About the position
The Director of Credit & Collections will be responsible for directing all credit, collections, and cash application functions for the company. This role involves leading, managing, developing, and training a team of credit, collections, and cash application professionals. The Director will continually assess the team and processes, designing and implementing process improvements to enhance cash flow and minimize outstanding receivables. Additionally, the Director will oversee the establishment and review of appropriate customer credit lines, negotiate and communicate with Sales regarding credit decisions, and interpret customer financial information to determine credit worthiness. The position requires monitoring cash receipts, negotiating payment plans with customers, and evaluating accounts for potential referral to outside collections agencies. The Director will also provide analysis and feedback on collection issues arising from internal processes and work with other departments to resolve and collect payment for disputed charges.
Responsibilities
- Direct all credit, collections, and cash application functions for the company
- Lead, manage, develop, and train team of credit, collections & cash application professionals
- Continually assess team and processes; design and implement process improvements to improve cash flow and minimize outstanding receivables
- Oversee the establishment and review of appropriate customer credit lines
- Negotiate and communicate with Sales regarding credit decisions; recommend payment terms and credit limits to new and existing customers
- Interpret customer financial information to determine credit worthiness, advising them of payment terms and credit limits; periodically review and adjust credit limits as needed
- Monitor cash receipts and application of adjustments to customer accounts
- Negotiate with customers to arrange payment plans or to provide additionally required documentation in order to facilitate payment of outstanding receivables
- Evaluate accounts on an ongoing basis to determine subsequent actions up to and including referral of account to an outside collections' agency
- Provide analysis and feedback regarding the collection issues resulting from internal processes such as sales, pricing, billing, and other transactional processes
- Work within the company's credit policy, recommending changes as necessary to support sales growth and process improvement while limiting risk
- Work with other departments to resolve and collect payment for disputed charges
- Manage collection activities such as sending follow-up inquiries, negotiating with past due accounts, keeping track of cash receipts, and referring accounts to collection agencies
- Perform all other projects as directed by the Credit Manager
Requirements
- Bachelors' degree in Finance or related field
- 7-10 years' experience in a similar role
- Excellent verbal and written communication skills
- Effective leadership, delegation, and prioritization skills
- Exceptional analytical skills and knowledge of financial principles
- Keen attention to detail
- Ability to work in a fast-paced environment
