Credit and Collections Supervisor, LATITUDE, Annapolis, MD
LATITUDE -
Annapolis, MD,
US
Credit and Collections Supervisor
Date Posted: 2024-06-01
Job description
Position Title: Credit and Collections Supervisor
Overview: The Credit and Collections Supervisor oversees the credit and collections processes within the finance department, ensuring that credit policies are followed, payments are collected promptly, and bad debts are minimized. They lead a team responsible for assessing creditworthiness, managing customer accounts, and optimizing cash flow.
Key Responsibilities:
Credit Management:
Develop and implement credit policies and procedures in line with company objectives and industry best practices.
Evaluate customer credit applications, analyzing financial data and credit reports to determine creditworthiness.
Set credit limits and terms for new and existing customers based on risk assessment.
Monitor customer credit accounts, reviewing credit limits periodically and adjusting as necessary.
Coordinate with sales and account management teams to resolve credit-related issues and ensure timely order processing.
Collections Management:
Oversee the collections process, ensuring timely and effective collection of outstanding debts.
Monitor aging reports and prioritize collection efforts based on the age and amount of outstanding invoices.
Contact customers to resolve overdue accounts, negotiate payment plans, and address disputes or discrepancies.
Escalate unresolved issues to higher management and recommend actions for further collection efforts.
Team Leadership:
Lead and motivate a team of credit analysts, collectors, and support staff.
Provide guidance, training, and performance feedback to team members to optimize productivity and effectiveness.
Foster a positive work environment that encourages collaboration, accountability, and continuous improvement.
Reporting and Analysis:
Prepare regular reports on credit and collections performance, including aging analysis, cash flow projections, and bad debt reserves.
Conduct analysis to identify trends, assess risk, and recommend strategies for improving collection rates and reducing bad debts.
Present findings and recommendations to management, supporting decision-making processes related to credit and collections policies.
Relationship Management:
Build and maintain strong relationships with internal stakeholders, including sales, finance, and customer service teams.
Collaborate with external stakeholders, such as credit bureaus, collection agencies, and legal counsel, as needed to support credit and collections activities.
Serve as a point of contact for customers regarding credit inquiries, disputes, and account reconciliation.
Qualifications:
Bachelor's degree in Finance, Accounting, Business Administration, or related field.
Proven experience (typically 3-5 years) in credit and collections management, preferably in a supervisory role.
Strong understanding of financial analysis, credit risk assessment, and collections strategies.
Excellent communication and negotiation skills, with the ability to interact effectively with internal and external stakeholders.
Proficiency in using credit management software, ERP systems, and Microsoft Office applications.
Leadership qualities, including the ability to inspire and motivate team members, drive results, and foster a collaborative work environment.
Detail-oriented, with strong analytical and problem-solving skills.
$70,000 - $85,000 a year
Overview: The Credit and Collections Supervisor oversees the credit and collections processes within the finance department, ensuring that credit policies are followed, payments are collected promptly, and bad debts are minimized. They lead a team responsible for assessing creditworthiness, managing customer accounts, and optimizing cash flow.
Key Responsibilities:
Credit Management:
Develop and implement credit policies and procedures in line with company objectives and industry best practices.
Evaluate customer credit applications, analyzing financial data and credit reports to determine creditworthiness.
Set credit limits and terms for new and existing customers based on risk assessment.
Monitor customer credit accounts, reviewing credit limits periodically and adjusting as necessary.
Coordinate with sales and account management teams to resolve credit-related issues and ensure timely order processing.
Collections Management:
Oversee the collections process, ensuring timely and effective collection of outstanding debts.
Monitor aging reports and prioritize collection efforts based on the age and amount of outstanding invoices.
Contact customers to resolve overdue accounts, negotiate payment plans, and address disputes or discrepancies.
Escalate unresolved issues to higher management and recommend actions for further collection efforts.
Team Leadership:
Lead and motivate a team of credit analysts, collectors, and support staff.
Provide guidance, training, and performance feedback to team members to optimize productivity and effectiveness.
Foster a positive work environment that encourages collaboration, accountability, and continuous improvement.
Reporting and Analysis:
Prepare regular reports on credit and collections performance, including aging analysis, cash flow projections, and bad debt reserves.
Conduct analysis to identify trends, assess risk, and recommend strategies for improving collection rates and reducing bad debts.
Present findings and recommendations to management, supporting decision-making processes related to credit and collections policies.
Relationship Management:
Build and maintain strong relationships with internal stakeholders, including sales, finance, and customer service teams.
Collaborate with external stakeholders, such as credit bureaus, collection agencies, and legal counsel, as needed to support credit and collections activities.
Serve as a point of contact for customers regarding credit inquiries, disputes, and account reconciliation.
Qualifications:
Bachelor's degree in Finance, Accounting, Business Administration, or related field.
Proven experience (typically 3-5 years) in credit and collections management, preferably in a supervisory role.
Strong understanding of financial analysis, credit risk assessment, and collections strategies.
Excellent communication and negotiation skills, with the ability to interact effectively with internal and external stakeholders.
Proficiency in using credit management software, ERP systems, and Microsoft Office applications.
Leadership qualities, including the ability to inspire and motivate team members, drive results, and foster a collaborative work environment.
Detail-oriented, with strong analytical and problem-solving skills.
$70,000 - $85,000 a year