A collection manager's position can be challenging and requires a keen sense of business knowledge. A collection manager supervises the financial collection of an organization and is responsible for ensuring that revenue from debtors is being collected properly and in a timely fashion. A collection manager's duties go beyond just ensuring that revenue is collected; a manager must also possess exceptional organizational, customer service and account management skills to operate a successful collection department.
A collection manager is a high profile administrator who oversees all areas of collection, credit and financial reporting for an organization. A collection manager has the expertise in reviewing credit applications, evaluating customer accounts, appraising credit reports, handling escalated delinquent accounts and managing the flow of the collection department in addition to ensuring all staff is abiding by collection polices according to procedures of the organization.
The size of an organization plays a role in the type of collection management needed to run a collection department efficiently. There are two types of roles a collection manager can be assigned to in any given company: collection management or credit/collection management. A collection manager's job duties are strictly collection management and the supervising of the collection department as a whole. A credit/collection manager can take on the role of collection management in addition to supervising accounts receivable and financial reporting sections.
Manages Collections Staff
A collection manager directs, manages and coordinates the work flow of collection staff and supervises the functioning of each assigned area. A collection manager's job duties extends to mentoring new employees, developing ongoing training modules, implementing industry changes within the collection department, recruiting qualified collection staff and reviewing monthly performance of assigned staff. A collection manager ensures that all collection staff is operating in accordance to policies and procedures of the department as well as within the organization.
Reviews Collection Reports
A collection manager is responsible for generating, reviewing and evaluating reports for financial collection accounts, consumer/business delinquent accounts, credit reports and vendor client accounts. A collection manager utilizes set polices and procedures given by the organization to prepare and monitor all financial, fiscal documentation, statistical and analytical collection reporting.
Delegates Special Projects
Depending on a specific organization's structure, a collection manager's job duties consist of delegating projects to core staff and supervisors. A collection manager must decide on the importance of the assignment, departmental needs and upper management direction to implement special projects. For example, a collection manager would assign a supervisor to oversee and maintain special delinquent accounts, high profile customer applications, high-risk credit and/or fraudulent accounts.