Credit and Collection Lead
2 weeks ago
JOB OBJECTIVES / FUNCTIONS:
The Credit and Collection Lead is responsible for managing the company's credit and collection processes to ensure timely customer payments and minimize financial risk. This role involves evaluating customer creditworthiness, maintaining accurate records, following up on overdue accounts, and collaborating with both internal and external teams to resolve billing issues while maintaining positive client relationships. This role also aims:
✓ To lead and provide guidance, support and direction to ensure the Credit and Collection team's overall success.
✓ To ensure compliance with financial policies (credit management policies) including creation of new credit policies, procedures and regulatory requirements related to accounts receivable.
✓ To optimize cash flow, minimize bad debts, and ensure the timely collection and clean-up of accounts receivables.
DUTIES AND RESPONSIBILITIES:
Overall
• Supervise and support 3rd party by providing guidance and performance feedback base on Service Level Agreement (SLA).
• Identify opportunities to streamline and improve accounts receivable credit and collection processes, implementing best practices and automation where possible.
• Promote strong collaborative relationship with 3rd party provider and all other core internal teams, especially Sales, Logistics and Customer Service Group.
• Recognize and proactively communicate potential billing and collections issues/risks to Management and all relevant stakeholders.
• Support month-end closing activities related to accounts receivable.
Credit
• Review and assess customer credit applications, perform credit checks, and set appropriate credit limits and credit terms in line with company policies.
• Maintain accurate and up-to-date customer payment records and collection notes in the accounting system
• Evaluate creditworthiness of new and current customers, establish credit limit, and monitor credit terms of existing customers to minimize risk and ensure timely payment.
• Monitor and follow up Collaterals and Customer Contracts including ensuring customer's compliance to the AR related provisions.
• Ensure compliance with company credit policies and relevant financial regulations.
Collection
• Monitor customer accounts to ensure compliance with payment terms and identify potential credit risks
• Contact customers to follow up on overdue invoices through calls, emails, and written correspondence through the Sales team and 3P provider.
• Review and distribute Monthly AR Ageing to determine the collection analysis on risk and opportunities to address overdue accounts receivable.
• Investigate and resolve payment discrepancies or disputes in coordination with the 3rd party provider, sales, customer service, and billing teams.
• Take the lead on a monthly reconciliation meeting with internal departments to reconcile Customers accounts to ensure payments and credits are correctly applied and resolve any discrepancies or errors.
• Actively document and resolve customer issues including regular follow-through on promises to pay and customers payment issues.
• Timely issuance of demand or dunning letters to customers as applicable.
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