Monday, July 22, 2024

Duties and Responsibilities of a Credit Controller 

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Nyongesa Sande
Nyongesa Sandehttps://bizmart.africa
Nyongesa Sande is a Kenyan blogger, Pan Africanist,c olumnist Political Activist , blogger, informer & businesman who has interest in politics, governance, corporate fraud, human rights and television personality.

Good credit management is essential to an organisation’s healthy cash flow, and the Credit Controller is responsible for managing a book of debtor accounts to ensure timely payment of outstanding invoices. A Credit Controller job description should include conducting credit checks on new customers, resolving problems in relation to invoice payments, and reconciling complex month-end accounts. They must also report to management on outstanding issues, whilst highlighting potential debtor problems.

Credit Controller Duties:

  • Oversee all day-to-day activities of accounts receivable department
  • Review and analyze financial records of customers to ascertain creditworthiness
  • Compile and report accounts receivable information
  • Develop and implement procedures to ensure timely collection of accounts receivable
  • Periodically interact with customers to resolve disputes and disputes
  • Work closely with customers to reduce costs and improve payment performance
  • Maintain and update customer records and files
  • Identify and recruit new customers
  • Develop and implement credit policies
  • Maintain accurate and up-to-date financial records, including bank statements
  • Execute credit and collections procedures
  • Develop and maintain relationships with customers
  • Organize, develop, and implement marketing strategies to attract new customers
  • Make recommendations to the management team regarding credit policy
  • Review and help develop annual budget
  • Develop and implement strategic plans
  • Generate monthly and quarterly reports
  • Keep management informed of critical, current, and emerging trends and issue

Credit Controller Responsibilities:

  • Develop and implement credit policies and procedures to ensure compliance with credit and lending regulations, laws, and regulations, as well as internal policies, procedures, and standards
  • Review and approve credit applications; manage customer account portfolios, including collection efforts, cash application, and billing
  • Prepare reports, monitor account status, and supervise collections staff
  • Ensure compliance with credit reporting laws and all regulations related to credit, collections, and fraud
  • Maintain credit relationships by conducting regular credit reviews, issuing credit extensions, making credit recommendations, and resolving credit disputes
  • Perform gross margin and customer profitability analyses and reconcile discrepancies
  • Manage account reconciliation process
  • Coordinate the preparation of financial statements
  • Conduct and coordinate annual financial statements and tax returns
  • Attend and perform at meetings with management, customers, and vendors
  • Document and maintain customer and vendor information in

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