Collections Specialist

About the role:

We are seeking a detail-oriented and results-driven Collections Specialist to join our team. The Collections Specialist will play a crucial role in maintaining a healthy cash flow by efficiently and diplomatically managing the collection of outstanding accounts and reporting on the balances to management. The ideal candidate possesses exceptional communication skills, a strong sense of empathy, and a proactive approach to resolving payment-related issues.

Your key tasks will be:

• Collections management: Initiate contact with customers who have overdue balances through phone calls, emails, and written correspondence. Maintain a professional and customer-focused approach while negotiating payment plans and settlements to recover outstanding debts.
• Account reconciliation: Regularly review and reconcile accounts receivable ledgers to ensure accuracy and completeness. Identify discrepancies, resolve billing disputes, and update records as necessary.
• Customer relations: Establish and maintain positive relationships with customers, understanding their unique financial situations and addressing inquiries or concerns promptly and effectively. Provide exceptional customer service by offering assistance and solutions that align with both the customer's needs and the company's goals.
• Payment processing: Record and allocate incoming payments accurately, applying them to the appropriate accounts and invoices. Ensure that all payment-related documentation is updated and well-organized.
• Reporting: Generate regular reports on collection activities, outstanding balances, and progress in recovering delinquent accounts. Collaborate with the finance team to develop strategies for improving collection processes and reducing outstanding balances.
• Collaboration: Work closely with cross-functional teams, including sales, customer service, and accounting, to share insights, resolve discrepancies, and ensure a cohesive approach to customer account management.
• Compliance: Maintain up-to-date knowledge of relevant regulations, laws, and best practices related to debt collection and consumer rights. Ensure all collection activities adhere to legal and ethical standards. Develop and implement successful strategies to recover as much as possible from bad debtors.
• Documentation: Maintain accurate and organized records of all communication and correspondence related to collections activities. Update account notes, payment plans, and other relevant information in the company's software.
• Problem solving: Proactively identify and address potential collection issues, such as recurring late payments or customers facing financial difficulties. Collaborate with customers to develop mutually beneficial solutions.

Requirements:

• Bachelor's degree or higher in finance, business, or a related field is a plus.
• Proven experience (2+ years) in collections, accounts receivable, or a related financial role.
• Strong understanding of accounting principles and procedures.
• Excellent negotiation and interpersonal skills, with an ability to remain diplomatic and empathetic while collecting payments.
• Proficiency in using financial software (Xero preferred), internally developed software solutions and Microsoft Office Suite (particularly Excel).
• Strong attention to detail and ability to reconcile complex accounts.
• Exceptional written and verbal communication skills.
• Ability to work independently and within a team.
• Knowledge of relevant legal regulations and compliance requirements for debt collection is a plus.
• Strong problem-solving and analytical skills.
• Positive attitude, resilience, and a commitment to achieving collection targets.