efficient recovery of outstanding receivables, develop and implement collection strategies to minimize bad debt and improve cash flow, coordinate with the sales and customer service teams to resolve any billing disputes or payment issues, and maintain accurate records of all collection’s activities and interactions with customers.
- Develop and implement credit policies and procedures, evaluate creditworthiness of potential customers through analysis of financial statements, credit reports, and other relevant data, approve or deny credit applications based on established criteria and risk assessment, and monitor and review existing customer credit limits, adjusting as necessary.
- Monitors and tracks high-value accounts identified as delinquent.
- Manage, train, and mentor the credit and collections team to achieve departmental goals, conduct performance reviews and provide feedback to team members, and foster a collaborative and positive work environment.
- Ensure compliance with all relevant regulations, company policies, and industry best practices. Identify and mitigate potential risks related to credit and collections. Recommends legal action for specific accounts and follows through as necessary.
- Prepare regular reports on credit and collections performance, including aging reports, bad debt analysis, and cash flow forecasts, and analyze trends and provide insights to senior management on credit risk and collections efficiency.
- Maintain strong relationships with key customers to facilitate smooth credit and collections processes, handle escalated customer issues, and negotiate payment plans or settlements as necessary.
- Refers large accounts to outside collection agency for further collection efforts as needed; assists with collections and legal actions pertaining to those accounts.
- Ensures the security and privacy of customer information and files.
- Performs other related duties as assigned.
Required Skills/Abilities:
- Excellent verbal and written communication skills.
- Understanding of state and federal laws pertaining to collection activities.
- Excellent organizational skills and attention to detail.
- Excellent leadership and persuasive skills.
- Ability to keep information confidential.
- Ability to exercise integrity and discretion.
- Ability to remain professional in confrontational conversations.
- Basic understanding of statistics and data analysis.
- Proficient in Microsoft Office Suite and related software programs.
- Prolonged periods sitting at a desk and working on a computer.
- Must be able to lift to 15 pounds at times.
Education and Experience:
- Associate’s degree in finance required, bachelor’s degree preferred.
- At least five years of experience in collection and credit work, with at least two years in a supervisory or managerial position.
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