Collection Manager

Key Responsibilities:

• Collection Management:
• Oversee the collection of due and overdue payments by contacting each customer through emails, calls, and visits, as per the ageing report and outstanding statements.
• Update customer remarks in the collection tracker for ongoing follow-ups and ensure accuracy of payment status.
• Weekly Aging Preparation:
• Prepare and review weekly ageing reports to ensure all outstanding balances sent to customers are accurate and up-to-date.
• Monitor and ensure prompt collection of debtor accounts, minimizing bad debts and maintaining healthy cash flow.
• Debt Collection Strategy:
• Drive efforts to maintain optimal Days Sales Outstanding (DSO) and reduce overdue customers, overdue days, and overdue amounts.
• Develop strategies to escalate overdue collections to sales, marketing teams, and management for faster resolution.
• Team Management & Leadership:
• Lead, manage, and supervise a team of Credit Controllers, ensuring the team is performing effectively in meeting collection targets.
• Motivate and coach team members to improve performance, ensuring consistency in their approach to collections.
• Customer Communication & Support:
• Ensure customers receive their invoices on time via courier or along with materials for timely receipt of payments.
• Address any customer queries related to invoices and work towards quick resolution to avoid delays in payments.
• Reconciliation & Query Resolution:
• Perform periodic reconciliation of debtor accounts, addressing discrepancies and resolving queries regarding receipts of payments.
• Collaborate with the finance team for the processing of debit and credit notes where necessary.
• Insurance & Payment Monitoring:
• Coordinate with insurance companies for customers who fail to make payment within 60 days from the due date.
• Ensure no new invoices are raised for customers with overdue amounts exceeding 60 days.
• Once overdue payments are received, notify the insurance team for reinstatement of business with that customer.
• Legal & Compliance:
• Provide necessary documentation to the legal team when preparing cases for non-payment or outstanding amounts.
• Reporting & Analysis:
• Set and track monthly collection targets, reporting the performance against these targets to management.
• Submit timely ageing and sales reports to insurance companies for analysis and decision-making.
• Process Improvement:
• Continuously evaluate and enhance collection processes to optimize efficiency, reduce overdue amounts, and improve team performance.

Skills & Qualifications:

• Strong experience in accounts receivable, credit control, and debt collection management.
• Proven leadership skills with experience managing and motivating teams.
• Excellent communication skills for effective interaction with customers, insurance companies, and internal teams.
• Strong analytical skills for preparing reports, managing ageing reports, and tracking overdue accounts.
• Ability to handle complex situations, resolve payment disputes, and maintain excellent customer relationships.
• Familiarity with legal procedures related to debt recovery.