Explore the critical requirements, core duties, primary responsibilities, and key skills that should be included in a comprehensive Collections Manager job description.
What does a Collections Manager do?
A collections manager is responsible for overseeing the financial collection department of a company. They ensure that clients are invoiced correctly and payments are received on time. They also monitor staff interactions with clients to ensure that collections are done according to company policies and regulations.
Job Description
We are seeking a collections manager to oversee staff and implement procedures to reduce the company's unpaid debt. This may involve negotiating payment extensions with clients or writing off debt to minimize potential loss of income.
To be successful in this role, you should have strong analytical and report writing skills. A successful collections manager should also have a thorough understanding of collection laws and constantly seek ways to improve the company's debt recovery.
Job Duties and Responsibilities
- Supervising staff and ensuring accurate and timely invoicing of customers.
- Setting payment collection goals and targets for the department.
- Creating and implementing a strategy to improve the collection of outstanding credit.
- Implementing collection policies and procedures to avoid excessive outstanding credit.
- Ensuring compliance with state and federal regulations regarding debt collection.
- Establishing deadlines for invoicing and payment collection.
- Negotiating with customers in case of nonpayment.
- Preparing monthly reports on payment collections.
- Staying updated on legislative and procedural training related to debt collection.
- Training and mentoring staff members in the collections department.
Requirements and Qualifications
- Bachelor's degree in finance, accounting, or a related field.
- 3-5 years of experience as a collections manager.
- Proficiency in accounting software like Quickbooks and General Ledger, and advanced knowledge of MS Excel.
- Ability to work accurately and independently.
- Strong verbal and written communication skills.
- Excellent analytical skills and attention to detail.
- Effective leadership and management skills.
- Strong time and people management abilities.
- Ability to work under strict deadlines.
Collections Manager Salary
The earning potential of a Collections Manager can vary significantly based on factors such as geographic location, industry, professional experience, educational background, and the specific employer. On average, the annual salary for an Collections Manager in the United States is approximately $113592.
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