Director of Credit and Collections

JOB TITLE:  Director Credit and Collections

TEAM MEMBER PERKS

Along with a competitive paycheck, you will also get to enjoy a full suite of benefits including:

• Sick Time - 5 days 
• Vacation Time - Earn up to 2-weeks on your first year of employment  
• Paid and Floating Holidays  
• Premium FREE Medical and Dental coverage options 
• Vision Insurance
• 401(k) with company matching 
• Life Insurance  
• Discounts on Tires and Wheels 
• Opportunity for advancement 

WE WANT TO HEAR FROM YOU IF YOU

• Pride yourself in providing excellent customer service
• Have proven time management mastery
• Have the ability to work independently and in a team
• Pride yourself on solving problems efficiently

GENERAL RESPONSIBILITIES:

Responsible for overseeing all aspects of the company's credit and collections operations; to include:

• Develop and implement effective credit policies, manage customer credit limits, and optimize the collections process to ensure timely and accurate collection of outstanding accounts receivable.
• Work closely with cross-functional teams, including Sales, Finance, and Customer Service, to enhance the company's credit and collections strategies.
• Provides ongoing training to Credit team.

ESSENTIAL RESPONSIBILITIES:

Credit Management:

• Develop and implement credit policies, procedures, and guidelines to evaluate and approve creditworthiness of new and existing customers.
• Assess credit risk for potential customers, review credit applications, and establish appropriate credit limits.
• Monitor credit exposures and review customer credit profiles regularly to ensure compliance with established credit policies.
• Collaborate with Sales and Customer Service teams to resolve credit-related issues and negotiate credit terms when necessary.
• Stay updated on industry trends and credit regulations to proactively manage credit risk.

Collections Management:

• Develop and execute effective collections strategies to improve cash flow and reduce overdue accounts.
• Implement efficient collections processes, including customer communication, payment reminders, and follow-up activities.
• Analyze aging reports, delinquent accounts, and customer payment history to identify collection priorities and strategies.
• Monitor collection activities and provide guidance to the collections team to ensure adherence to company policies and procedures.
• Develop and implement effective escalation strategies to address accounts that require additional attention. Providing insights and recommendations to senior management regarding collection strategies, and potential write-offs.
• Collaborate with Legal and external collection agencies when necessary to handle escalated collection cases.

Reporting and Analysis:

• Prepare regular reports and analysis on accounts receivable, credit risk, collection performance, and key metrics for senior management.
• Identify trends, patterns, and potential risks in customer payment behavior and provide actionable insights to improve collections efficiency.
• Monitor and analyze industry credit benchmarks and best practices to recommend process improvements.

Process Improvement:

• Continuously assess and improve credit and collection processes to enhance efficiency and effectiveness.
• Leverage technology and automation tools to streamline workflows and reduce manual tasks.

Team Leadership:

• Lead, coach, and develop credit and collections teams, fostering a high-performance culture.
• Set clear performance objectives, provide regular feedback, and conduct performance evaluations.
• Identify training needs and provide ongoing training and development opportunities to enhance team members' skills and knowledge.
• Foster collaboration and effective communication within the team and across departments.

Cross-functional Collaboration:

• Collaborate with Sales and Finance teams to establish effective credit terms, resolve disputes, and support sales initiatives while managing credit risk.
• Partner with Customer Service to address customer inquiries and provide guidance on credit-related matters.

REQUIRED QUALIFICATIONS AND SKILLS:

• Bachelor’s degree in Finance, Accounting, Business Administration, or a related field. A master’s degree is preferred.
• 8+ years’ experience in credit and collections field, preferably in a leadership role.
• In-depth knowledge of credit risk management, collections strategies, and credit-related regulations.
• Strong financial analysis skills with the ability to interpret complex financial data.
• Excellent communication and negotiation skills to effectively collaborate with internal stakeholders and external customers.
• Proven experience in developing and implementing credit policies, procedures, and guidelines.
• Proficiency in using financial systems and credit management software.
• Demonstrated leadership abilities, including managing a team and driving performance.