Sr. Collection Executive Job Description Template
The Sr. Collection Executive role involves managing and reducing the outstanding accounts receivable through effective collection strategies. The individual will oversee customer accounts, handle disputes, and work closely with other departments to reconcile customer transactions and ensure timely payments.
Responsibilities
- Manage and oversee the collection of outstanding accounts receivable.
- Implement effective collection strategies to ensure timely payments.
- Handle customer discrepancies and disputes professionally.
- Maintain accurate records of customer payment activities.
- Collaborate with other departments to reconcile account discrepancies.
- Review and analyze customer accounts to identify overdue balances.
- Prepare regular reports on collection activities and debt reduction.
- Assist in developing and updating credit policies and procedures.
- Build and maintain relationships with customers to facilitate smooth collections.
- Monitor and report on cash flow and key financial metrics.
Qualifications
- Bachelor's degree in Finance, Accounting, or related field.
- Minimum of 5 years experience in collections or accounts receivable.
- Strong understanding of financial principles and accounting practices.
- Excellent communication and negotiation skills.
- Detail-oriented with strong organizational skills.
- Ability to handle high-stress situations and manage time effectively.
- Proficient in using financial software and Microsoft Office Suite.
Skills
- Accounts receivable management
- Credit analysis
- Customer relationship management
- Negotiation
- Financial reporting
- Reconciliation
- Conflict resolution
- Microsoft Excel
- ERP software (e.g., SAP, Oracle)
Frequently Asked Questions
A Senior Collection Executive is responsible for managing and overseeing the collection of debts from customers. They liaise with clients to negotiate payment plans, track and manage outstanding balances, and work closely with the accounting department to ensure timely payments. Their role is essential in maintaining the financial health of a company by minimizing bad debt.
To become a Senior Collection Executive, individuals typically need a bachelor's degree in finance, accounting, or business administration. Additionally, gaining experience through roles in credit control, debt collection, or financial management is essential. Strong communication and negotiation skills are also crucial in progressing to a senior level in this field.
The average salary for a Senior Collection Executive varies depending on location, industry, and experience. This position typically offers competitive remuneration that may include base pay plus performance-based incentives. Companies may also provide benefits such as health insurance, retirement plans, and professional development opportunities.
A Senior Collection Executive typically requires a bachelor's degree in finance, accounting, or a related field. Relevant certifications in credit or collections management may enhance job prospects. Experience in debt recovery, financial analysis, and credit management is often required, alongside strong analytical and negotiation skills.
A Senior Collection Executive should possess exceptional communication, negotiation, and problem-solving skills. They are responsible for implementing debt recovery strategies, maintaining accurate records, and adhering to legal guidelines. Proficiency in financial software and a strong understanding of credit control practices are also vital for success in this role.