Collections Specialist

2 weeks ago

Schaumburg, United States Proactive Solutions HR Full time
Job DescriptionJob DescriptionJob Title: Collections Specialist Reports To: Chief Financial OfficerYears of Experience: 5+ Years Location: Schaumburg, ILFLSA: ExemptJob OverviewPrimary duty is to assist the accounting department by managing the company’s accounts receivable process and collecting outstanding receivables in order to meet monthly cash and collection goals. Oversee processes and procedures in order to reduce the amount of unpaid debt the company incurs. Responsibilities
  1. Monitor the firm’s accounts receivable and identify overdue accounts.
  2. Contact past due customers via telephone and email and maintain consistent follow up with these accounts in accordance with established procedures. Negotiate payment plans if necessary.
  3. E-mail invoices and statements as necessary.
  4. Develop good relationships with customers and be the “squeaky wheel” to improve collections.
  5. Notate invoice discussions with clients in ERP system. Continually refer to notes until collection.
  6. Processing and reviewing account adjustments.
  7. Timely scanning of checks for deposit into bank and obtaining incoming wires and ACH receipt reporting from bank.
  8. Match incoming deposit transaction against open invoices by project and post receipts properly into ERP system.
  9. Ensure customer retainers are properly handled and recorded.
  10. Work with other business unit employees and project managers to assist in collections when required.
  11. Maintain and report monthly metrics goals such as DSO and aging buckets.
  12. Communicate with Senior Management regarding all aspects of assigned collections and assist in determining customers to no longer do business with or put on hold.
  13. Maintain excellent records of customer contacts (including accounting and project manager).
  14. Resolve customer issues and resolve invoice discrepancies with billing department.
  15. Submit regular reports on the status of unpaid accounts and any repayment progress.
  16. Perform administrative and clerical tasks, such as data entry, preparing invoices, sending bill reminders, filing paperwork, and contacting clients to discuss their accounts.
  17. Assist in development and enforcement of company credit policy with clients.
  18. Create and implement a strategy to improve collection of outstanding receivables.
  19. Timely prepare and review accounts receivable aging reports.
  20. Follow up with clients for collection of receivables and escalate internally when cases of non-payment occur.
  21. Review and recommend accounts to be sent to attorney for collections.
  22. Verify and complete lien waiver requests for Controller signature and processing.
  23. Follows established work rules, policies and procedures.
  24. Actively engages with other members of the company to continuously strive to improve processes, create efficiencies and reduce costs.
  25. Cooperatively takes on other duties, roles or responsibilities as assigned.
Minimum Qualifications
  1. 5 years experience in a collection’s capacity
  2. Bachelor’s degree in finance or accounting (preferred but not required)
  3. Must be skilled and comfortable calling clients to collect outstanding balances
  4. Problem solver that works well with internal team members
  5. Computer proficiency with MS Office products
  6. Excellent analytical skills, detail-oriented, close attention to accuracy
  7. Hands-on experience using computer-based accounting programs
Preferred Skills
  1. Team-oriented
  2. Professional
  3. Self-starter with a positive attitude
  4. Multi-tasking capability
  5. Good communication skills
NOTE: This Job Description is not intended to be all-inclusive. Employees may perform other related duties as required to meet the ongoing needs of the organization.

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