The Collections Manager is responsible for overseeing the organization's debt collection process, ensuring timely recovery of outstanding payments while maintaining positive customer relationships. This role involves managing the collections team, developing collection strategies, monitoring performance, reducing delinquency rates, and ensuring compliance with company policies and applicable regulations.
Key Responsibilities
- Manage and lead the collections team to achieve monthly and annual recovery targets.
- Develop and implement effective collection strategies and policies.
- Monitor overdue accounts and prioritize collection activities.
- Review aging reports and analyze collection performance.
- Negotiate payment plans and settlements with customers when appropriate.
- Ensure compliance with legal, regulatory, and company collection policies.
- Handle escalated customer disputes related to outstanding payments.
- Prepare and present collection reports and key performance metrics to management.
- Coordinate with Finance, Sales, and Customer Service teams to resolve billing issues.
- Train, mentor, and evaluate collection staff to improve productivity and customer service.
- Identify opportunities to improve collection processes and reduce bad debt.
Qualifications
- Bachelor's degree in Finance, Accounting, Business Administration, or a related field.
- 37 years of experience in collections, credit management, or accounts receivable, including supervisory experience.
- Robust knowledge of collection practices, financial regulations, and credit policies.
- Proficiency in Microsoft Excel and ERP/CRM systems.
- Excellent negotiation, communication, and leadership skills.
- Strong analytical and problem-solving abilities.
Preferred Skills
- Team leadership and people management.
- Financial analysis and reporting.
- Negotiation and conflict resolution.
- Time management and organizational skills.
- Attention to detail and accuracy.
- Decision-making under pressure.
Key Performance Indicators (KPIs)
- Collection rate and recovery percentage.
- Days Sales Outstanding (DSO).
- Delinquency and bad debt reduction.
- Team productivity and target achievement.
- Customer dispute resolution time.
- Compliance with collection policies and regulations.