Credit manager job description
/A credit manager is responsible for the entire credit granting process. This includes the consistent application of a credit policy, periodic credit reviews of existing customers, and assessing the creditworthiness of potential customers. The credit manager’s goal is to optimize the mix of company sales and bad debt losses.
Principal Accountabilities - Management
Maintain a department organizational structure sufficient to meet all goals and objectives
Properly motivate the credit and collections staff
Measure department performance with appropriate metrics
Provide for ongoing training of the credit staff
Manage relations with collection agencies
Manage relations with credit reporting agencies
Manage relations with credit insurance providers
Manage relations with the sales department
Related AccountingTools Courses
Principal Accountabilities - Credit Operations
Maintain the credit policy. This policy may require revisions whenever economic conditions change, or when the financial situation of the company mandates a policy adjustments.
Recommend credit policy changes. The credit manager will present proposed credit policy changes to the chief financial officer and/or treasurer, which includes a financial analysis of the likely outcomes of these changes.
Update the credit scoring model. The credit manager will review the cost-effectiveness of the existing credit scoring model, and use benchmarking and other other analyses to determine whether it can be improved. The credit manager is responsible for all changes made.
Manage customer credit files
Monitor the credit granting and updating process
Accept or reject the staff's credit recommendations
Personally investigate the largest customer credit applications
Personally visit the largest customers to establish relations
Monitor periodic credit reviews
Monitor deductions being taken by customers
Manage the application of late fees
Manage the corporate financing program
Desired Qualifications
5+ years of credit experience. Bachelor's degree in business and experience with credit scoring systems preferred. Have a thorough knowledge of credit-related laws. Be willing to periodically travel to customer sites. Have considerable experience with customer negotiations.
Working Conditions
Works in a fast-paced office environment. Expected to travel to customer locations on short notice to conduct negotiations. Occasional overtime may be necessary.
Supervises
Credit analyst staff