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Credit Controller Job Description – Updated

Credit Controller Job Description – Updated

The position of a Credit Controller is crucial in managing the credit and financial risk of a company. Credit Controllers are primarily responsible for overseeing the collection of customer accounts in a manner that ensures high customer satisfaction and loyalty. They play a vital role in the finance and accounts department of any business, maintaining the financial health of a firm by ensuring it minimizes bad debt and improves cash flows while adhering to company policies and legal requirements.

What Does a Credit Controller Do?

The core responsibilities of a Credit Controller include managing debt recovery, which means they have to ensure that payments owed to the company are received timely and efficiently. A thorough review and monitoring of debtor balances to ensure compliance with agreed payment terms is a significant part of their day-to-day activities. Moreover, a Credit Controller liaises between customers, finance teams, and sales departments to ensure all teams are updated about financial account statuses.

Key responsibilities:

  • Monitoring debtor balances to ensure a reduction in debtors DSO (Days Sales Outstanding).
  • Implementing credit control procedures to ensure timely payments from the clientele.
  • Handling disputed bills and negotiating to bring payments within the agreed terms.
  • In-depth credit assessments to evaluate customer financial viability and creditworthiness.
  • Maintaining contact with clients to ensure invoices are clear for payment.
  • Resolving queries both internally and externally around outstanding invoices.
  • Providing administrative support to the finance team.
  • Posting and allocating daily receipts to accounting systems.

How to Write a Job Description for a Credit Controller

Writing an effective job description for a Credit Controller requires a clear understanding of the role’s responsibilities and the specific needs of your company. Here are some key components to include:

  • Job Title: Make sure the job title is specific and reflects the responsibilities of the role.
  • Job Purpose: Provide a brief summary of what the job entails and its importance in the company’s financial health.
  • Duties and Responsibilities: List all the tasks expected to be performed by the Credit Controller.
  • Skills and Qualifications: Specify the educational background, certifications (if any), and skills needed for the role.
  • Work Environment: Describe the type of environment in which the job will be done, such as an office setting, and any physical demands of the job.
  • Salary Range and Benefits: Give an overview of the salary range and benefits that come with the position.

Additionally, providing details about the team structure and reporting hierarchy can help candidates understand their potential place within the organization.

Credit Controller Job Description Template Example

Job Title: Credit Controller

Job Purpose: To manage and ensure efficient collection of revenues for the company by minimizing outstanding debts and handling overdue debts effectively.

Key Responsibilities:

  • Assess and monitor credit limits of new and existing customers.
  • Plan and implement collection policies and procedures.
  • Regularly engage with customers via calls and emails to ensure the timely collection of payments.
  • Prepare reports on debtor and invoice statuses.
  • Maintain accurate records of all chasing activity.
  • Ensure credit and collection policiesand procedures are followed within your team.

Required Skills and Qualifications:

  • Bachelor’s degree in Finance, Accounting or related field.
  • Proven experience as a Credit Controller, Collection Manager or similar role.
  • Strong understanding of lending procedures and customer service practices.
  • Excellent communication and negotiation skills.
  • Ability to work independently and prioritize tasks.

Salary and Benefits: Competitive salary package plus benefits including healthcare, pension, and opportunities for professional development.

The job description example provided here can serve as a foundational tool that can be tailored to fit specific needs and requirements of any company seeking to hire a Credit Controller. This role is integral for maintaining the financial viability of a company by minimizing credit risk and ensuring profits through optimal collection practices.