Credit Controller

Job Specification: Credit Controller

Near Reading, UK
Position Type: Full-Time

About the Role

Do you have a keen eye for detail and a passion for finance? Are you energetic, motivated, and eager to contribute to a growing company? If so, we'd love to hear from you!

We are seeking a dedicated Credit Controller to manage the crucial credit and collections processes within our company. In this role, you will ensure timely payment of outstanding invoices and work to minimize credit risk, all while supporting our finance team. This position offers an excellent opportunity to work both independently and collaboratively, contributing to the financial health of our organisation.

Key Responsibilities

1. Monitor Ageing Reports: Regularly review ageing reports to identify overdue accounts and prioritize collection efforts based on payment terms and ageing categories.
2. Credit Assessment: Evaluate the creditworthiness of new and existing customers by analysing credit reports, financial statements, and payment histories to determine appropriate credit limits and terms.
3. Invoice Processing: Collaborate with the billing team to ensure accurate and timely invoicing, verifying details such as pricing, quantities, and payment terms.
4. Collection Strategy Development: Create and implement effective collection strategies tailored to different customer segments, considering factors like payment history and communication preferences.
5. Payment Reconciliation: Reconcile payments received with outstanding invoices to maintain accurate account balances and resolve discrepancies promptly.
6. Dispute Resolution: Investigate and resolve customer disputes and billing discrepancies, coordinating with sales, customer service, and operations to address root causes and prevent future issues.
7. Credit Risk Management: Monitor customer accounts for signs of financial distress and take proactive measures to mitigate credit risk, such as adjusting credit limits or recommending write-offs.
8. Customer Communication: Maintain regular communication with customers regarding outstanding balances, payment terms, and collection efforts, providing courteous reminders and escalation notices as needed.
9. Collections Documentation: Prepare and maintain accurate documentation of collection activities, customer interactions, payment agreements, and correspondence to support legal and audit requirements.
10. Performance Reporting: Generate and analyse collection performance reports and metrics to track progress against KPIs, identify trends, and recommend process improvements.

Key Performance Indicators (KPIs)

• Days Sales Outstanding (DSO): Maintain DSO within company targets through efficient collections management.
• Percentage of Overdue Invoices: Keep the percentage of overdue invoices below a set threshold.
• Cash Collection Targets: Meet or exceed monthly, quarterly, and annual cash collection goals.
• Customer Satisfaction: Ensure high levels of customer satisfaction by effectively resolving billing issues.
• Bad Debt Ratio: Minimise bad debt write-offs by managing credit risk effectively.
• Disputed Invoices: Resolve disputes promptly to minimise their impact on cash flow.
• Credit Limits: Regularly monitor and adjust credit limits to balance risk management with sales growth.
• Record Accuracy: Ensure accurate and up-to-date records of all collection activities and customer interactions.

Qualifications and Skills

• Experience: Proven experience as a Credit Controller or in a similar role.

• Knowledge: Strong understanding of credit and collections processes, with knowledge of relevant laws and regulations a plus.

• Skills:

• Excellent communication and negotiation abilities.

• Strong organizational skills with keen attention to detail.

• Proficiency in Microsoft Excel and accounting software.

• Ability to prioritise and manage multiple tasks effectively.

• Capable of working independently as well as part of a team.

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