A credit/collections manager is responsible for the direction and coordination of credit and collections procedures, policies, and operations. They manage the daily accounts receivables to ensure customer compliance, as well as follow up with issues or complaints from customers.The credit/collections manager must provide support to general managers and accounts managers. They direct and supervise credit evaluations, cash applications, collections, and placement of accounts. It is the credit/collections manager's job to initiate investigations into credit ratings and ensure all credit checks are completed in a timely fashion. They also establish metrics and ensure they are being followed by the team. They develop reports and host daily or weekly meetings to set goals for the team and the company. They must assess performance of their team and either provide or facilitate training for staff.Credit/collections managers are required to have a high school diploma or equivalent. Many companies also require a bachelor’s degree in accounting, finance, or business administration. Credit/collections managers also need to have great problem-solving, communications, and analytical skills. These managers may work a variety of hours depending on the needs of their company. Some companies may require travel for meetings and training as well.

The role of a Credit / Collections Manager is expected to experience steady growth in the Canadian market. According to a 10-year analysis, there is an upward trend in the demand for professionals in this role. The increasing complexity of credit operations and the need for efficient collections processes contribute to this growth. With the expanding economy and evolving financial landscape, the employment opportunities for Credit / Collections Managers are projected to remain favorable in the future.

How to Learn

As an experienced Credit/Collections Manager in Canada, your primary responsibilities include:<ul><li> Oversee credit and collections activities, ensuring adherence to company policies and industry regulations. Monitor and evaluate creditworthiness of customers and establish credit limits. Implement effective collection strategies to minimize outstanding debts.</li><li> Develop and maintain relationships with customers, addressing inquiries, resolving disputes, and negotiating payment terms. Collaborate with sales and customer service teams to ensure timely resolution of customer issues. Negotiate payment plans and settlements with delinquent customers.</li><li> Analyze credit data and financial statements to assess risk and make informed credit decisions. Conduct credit investigations and recommend credit terms for new and existing customers. Review and update credit policies and procedures to mitigate credit risk.</li><li> Prepare accurate reports on credit and collections activities, including aging analyses and bad debt reserves.</li></ul>

Roles & Responsibilities

Average take home Salary for a Credit / Collections Manager in Canada is around C$86862 per year

Salary Breakup

The Credit/Collections Manager oversees the credit and collection processes of the company, and ensures prompt and accurate payment of any outstanding debts. They devise and implement efficient collections and credit strategies, track the accounts of customers, as well as negotiate payments. The manager is also responsible for reviewing credit applications, conducts credit risk assessments, and works with internal teams to address dispute or payment issues. This job requires an analytical and strong skill set, as well as exceptional communication skills, as well as an established experience in managing credit and collections.

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Credit / Collections Manager

Salary Breakup

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