Key Achievements:
- Implemented proactive credit control strategies, reducing overdue debt by 30% within a year.
- Streamlined credit approval and monitoring processes, improving efficiency and reducing bad debt exposure.
- Negotiated payment plans and recovery strategies, successfully recovering £250,000 in outstanding payments.
- Introduced automated reporting and dashboards, saving the team 15+ hours per week.
- Developed a risk assessment framework, improving credit decisions and reducing write-offs by 20%.
Duties & Responsibilities:
- Manage the credit control function, ensuring timely collection of accounts receivable.
- Oversee credit risk assessment and approval for new and existing customers.
- Monitor aged debt and implement strategies to minimise overdue accounts.
- Develop and maintain credit policies, procedures, and internal controls.
- Lead a team of credit controllers, providing training, guidance, and performance management.
- Prepare credit reports, KPIs, and dashboards for senior management.
- Collaborate with sales, finance, and operations teams to resolve disputes and billing issues.
- Approve payment arrangements, discounts, and credit terms as appropriate.
- Conduct periodic reviews of customer accounts to assess creditworthiness and risk exposure.
- Participate in month-end and year-end closing processes related to receivables.
- Liaise with auditors and provide schedules and documentation for audits.
- Implement process improvements and automation initiatives to enhance credit control efficiency.
- Forecast cash flow and manage working capital related to customer collections.
- Ensure compliance with statutory, regulatory, and corporate financial policies.
- Provide guidance on complex credit issues and escalations.
- Maintain accurate records and documentation for audit and compliance purposes.
- Analyse trends in receivables, overdue accounts, and recovery rates, providing recommendations to management.
- Uphold confidentiality, professionalism, and ethical standards in all credit management activities.
- Support the finance team in strategic planning and risk management related to receivables.
- Contribute to continuous improvement initiatives across credit control and finance functions.
What does a Credit Manager do?
A Credit Manager oversees an organisation's credit control function, ensuring customer credit risk is managed effectively while maintaining healthy cash flow. They develop credit policies, supervise collections teams and help minimise bad debt.
What qualifications do you need to become a Credit Manager?
Most employers look for significant credit control experience alongside leadership skills. Qualifications in accounting, finance or credit management are also highly valued.
What skills are important for a Credit Manager?
Credit Managers require excellent communication, negotiation and analytical skills. Strong leadership, commercial awareness and the ability to manage customer relationships are equally important.
What are the responsibilities of a Credit Manager?
Responsibilities include setting credit policies, reviewing customer credit limits, managing collections teams, monitoring aged debt, reducing financial risk and improving cash collection performance.
What career progression is available for a Credit Manager?
Credit Managers commonly progress into Head of Credit, Shared Services Manager, Financial Controller or Finance Director positions.