Credit Manager Job Description
Job summary 1
The Credit Manager along with the Sales Manager is the second in charge at the individual branch location. The Credit Manager performs a wide variety of job functions under the direction of General Manager, assisting and coordinating store activities to ensure safe, professional, and profitable operations. The Credit Manager is accountable for meeting company objectives; maintaining company quality standards and adhering to company policies.
Duties & Responsibilities 1
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Requirements & Skills 1
Job summary 2
The Credit Manager works directly with and mentors the Director of Credit and the Director of Risk to oversee credit risk monitoring, new customer investigations, and collection efforts across various industries. This role will be heavily focused in the near term on the use of reporting and systems to drive efficiencies across the credit and collections process.
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Job summary 3
The Credit Manager manages the operation of the Credit & Collections Department in the achievement of corporate accounts receivable, sales, and margin goals.
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Job summary 4
The Credit Manager will lead a small team of employees responsible for establishing and implementing best practices related to customer credit and collections processes.
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Job summary 5
The Credit Manager is responsible to supervise accounts receivables, credit, and collections team in all aspects of the credit function from initial account setup, application, and policy direction, to account maintenance and collection process.
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Job summary 6
The Credit Manager is accountable for approving new accounts; assisting and/or coordinating financial requirements on both domestic and international sales; analyzing financials; resolving customer disputes; and working with the account managers to review customer credit limits and to obtain payments on accounts receivables to ensure the integrity of the account receivables.
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Job summary 7
The Credit Manager maintains proper credit procedures in the hotel by local and corporate policies and procedures. Controls and monitors prompt and accurate billing and collection of all accounts receivable items to maintain the lowest possible outstanding accounts at all times.
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Job summary 8
Under the general direction of the Director - Corporate Credit, the Credit Manager manages credit and collections by establishing policies and procedures for the Company. Provides the various businesses with full credit support within the parameters of prudent risk exposure, profitability, and acceptable accounts receivable turnover rates. Manages a group of accounts, a team of regional collectors, and other staff as required.
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Job summary 9
The Credit Manager will be a vital part of the Accounting team. S/he will be responsible for oversight of Customer records, including but not limited to, credit and term decisions, account monitoring, and collections. Reports to the Company Controller.
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Job summary 10
As a Credit Manager you will perform complete loan underwriting analysis and documentation suitable for obtaining a credit decision.
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Frequently asked questions
What are 10 things credit managers do?
Credit Managers play a critical role in managing the credit process and policies within a financial institution or a business that offers credit to its customers. Their responsibilities typically include the following:
Evaluating Creditworthiness: They assess the creditworthiness of potential clients or customers using credit scoring systems and other financial information.
Approving or Denying Credit Applications: Based on their evaluations, they decide whether to approve or deny credit applications.
Setting Credit Limits: They determine the amount of credit to extend to approved customers, taking into consideration the customer's creditworthiness and the company's risk tolerance.
Setting Credit Policies: They establish and update the organization's credit policies and procedures, ensuring they comply with regulations and meet the company's strategic goals.
Managing Credit Risk: They continuously monitor and manage the level of credit risk the company takes on. This might include adjusting credit policies, credit limits, or collection strategies as needed.
Overseeing Debt Collections: They oversee the process of collecting payments from customers who have outstanding debts. This often involves coordinating with a collections department or outside agencies.
Negotiating with Customers: In cases where customers are struggling to make payments, they may negotiate new payment plans or other arrangements.
Preparing Reports: They regularly prepare and present reports detailing the status of credit accounts, levels of outstanding debt, and other key credit-related metrics.
Training Staff: They train staff in credit procedures and policies, and may supervise a team of credit analysts or other credit-related personnel.
Liaising with Other Departments: They often work closely with sales, customer service, and finance departments to ensure a balanced approach between sales growth and financial risk.
In their role, Credit Managers must balance the company's need to boost sales and grow revenue against the risk of extending credit to customers who may not repay their debts. This requires a deep understanding of finance and risk management, as well as strong analytical, decision-making, and interpersonal skills.
What are credit manager skills?
Credit Managers require a range of technical and soft skills to manage their duties effectively. These skills can include:
Analytical Skills: Credit managers need to be able to analyze complex financial data to evaluate the creditworthiness of individuals or businesses. This includes understanding credit reports, balance sheets, cash flow statements, and other financial documents.
Decision-making Skills: They must make important decisions regarding the approval or denial of credit applications, the setting of credit limits, and the determination of credit terms. This requires a good judgment and the ability to make sound decisions.
Attention to Detail: They need to be detail-oriented to spot discrepancies or potential issues in credit applications and financial reports.
Risk Assessment: An understanding of risk management principles and the ability to assess and manage credit risk is essential.
Negotiation Skills: In situations where clients are struggling to meet payment schedules, credit managers may need to negotiate payment plans or other arrangements.
Communication Skills: They must be able to communicate effectively with clients, colleagues, and senior management. This includes the ability to explain complex financial information clearly and concisely.
Leadership and Management Skills: If they manage a team, they need strong leadership skills to motivate and guide their team members. This also includes conflict resolution and performance management.
Organizational Skills: They need to manage multiple accounts and tasks simultaneously, which requires good time management and organizational skills.
Knowledge of Financial Regulations: They should have a good understanding of relevant financial regulations and compliance standards related to credit management.
Technical Skills: Familiarity with financial software, databases, and spreadsheets is typically required. They should also be comfortable using credit scoring systems and other tools used in credit analysis.
A background in finance, business, or a related field is typically required for this role, along with several years of experience in credit or financial analysis. Certain roles may also require professional certifications, such as the Certified Credit Professional (CCP) designation.
