Senior Collection Executive

Overview

Experience-1-6 yrs

Role & responsibilities

Invoice and Payment Management

• Generate and send invoices to customers in a timely manner, ensuring accuracy in billing details (e.g., amounts, terms, and dates).
• Monitor and record incoming payments against open invoices.
• Ensure that payments are applied correctly to customer accounts.
• Handle customer payment queries and disputes, ensuring prompt resolution.

2. Accounts Receivable Reporting

• Maintain accurate records of all accounts receivable transactions, including aging reports and payment history.
• Prepare and present regular accounts receivable reports to management, highlighting overdue accounts and potential cash flow issues.
• Ensure that accounts are reconciled and discrepancies are addressed.

3. Customer Communication and Relationship Management

• Contact customers regarding overdue accounts, utilizing phone, email, or written communication.
• Develop and maintain positive relationships with clients to facilitate smooth payment collection.
• Negotiate payment terms and arrangements in line with company policies.

4. Credit Management

• Assess and monitor the creditworthiness of new and existing customers.
• Work with the credit department to establish appropriate credit limits and payment terms for customers.
• Flag high-risk customers and prioritize collection efforts accordingly.

5. Collection of Outstanding Payments

• Initiate and follow up on collection efforts for overdue accounts, aiming to reduce the number of bad debts.
• Coordinate with external collection agencies or legal teams when required.
• Ensure that accounts are managed effectively to minimize overdue payments.

6. O2C Process Management (Order to Cash)

• Oversee the full Order to Cash (O2C) process, ensuring a seamless transition from order entry to cash receipt.
• Collaborate with the sales and order management teams to ensure timely and accurate order processing.
• Ensure proper invoicing and payment terms are communicated to customers and executed in line with the sales contracts.
• Monitor and optimize cash flow within the O2C process by reducing delays and resolving bottlenecks.

7. Dispute and Issue Resolution

• Investigate and resolve any billing or payment issues in collaboration with internal departments (e.g., sales, customer service).
• Work to find amicable resolutions to disputes while protecting the companys financial interests.
• Record and report the nature of disputes and resolutions for future reference and process improvements.

8. Cash Application and Reconciliation

• Apply customer payments promptly to the appropriate accounts and invoices.
• Ensure all transactions are accurately recorded in the accounting system.
• Perform regular reconciliations of accounts receivable balances and ensure discrepancies are addressed.

9. Process Improvement and Compliance

• Identify opportunities to streamline and improve accounts receivable processes for better efficiency and quicker cash flow.
• Ensure compliance with company policies, industry regulations, and legal requirements related to collections and credit management.
• Stay updated with changes in payment technologies, accounting standards, and legal requirements to ensure best practices in receivables management.

10. Collaboration with Internal Teams

• Collaborate closely with the sales, finance, and customer service teams to resolve billing issues and improve payment processes.
• Assist the finance team in month-end and year-end closing activities by providing accurate receivable reports and payment data.

11. Performance Monitoring and KPIs

• Monitor key performance indicators (KPIs) such as Days Sales Outstanding (DSO), aging report status, and collection effectiveness.
• Report performance against targets to senior management, identifying areas for improvement.