What does a credit and collection manager do?
A credit and collection manager is responsible for evaluating credit services and supervising the credit and collection team in reaching out to clients with outstanding debts and credit applications. Credit and collection managers oversee the cash flow systems and identify opportunities to minimize excessive loss and resolve credit disputes. They also determine a customer's eligibility for credit options by analyzing documents and financial status. A credit collection manager must have excellent communication and analytical skills to process receivables and perform credit reconciliations accurately and efficiently.
Credit and collection manager responsibilities
Here are examples of responsibilities from real credit and collection manager resumes:
- Partner with small and entrepreneurial business to develop business plans and assist business owners with achieving payroll.
- Download and printout Medicare explanation of benefits.
- Develop understanding of Medicaid eligibility and Medicare accounts.
- Develop timely/accurate DSO and cash reporting and forecasting techniques.
- Perform monthly DSO reports and information supplements for upper management.
- Integrate experimental ISR technologies to maximize intelligence collection and reduce work load on analysts and high demand low density collection assets.
- Follow up with customers to insure check and ACH payments are sent to the new bank account.
- Implement the process & procedure for the billing, collections, and applications of checks, wires & ACH.
- Facilitate resolution of dispute balances via research and/or reconciliations.
- Prepare account reconciliations, research for adjustments with backup support for payment application corrections.
- Decrease coding error rates and increase CPT code reimbursement by evaluating quality of coding and developing criteria and methods for improvement.
Credit and collection manager skills and personality traits
We calculated that 7% of Credit And Collection Managers are proficient in Credit Limits, Customer Service, and DSO. They’re also known for soft skills such as Analytical skills, Communication skills, and Detail oriented.
We break down the percentage of Credit And Collection Managers that have these skills listed on their resume here:
- Credit Limits, 7%
Minimized bad debt exposure by conducting recurring account reconciliations, close monitoring of credit limits and prompt resolutions to carrier disputes.
- Customer Service, 7%
Communicated with internal equipment schedulers, technical, training and customer service personnel to ensure customer satisfaction prior to funding.
- DSO, 5%
Developed and instituted a collection process reducing total average DSO 5 days year-over-year.
- Customer Accounts, 5%
Performed in-depth financial analysis of all global customer accounts as well continual analysis of each of our individual business groups.
- Delinquent Accounts, 4%
Approved or denied all customer loan applications also filed customer paperwork* Assisted tellers when needed* Collected on delinquent accounts
- Past Due Accounts, 4%
Collected past due accounts and authorized new accounts based on information provided by customers and financial institutions.
"credit limits," "customer service," and "dso" are among the most common skills that credit and collection managers use at work. You can find even more credit and collection manager responsibilities below, including:
Analytical skills. To carry out their duties, the most important skill for a credit and collection manager to have is analytical skills. Their role and responsibilities require that "to assist executives in making decisions, financial managers need to evaluate data and information that affects their organization." Credit and collection managers often use analytical skills in their day-to-day job, as shown by this real resume: "approved credit for all customer orders and performed credit analysis/approval for all potential new customers. "
Communication skills. Another essential skill to perform credit and collection manager duties is communication skills. Credit and collection managers responsibilities require that "financial managers must be able to explain and justify complex financial transactions." Credit and collection managers also use communication skills in their role according to a real resume snippet: "monitored client receivables and credit lines for communication with sales staff. "
Detail oriented. This is an important skill for credit and collection managers to perform their duties. For an example of how credit and collection manager responsibilities depend on this skill, consider that "in preparing and analyzing reports, such as balance sheets and income statements, financial managers must be precise and attentive to their work in order to avoid errors." This excerpt from a resume also shows how vital it is to everyday roles and responsibilities of a credit and collection manager: "establish and extend credit lines, and provide detailed review for accounts with hold over orders due to credit criteria. ".
Math skills. credit and collection manager responsibilities often require "math skills." The duties that rely on this skill are shown by the fact that "financial managers need strong skills in certain branches of mathematics, including algebra." This resume example shows what credit and collection managers do with math skills on a typical day: "monitored profit and loss and internal sales statistics as well as credit reports, minutes, and audits. "
Organizational skills. Another common skill required for credit and collection manager responsibilities is "organizational skills." This skill comes up in the duties of credit and collection managers all the time, as "because financial managers deal with a range of information and documents, they must have structures in place to be effective in their work." An excerpt from a real credit and collection manager resume shows how this skill is central to what a credit and collection manager does: "applied sharp organizational, analytical, and multi-tasking abilities while executing second-level review of delinquent accounts. "
The three companies that hire the most credit and collection managers are:
- Eversource Energy6 credit and collection managers jobs
- Robert Half4 credit and collection managers jobs
- Club Car3 credit and collection managers jobs
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Compare different credit and collection managers
Credit and collection manager vs. Manager/finance accounting
A manager of finance accounting's role is to oversee the financial activities in a company or organization. Their responsibilities revolve around coordinating with other departments to gather financial data, analyze the revenues and expenditures, and develop written reports and presentations. A manager of finance accounting must also maintain accurate financial records, identify any errors or inconsistencies, and perform support tasks for staff when necessary. Furthermore, as a manager, it is essential to lead and encourage the team, all while implementing the company's policies and regulations.
These skill sets are where the common ground ends though. The responsibilities of a credit and collection manager are more likely to require skills like "credit limits," "dso," "customer accounts," and "delinquent accounts." On the other hand, a job as a manager/finance accounting requires skills like "cpa," "gaap," "internal controls," and "due diligence." As you can see, what employees do in each career varies considerably.
Managers/finance accounting earn the highest salaries when working in the government industry, with an average yearly salary of $92,198. On the other hand, credit and collection managers are paid more in the technology industry with an average salary of $77,448.The education levels that managers/finance accounting earn slightly differ from credit and collection managers. In particular, managers/finance accounting are 10.7% more likely to graduate with a Master's Degree than a credit and collection manager. Additionally, they're 0.2% less likely to earn a Doctoral Degree.Credit and collection manager vs. Tax manager
A Tax Manager is responsible for managing tax reporting and compliance within an organization. They provide innovative tax planning and prepare state and federal tax returns for companies.
While some skills are similar in these professions, other skills aren't so similar. For example, resumes show us that credit and collection manager responsibilities requires skills like "credit limits," "customer service," "dso," and "customer accounts." But a tax manager might use other skills in their typical duties, such as, "cpa," "client relationships," "tax planning," and "tax compliance."
Tax managers earn a higher average salary than credit and collection managers. But tax managers earn the highest pay in the finance industry, with an average salary of $96,231. Additionally, credit and collection managers earn the highest salaries in the technology with average pay of $77,448 annually.Average education levels between the two professions vary. Tax managers tend to reach higher levels of education than credit and collection managers. In fact, they're 14.3% more likely to graduate with a Master's Degree and 0.2% more likely to earn a Doctoral Degree.Credit and collection manager vs. Finance manager
A finance manager is responsible for monitoring the financial system of a company. Their tasks include handling their organization's financial status, generating cost estimates and budget goals, identifying business opportunities to increase revenues and profitability, improving financial strategies, reducing costs, analyzing account statements, processing invoice as needed, analyzing market trends, searching potential partnerships, and presenting reports. A finance manager must have excellent analytical skills and knowledge of the accounting and financial industry. They are responsible for providing the best recommendations for the organization's growth.
There are many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, a credit and collection manager is likely to be skilled in "credit limits," "dso," "customer accounts," and "delinquent accounts," while a typical finance manager is skilled in "financial analysis," "cpa," "hyperion," and "financial models."
Finance managers earn the highest salary when working in the finance industry, where they receive an average salary of $118,926. Comparatively, credit and collection managers have the highest earning potential in the technology industry, with an average salary of $77,448.When it comes to education, finance managers tend to earn higher degree levels compared to credit and collection managers. In fact, they're 9.4% more likely to earn a Master's Degree, and 0.1% more likely to graduate with a Doctoral Degree.Credit and collection manager vs. Accounts receivable manager
An accounts receivable manager is responsible for overseeing the financial matters in a business or company, focusing on the generated sales and income. Moreover, they are also responsible for maintaining an accurate and efficient collection of payments, conducting research and analysis, and supervising the workforce, striving to meet all the goals within the allotted time. As a manager in the department, it is also vital to lead fellow skilled professionals and implement the policies and regulations of the company or organization.
Types of credit and collection manager
Updated January 8, 2025
