Collections Specialist

Our client is a global family-owned business company that is headquartered in Middlesex County. They operate on a hybrid schedule with a great work/life balance. They are seeking additional headcount to their growing AR/Collections team by bringing on a Collections Specialist.

Salary/Hourly Rate:

$60k – $70k

Position Overview:

This Collections Specialist role will step into a Manager capacity within the next 2 – 3 years, so it is ideal for someone looking for growth. As a Collections Specialist, you will be responsible for managing the credit and collections process, ensuring timely payments from customers, and minimizing bad debt losses. Your primary goal will be to maintain strong customer relationships while maximizing cash flow for the organization.

Responsibilities of the Collections Specialist:

• The Collections Specialist will evaluate new and existing customer creditworthiness by analyzing financial statements, credit reports, and payment history to determine credit limits and terms.
• The Collections Specialist will develop and implement credit policies and procedures to mitigate credit risks, minimize bad debt losses, and ensure compliance with applicable regulations.
• Build and maintain positive relationships with customers, sales teams, and other internal stakeholders to resolve credit-related issues, negotiate payment plans, and facilitate prompt payment.
• The Collections Specialist will proactively monitor customer accounts, identify delinquent payments, and initiate collection efforts through phone calls, emails, and written correspondence.
• Investigate and resolve billing disputes, discrepancies, and payment discrepancies, coordinating with internal departments as necessary to ensure prompt resolution and accurate account reconciliation.
• Accurately and efficiently apply customer payments to the appropriate accounts, ensuring accurate and up-to-date accounting records.
• The Collections Specialist will generate regular reports on accounts receivable, aging, and collection activities, analyzing trends and providing recommendations for improvement to management.
• Identify opportunities to streamline collections processes, enhance efficiency, and improve cash flow, implementing best practices and automation tools where appropriate.
• Stay updated on relevant laws, regulations, and industry practices related to credit and collections, ensuring compliance and recommending necessary changes to policies and procedures.
• Maintain accurate and organized collections documentation, including credit applications, customer correspondence, and collection notes.

Qualifications for the Collections Specialist:

• Desire to grow with the company into a managerial capacity.
• Proven experience as an Accounts Receivable or Collections Specialist or in a similar role, preferably within the manufacturing industry.
• Familiarity with accounting principles, accounts receivable management, and credit-related regulations.
• Excellent communication and negotiation skills with the ability to handle challenging conversations and maintain positive customer relationships.
• Proficiency in using financial software systems, Microsoft Excel, and other related tools.
• Exceptional analytical and problem-solving abilities with keen attention to detail.
• Strong organizational skills with the ability to prioritize tasks and meet deadlines.
• Demonstrated ability to work independently and collaboratively in a team environment.

Education Requirements:

• Associate’s degree is preferred but not required.

Benefits:

• Client-provided benefits available, upon eligibility.