Job Description

About the role:

A Collections Specialist is responsible for managing and collecting outstanding accounts receivables, ensuring timely payments of company debts, and resolving any billing issues. This role requires excellent communication skills, attention to detail, and a proactive approach to problem-solving. The individual will strike a balance between maintaining trustful relationships and managing and ensuring collecting timely payments owed to the company for goods or services provided timely payments.

Our Collection Specialist should exhibit professionalism, trustworthiness and should have excellent communication and negotiation skills, as well as an ability to work independently.

KEY RESPONSIBILITIES

1. Account Management:

• Monitor accounts to identify outstanding debts.
• Under direction investigate outstanding invoices, make collection calls, negotiate payment terms, and processes liens for collections when necessary.
• Analyze information to assess the ability of debtors to pay. Find and contact clients to ask about their overdue payments.
• Verify discrepancies by and resolve clients billing issues.

2. Collections Activities:

• Process accounts and incoming payments in compliance with financial policies and procedures.
• Perform day to day financial transactions, including verifying, classifying, computing, posting and recording accounts receivables data.
• Contact clients to discuss their overdue payments.
• Negotiate payment plans and terms with customers and follow up on agreements and ensure timely payments.
• Take actions to encourage timely debt payments.
• Balance daily and month-end accounts receivable to general ledger balances to ensure that all payments are accounted for and properly posted.

3. Documentation and Reporting:

• Maintain accurate records of all collection activities.
• Prepare regular reports on the status of delinquent accounts and collection efforts.
• Update account information and customer interactions in the system.

4. Customer Service:

• Respond to customer inquiries and resolve billing disputes.
• Provide clients with statements and account summaries.
• Ensure a positive customer experience while collecting payments.

5. Compliance and Best Practices:

• Adhere to company policies and procedures regarding collections.
• Ensure compliance with federal and state regulations related to debt collection.
• Stay updated on industry trends and best practices in collections.

6. Collaboration:

• Work closely with different departments to reconcile accounts.
• Collaborate with the team to understand customer relationships and issues.
• Coordinate with POCs for accounts requiring further action.

SKILLS AND QUALIFICATIONS

Educational background required / desired:

• Bachelor's degree in Finance, Accounting or Business Administration Or equivalent to 1 to 3 years of AR/Billing Background

Work experience required / desired:

• Billing, Collections & Rebates Accounts Receivables Handled business to business collections

Years of experience required / desired:

• 1-3 years

Communications skills required / desired:

• Excellent in verbal and written communication

MS Office applications proficiency required / desired:

• Good

Other qualifications:

• At least 1 to3 years proven working experience as an Accounts, Billing or Collections Staff
• Solid understanding of basic bookkeeping and accounting principles
• Proven ability to calculate, post and manage accounting figures and financial records
• Hands-on experience with spreadsheets and proprietary software
• Ability to use accounting software and spreadsheets to record, track, and analyze financial data
• High degree of accuracy and attention to detail