Credit and Collections Manager

Location: Bensenville, IL Schedule : Monday to Friday 9:00am to 6:00pm Status : Full-Time (Exempt) Compensation : Set at $72,000 $300 Sign-on Bonus After Completion of the 90-day Probationary Period Job Summary: Midwest Goods Inc. is seeking a highly skilled and detail-oriented Credit and Collections Manager to oversee and manage all aspects of credit, receivables, and collections. This role is critical in maintaining the financial health of the company by ensuring timely payments, minimizing overdue accounts, and reducing credit risk. The ideal candidate will be an assertive professional with strong analytical skills, able to communicate effectively with executive management, the legal team, the sales team, the customer relationship department, and the accounting department. Key Responsibilities Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. Manage Receivables and Collections : Oversee the accounts receivable process, ensuring accurate and timely collection of payments. Proactively monitor customer accounts and initiate collection activities for overdue payments. Follow up on outstanding invoices with structured communication plans, including phone calls, emails, and formal notices. Implement effective procedures to handle high-risk accounts, including creating payment plans and setting payment deadlines. Credit Risk Assessment : Evaluate the creditworthiness of new and existing customers by conducting credit analysis. Review customer financial statements, credit history, and other relevant data to determine risk levels. Approve or adjust credit limits based on data analysis, market trends, and customer behavior. Periodically reassess credit limits for existing customers to ensure alignment with their payment history. Timely Reporting : Track and report overdue accounts, payment trends, and credit risk status to executive management. Generate detailed aging reports and cash flow forecasts for executive reviews. Present monthly and quarterly performance metrics related to collections, outstanding debts, and credit limits. Provide actionable recommendations to improve cash flow and reduce bad debt based on data analysis. Coordination with Sales, Legal, and Accounting Teams : Collaborate closely with internal departments to resolve payment and billing issues. Work with the sales team to understand customer concerns impacting payments and identify resolution strategies. Coordinate with the legal team to handle delinquent accounts, prepare cases for legal action, and ensure compliance with collection laws. Liaise with the accounting department to ensure accurate invoicing, account adjustments, and reconciliation of discrepancies. Optimize Cash Flow : Implement strategies to maximize cash flow, reduce DSO (Days Sales Outstanding), and manage credit risks effectively. Offer early payment incentives, discounts, and other programs to encourage timely payments. Review and adjust credit terms for accounts to align with company goals and minimize exposure. Develop contingency plans for high-risk accounts to protect the company's financial interests. Customer Communication and Relationship Management : Maintain strong customer relationships while ensuring adherence to payment terms. Negotiate payment plans with customers facing financial difficulties to facilitate collections without damaging relationships. Regularly communicate with customers to remind them of due dates and clarify payment expectations. Manage sensitive situations with diplomacy, maintaining professionalism even in challenging interactions. Dispute Resolution : Handle and resolve billing disputes to ensure quick resolution while preserving customer relationships. Investigate the root cause of disputes and coordinate with internal teams to resolve them. Develop a tracking system for disputes to monitor patterns and implement corrective actions. Maintain clear documentation of dispute resolutions and communicate outcomes to relevant stakeholders. Policy Development and Enforcement : Develop, refine, and enforce credit and collections policies to support the company's financial objectives. Establish clear guidelines for credit evaluation, credit limits, and payment terms. Communicate policies effectively to the sales and customer service teams to ensure consistent adherence. Periodically review policies for compliance with industry standards and update as necessary. Accounts Reconciliation : Ensure all receivables are accurately documented and reconciled in collaboration with the accounting team. Conduct regular audits of accounts to identify and correct discrepancies. Coordinate with the accounting team to adjust entries, apply credits, and ensure invoices are correctly processed. Oversee month-end and year-end closing processes related to receivables. Monitor Industry Trends : Stay up to date with market trends, changes in credit management, and collection practices. Attend industry events, seminars, and training to keep current with best practices in credit and collections. Analyze economic trends that may impact customer payment behavior and adjust strategies accordingly. Network with industry peers to exchange insights and improve internal processes. Improve Collection Efficiency : Continuously seek ways to improve collection processes and efficiency. Utilize data analytics tools to identify trends in late payments and adapt collection strategies. Recommend and implement technological solutions to streamline the collection process. Benchmark against industry standards and adjust internal practices to meet or exceed best-in-class metrics. Qualifications: Education: Bachelor's degree in finance, Accounting, Business Administration, or a related field. Experience: Minimum of 5 years of experience in credit and collections management, focusing on receivables oversight in a wholesale or retail environment. Skills: Strong analytical skills with the ability to assess credit risks and make decisive recommendations. Proven track record of managing receivables and implementing effective collections strategies. Excellent negotiation skills, balancing assertiveness with maintaining positive customer relationships. Proficiency in using financial software, CRM systems, and collections tools. Exceptional communication and reporting skills, with the ability to present complex data clearly to executive management. Ability to handle high-pressure situations and prioritize tasks to meet deadlines. Familiarity with debt collection laws and regulatory compliance. Competency: Maintain a low delinquency rate by ensuring prompt collection of overdue accounts. Achieve targeted reductions in Days Sales Outstanding (DSO) within the first year. Develop and enforce credit policies that support the company's financial health. Regularly update executive management on the status of receivables and collections, providing actionable insights. Supervisory Responsibility: This position has no supervisory responsibilities. Work Environment: This role primarily operates in an office setting at Midwest Distribution's headquarters in Bensenville, IL. Physical Demands: This role requires frequent use of computers and other standard office equipment. Periodic meetings and training sessions may be required. This is largely a sedentary role, and the employee must be comfortable with sitting in front of a computer for an extended period. Position Type/Expected Hours of Work: This is a full-time position. The days of work are Monday through Friday with work hours from 9:00 AM to 6:00 PM. Travel: Minimal travel may be required for training, client meetings, or collaboration with other departments. Additional Eligibility Qualifications: None Work Authorization: Must have legal authorization to work in the United States. What We Offer Annual Performance Review-Up to 3% at 90-day Review. Up to 8% at yearly review Annual Perfect Attendance gift card Ceremony Casual Work Environment Employee Assistance Program Employee Birthday Celebration with Gift Card Distribution Employee of the Month Celebration Generous Paid Time off Program Insurance Coverage which includes; Medical, Dental, Vision and Life Insurance Monthly Company Activities and Celebrations Monthly Manager Lunches Paid Holidays Potential for Advancement Spotlight Employee Recognition 401(k) with Employer Match Midwest Goods Inc. was founded in 2014 and is a wholesale distributor of vape and electronic cigarette products. We rely on meeting our ethical principles and maintaining our business integrity, as well as our approach to our business which we call Service Spirit, Team Spirit, and Spirit of Progress. In the spirit of service, we expect all of our employees to demonstrate professionalism, enthusiasm, integrity, and a welcoming attitude to our customers, vendors, and each other. Every day our employees combine their individual skills and contributions to achieve collective success. Our team spirit is based on a sense of shared purpose, communication, and mutual respect. Our business is to serve others and to continuously improve the services and products we provide. In the spirit of progress, we support and encourage all of our employees to shape their own future and to grow with the Company. We also encourage each employee to take the initiative and look for new, different, and innovative ways to better serve our customers and vendors. Midwest Distribution is proud to be an equal opportunity employer, seeking to create a welcoming and diverse environment. All qualified applicants will receive consideration for employment without regards to race; color; religion; genetic information; national origin; sex; pregnancy, childbirth, or related medical conditions; age; disability; citizenship status; uniform service member status; or any other protected class under Federal, State, or local law. Midwest Distribution is committed to creating a workplace that inspires and enables our employees to be the best they can be so that we can grow as a company, team, and family. We believe diversity, equality, and inclusion is vital to driving our culture, sparking innovation, and achieving long-term success. For all of life's occasions and everyday moments, visit Midwest Events (

Created: 2024-11-05