Credit and Collection Officer Job Description
Credit and Collection Officer Job Profile and Description
Purchases made on credit such as those involving 30-60-90 day payment receivables are standard and accepted practice in wholesale merchandising and the service sector. Freight forwarding services allow this for their shippers as well. The aging of payment receivables are closely monitored by a trained Credit and Collection Officer who is responsible for following up on the payments as they fall due to ensure that receivables are monetized. They are also tasked to implement the approved credit terms to its frequent clients with favorable terms on top of regular terms.
Credit and Collection Officer Duties and Responsibilities
- Observe work shift hours to ensure optimum productivity
- Coordinate with Accounts Receivables to update the corporate accounts receivables journal entries reflecting payments credited to sales receivables.
- Monitor payment receivables aging and provide clients with invoice reminders as the due date of payments fall due.
- Coordinate with invoicing clerks to ensure that the list of clients for invoicing is updated and accurate before releasing the bills.
- Issue collection notices for sales credits that are past due dates and compute the application of late payment surcharges unless waived by management.
- Maintain good relations with 3rd party collection agencies.
Credit and Collection Officer Skills and Specifications
- Must have excellent communication, diplomatic, negotiation and interpersonal skills to deal with creditors and bank executives
- Must exhibit strong organizational, analytical and problem solving skills with multitasking abilities
Credit and Collection Officer Education and Qualifications
- A BS degree in accountancy and a CPA is basic
- A Master’s degree in accountancy is preferred.
- 5-8 years of experience in managing corporate debts and collateralized assets is an advantage
Credit and Collection Officer Salary
The annual salary of a Debt Management Director ranges from about $60,500 to a high of $87,700 depending on the size and volume of debt exposures of the company and the nature of its industry.