Collection Manager job description
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What does a Collection Manager do?
The Collection Manager is crucial in managing the accounts receivable function, responsible for maintaining a healthy cash flow by ensuring timely collections. This role supports the company's financial performance by minimizing outstanding debts and fostering client relationships.
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What are the Key Responsibilities of Collection Manager
- Develop and implement collection strategies to meet cash collection targets.
- Monitor account receivables and identify overdue accounts.
- Negotiate payment plans with clients to recover outstanding amounts.
- Collaborate with the billing department to resolve discrepancies.
- Prepare regular reports on the status of collections and delinquencies.
- Train and oversee the performance of collection team members.
- Maintain compliance with financial regulations and policies.
- Address and resolve client complaints or disputes effectively.
What are the Skills and Requirements for a Collection Manager?
- Strong understanding of credit and collection processes.
- Excellent negotiation and communication skills.
- Proficient in using financial software and tools.
- Ability to analyze financial data and prepare reports.
- Detail-oriented with strong organizational skills.
- Experience in leading and training a team.
What are the KPIs to track for Collection Manager?
The Collection Manager's performance is measured by achieving set collection targets, reducing the company's aged receivables, and improving overall accounts receivable management through effective strategies and negotiation skills.
Collection Targets
Achieve or surpass monthly and quarterly collection goals.
Aged Receivables Reduction
Consistent decrease in the proportion of aged receivables.
Customer Relationship Management
Maintain and improve client relationships during collection processes.
Reports to
Finance Director
Collaborates with
Billing Department, Customer Service Team
Leads
Collection Specialists
Are any specific tools or software required for the Collection Manager role?
- Microsoft Excel
- QuickBooks
- SAP
- Oracle Financials
What is the qualification of Collection Manager?
Bachelor's degree in Finance, Accounting, or Business Administration, with 4-6 years of experience in collections or accounts receivable management.
