What are the responsibilities and job description for the Collections Specialist position at StenTam?
About Us
Stenson Tamaddon is a technology-enabled financial services firm that helps companies identify, comply with, and maximize incentives from tax credit and economic relief programs.
Our core values are to care personally, challenge directly, have commitment, be bold, and fix over fault. That is what drives our everyday culture. It’s our passion to provide high touch services, optimal client results, and cutting-edge technology.
Position Overview
We are seeking a skilled Collections Specialist to join our Finance team. The Collections Specialist will play a critical role in managing the company's outstanding accounts receivable and ensuring timely and efficient collection of payments. The ideal candidate will possess excellent communication and negotiation skills, a strong attention to detail, and the ability to build positive relationships with customers. As a Collections Specialist, you will contribute to the overall financial health of the organization by minimizing outstanding debts and maximizing cash flow.
Responsibilities:
- Accounts Receivable Management: Monitor and review accounts receivable aging reports regularly to identify outstanding invoices and overdue payments. Initiate and maintain regular contact with customers regarding outstanding invoices through phone calls, emails, and written correspondence. Investigate and resolve any payment discrepancies or disputes promptly and effectively. Document all collection activities, conversations, and payment arrangements in the accounting system accurately and thoroughly.
- Collections Process: Develop and implement effective collection strategies and processes to ensure timely and efficient collection of payments. Review and assess credit terms and limits for new and existing customers, collaborating with the credit department as necessary. Identify and escalate potential high-risk accounts to the appropriate stakeholders for further action and resolution. Coordinate with internal departments, including Sales and Customer Service, to resolve any billing or customer-related issues impacting the collection process.
- Customer Relationship Management: Build and maintain positive relationships with customers by providing exceptional service and addressing their concerns or inquiries promptly and professionally. Negotiate payment terms, settlements, and payment plans with customers, taking into account the company's policies and financial objectives. Conduct regular follow-ups with customers to ensure compliance with agreed-upon payment arrangements and to secure payment commitments. Provide regular updates and reports on collection activities, account status, and potential risks to the Finance team and management.
- Process Improvement: Continuously evaluate and enhance the collections process by identifying areas for improvement, implementing best practices, and recommending system or procedural changes. Collaborate with cross-functional teams to streamline processes and resolve any systemic issues affecting the collections function. Stay updated on industry trends, regulations, and best practices related to collections and credit management.
Qualifications:
- Bachelor's degree in Finance, Accounting, Business Administration, or a related field (or equivalent work experience).
- Proven experience as a Collections Specialist or in a similar role, preferably within a fast-paced environment.
- Strong knowledge of accounts receivable management, collection techniques, and relevant regulations.
- Excellent communication skills, both written and verbal, with the ability to negotiate and influence effectively.
- Strong analytical and problem-solving skills, with a keen attention to detail.
- Ability to prioritize and manage multiple tasks while maintaining a high level of accuracy and meeting deadlines.
- Proficiency in using accounting software (Netsuite), CRM systems, and Microsoft Office Suite.
- Demonstrated ability to work independently as well as collaboratively in a team-oriented environment.
- High level of professionalism, integrity, and customer service orientation.
Job Type: Full-time
Work Location: In person
Benefits:
- 401(k)
- Dental insurance
- Health insurance
- Paid time off
- Vision insurance
Schedule:
- 8 hour shift
- Monday to Friday
