Credit Controller Job Description

A Pay Review for Credit Controllers

A Credit Controller is responsible for assessing credit applications and adhering to company payment policies. Their duties include evaluating financial records to determine an applicants eligibility, contacting customers or clients to notify them of missed payments, and coordinating with marketing sales and accounting professionals to determine payment protocols. Credit controllers work for corporations, insurance companies, financial agencies, credit agencies or credit unions to protect their company's revenue streams.

They work with other financial professionals to keep their credit control systems up to date. They maintain records for credit applications and loan contracts to track payments. They may be responsible for helping customers figure out a payment plan for their debts.

The average salary for a Credit Controller is over $80,000. The salary may be different depending on the candidate's education, experience and location. A credit controller's tenure is usually two to four years.

Candidates with experience in the finance industry are usually hired by companies to be Credit Controllers. They look for experience that includes at least 2 years working as a Credit Controller, a minimum of 4 years working in accounts receivable, 5 years in collections or billing, and similar extensive work experience. Entry-level roles may accept experience working as an intern for a financial services company.

The scope of their job responsibilities is a bigger difference between a Credit Controller and a Financial Controller. Credit controllers conduct risk assessments on clients and credit applicants. They follow up with customers who missed payments.

A Job Description for a Credit Controller

A debt collector agent is a person who helps companies collect money from customers who owe them. Their duties include handling credit assessments. Credit controllers focus on making the company more profitable by making sure credit is paid in full and on time.

They are constantly looking for ways to make the debt collecting process more convenient and beneficial for both the company and the client. A Credit Controller helps a company with future decisions by reporting and analyzing current financial activity. Candidates with experience making successful credit decisions and familiarity with how to record and report financial transactions are ideal.

Employers prefer a candidate with at least five years of experience as a Credit Controller, but they also consider an application with a background in accounting. Candidates with a valid driving license are often required by employers. Credit controllers report to different seniors depending on the size of the company.

The Credit Controllers may act as an Accountants or Bookkeepers, but they are not directly reporting to the owner of the company. A Credit Controller is most likely a part of the credit control team and reports to the Managing Accountant daily. A credit controller is the same job in most companies.

The type of debts they collect and manage is different. Some companies focus on commercial collection from businesses while others focus on consumer collections from individual customers. An application must be well versed in both areas and be prepared to negotiate with both large companies and individual clients.

Credit Controller Qualifications

Junior credit controller jobs can be obtained without prior experience. Employers will still be looking for candidates with a good head for numbers, so any work experience that is informal will be a clear advantage. There are a number of qualifications recognised across the profession that could help candidates to gain additional skills, progress within the credit control field and perform more confidently in their role.

The credit and collections industry has recognised CICM qualifications. They can be an advantage for those who wish to progress into senior positions, even if they are not essential to gaining an entry-level credit control role. The Association of Accounting Technicians offers a range of qualifications.

Double entry bookkeeping and using accounting software included in their foundation-level options. The skills can be used in a credit control role, since they are highly transferable. After gaining managerial experience, the next logical move is to become a credit manager.

Credit managers are responsible for maintaining an entire credit department and they command a higher salary. The finance and numeracy skills gained as a credit controller are an ideal foundation for other jobs in the field of finance, such as trainee positions as an accountant. A career in accountancy can offer a great boost in salary and further career progression opportunities, even if extra study is required.

A good Credit Controller is hard to find, as they are one of the most challenging yet important roles in a business. Recovering money from people or businesses is a hard job to teach and requires a variety of different skills. If you have experience in customer service, call centres or office work, you can often get a job in credit control, but you will need a good level of education and skills to do the job.

A good Credit Controller is more than just chasing customers. They have to be able to read conversations, judge whether people will stick to their promises, lend a sympathetic ear at times, and lead conversations towards the correct conclusion. Excellent communication skills are required.

The best credit controllers have the ability to strike a deal with even the toughest of customers. One of the skills needed to succeed in credit control is the ability to speak to a variety of people. Credit control jobs can be very dangerous because you will come across people who are upset and may act aggressive.

You might be accused of making a mistake. To combat this, you must remain calm, check everything thoroughly and trust your knowledge. Credit controllers who work in an office use specific IT systems to record decisions, account for payments and access details.

Sometimes you will have to work across multiple systems depending on what kind of customer you are dealing with. Credit controllers are expected to use specialist databases to check their credit records, set up and maintain customer files, and input and export data. Credit controllers need to be able to work across a wide range of computer systems.

Outsourcing Credit Control

It is vital that the resource you use possesses the skills to collect payment from customers on time, and work with customers in difficult circumstances to keep cash coming into the business. If you are a credit controller, you will understand the importance of being at the top of your game. Credit controllers do more than chase late payments.

They assess risks, build relationships with customers, and keep the importance of good cash flow at the forefront of their minds. A good credit controller will always be in touch with the sales ledger and will be organised. They will keep a constant record of all calls and promises made through a methodical approach.

Credit control can be difficult to control, and the right call is needed. A good decision can justify a controller's annual salary. The best credit controllers have a sixth sense that lets them know when pressure should be applied or a little slack allowed.

Good judgment and strong intuition will help bring in payments that are hard to get. It is important to be able to adapt to any situation to achieve a positive outcome, because no two days of credit management are the same. A good credit controller will listen to the situation at hand use strong negotiation skills to build payment solutions that work for the customer and the business.

A diplomatic approach helps to resolve disputes with key customers to limit the damage to the business's cash flow. Credit controllers can improve their skills through experience. It will be easier to identify genuine excuses and to develop ways to counter stalling tactics over time.

Credit Controllers

Credit controllers are responsible for collecting money from people who have not paid their bills on time. They look after the financial side of the company and make sure the accounts are accurate. Credit controllers don't need to have specific qualifications before applying.

Good grades from the A Level and the GCSEs will look good on a CV. Credit controllers hold degrees in appropriate subjects. Before applying for a position as a credit controller, make sure you are comfortable working with figures on a daily basis.

Credit controllers often go directly to individuals and companies in order to collect debts, so it's useful to have a full, clean driving licence. Credit controllers may work in a call centre, but they are usually based in an office. Most people stick to a 9 to 5 timetable and have weekends and public holidays free.

Shift work is a common feature of the job. It is possible that part-time work is available to those who want it. Most credit controllers don't get the opportunity to travel abroad because they are not required by senior positions.