Collections Manager
2 weeks ago
Collection Manager
About The Job Our client’s Chicago office is seeking a Collections Manager. The Collections Manager is a key member of the management team by facilitating effective accounts receivable and relationship management for the billing attorneys and their clients to accurately maintain and collect account balances within the specified terms of engagement. As the Collections Manager, your duties will include but not be limited to:
Overall management of the collection function, while implementing best practices and leading the team in cash applications.
Work closely with attorneys on past-due balances and contact clients as requested.
Generate client account statements in accordance with Firm protocol.
Routinely update collections activity commentary in collection software to provide senior leadership with collection status updates.
Ensure timely research of unidentified cash receipts and where appropriate collaboration with attorneys, billing managers and coordinators to ensure timely identification and application to client invoices.
Respond to client inquiries regarding billings and statements.
Prepare past-due balance reports to attorneys and management, along with a recommended course of action.
Manage the creation and distribution of various reports to management and other departments including the daily incoming wire activity, cash receipts results reporting, benchmarking information on volume of checks vs. wire receipts, On Account credits reporting, accounts receivable write-off reporting, analyses identifying client payment trends and potential underlying issues and escrow activity. In each case, providing timely and actionable information.
Liaise with conflicts/client intake team on credit checks.
Oversee the Firms Client Trust Accounting transactions by coordinating with firm attorneys, management, clients and the bank on escrow related activity.
Develop and implement accounting procedures as they relate to Firm and department policies, etc. for more efficient processing of accounting-related work.
Oversee training and support to members of other departments concerning accounting procedures as they relate to the accurate preparation and submission of paperwork for cash receipts, credits, write-offs and escrow transactions.
Directly supervise and manage employees, being responsible for their overall direction, coordination, and evaluation. Carry out supervisory responsibilities in accordance with the firm’s policies and applicable laws. Responsibilities include hiring, interviewing and training; planning, assigning, and directing work; appraising performance; rewarding and disciplining employees; addressing complaints and resolving problems; making recommendations for promotion, compensation, and termination.
In collaboration with management, develop policies and procedures that result in increased staff efficiencies.
Performs audits of work completed by Accounts Receivable personnel to evaluate the quality and accuracy of information processed and ensure internal controls are followed.
Lead the year-end collection process in working directly with the Shareholders and management team on estimated Q4 collections and providing weekly updates to management on collections progress.
Participate in financial system implementation for the Accounts Receivable function.
Other ad hoc requests and reporting as requested by management.
Skills & Competencies
Excellent interpersonal, verbal, and written communication skills. Ability to communicate with courtesy and diplomacy, efficiently follow written and verbal instructions, provide information, and maintain effective relationships with a diverse group of attorneys, clients, staff, and outside contacts.
Outstanding analytical skills requiring an aptitude for detail, precision, and logic with comprehensive knowledge of complex accounting principles and practices in order to conduct detailed analysis of cash receipts and escrow operations.
Exhibit high degree of initiative and critical-thinking skills in exercising independent judgment and making decisions in order to manage multiple priorities in a fast-paced, deadline-driven, detail-oriented work environment, and ensure work is completed within strict deadlines.
Excellent organizational skills including record keeping, data collection, and system information. Ability to compile and analyze data and furnish concise, detailed information in report format, written correspondence, e mail, or verbally.
Ability to perform complex mathematical calculations and apply mathematical concepts when computing, reconciling balances, verifying numerical data, preparing various accounting reports.
Proven track record of collections success.
Professionalism in dealing with attorneys and clients (diplomatic but assertive).
Proactive with excellent troubleshooting, problem resolution, and follow-through skills.
Accuracy and attention to details is a must.
Qualifications & Required Experience
Bachelor's degree in finance, accounting or business administration required.
Prior law firm or professional services accounting and collections experience required.
At least 3 years of supervisory/managerial skills required in order to interact and communicate with subordinates, provide instruction/direction/training, determine work priorities, and coordinate the activities of a work team.
Computer Skills To perform this job successfully, an individual must be proficient in the following software:
Proficient with MS Excel spreadsheets, including features such as pivot tables, charts and graphs and formulas; Proficiency with MS Word and PowerPoint software.
Experience with Elite or 3E Accounting software is a plus.
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