Main Responsibilities and Required Skills for Collections Analyst
A Collections Analyst is a professional who is responsible for analyzing and managing accounts that are delinquent or in default, with the goal of recovering outstanding debts. They develop strategies to contact and negotiate with customers to recover outstanding debts and maintain accurate records for customer payment status. In this blog post we describe the primary responsibilities and the most in-demand hard and soft skills for Collections Analysts.
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Main Responsibilities of Collections Analyst
The following list describes the typical responsibilities of a Collections Analyst:
Adhere to
Adhere to all corporate policies & procedures.
Administer
Administer company customer dispute resolution program.
Advise
Advise internal teams how to correct entry errors that prevent statement processing.
Advise licensees how to resubmit statements that cannot be processed due to errors.
Analyze
Analyze and applied premium payments of insure, brokers, general agents and others.
Analyze and correct pending balance in the client's auxiliary, keeping every account clean.
Analyze and process commission payments for producers (Agents & Brokers).
Analyze and review credit assessment and terms provided to existing and new customers.
Analyze AR portfolio to ensure maximum cash realization, reduced delinquencies and write offs.
Analyze customer financial data when necessary.
Answer
Answer all accounts receivable related inquiries promptly and efficiently.
Answer customers' inquiries promptly and efficiently.
Answer inbound customer service calls with an open, friendly greeting.
Answer telephone and email inquiries promptly.
Approve
Approve sales orders in accordance with company guidelines.
Assist in
Assist in communications with internal business customers.
Build
Build a rapport with the clientele.
Build strong business relationships with Sales Department and customer's AP department.
Calculate
Calculate and record commission payments.
Call
Call delinquent customers within seven days of going past due.
Close
Close cooperation with AR team in any other customer related topic.
Close cooperation with Credit Management teams on credit limits management.
Collaborate with
Collaborate with team members.
Collect
Collect and analyze outstanding premiums for Direct Agents, Brokers or General Agents.
Collect and secure payment arrangements with customers.
Collect data and assist in collection policy strategy / model development, maintenance and reporting.
Collect
Collect on delinquent Accounts Receivable balances according to Company policy.
Collect outstanding invoices for specified business units, meet DSO targets set in BP annually.
Communicate with
Communicate effectively and empathize with customers.
Communicate with appropriate professionalism at all times.
Communicate with customers and internal departments in order to resolve issues promptly.
Communicate with Service Technicians to meet customer requirements.
Complete
Complete ad hoc special projects and provide reporting for management as needed.
Complete reports on the status of delinquent accounts and related collection efforts.
Complete the daily worklist, following the appropriate steps of the collection's strategy.
Complete waivers of lien as required to obtain payment from customer.
Conduct
Conduct customer credit analysis & set credit limits for new & existing customers.
Consolidate
Consolidate accounting accounts inside bank's SAPs for his clean movements in the system.
Contact
Contact assigned delinquent customers (verbal or written communication).
Contact customers for payment information based on aging and resolve issues blocking payment.
Contribute to
Contribute to credit and collections related projects and initiatives in the company.
Coordinate
Coordinate with Sales, Customer Service, and Management to accelerate the collection process.
Create
Create and / or approve sales orders in NetSuite.
Create workout plans for financially distressed customers that mitigate loss exposure to Allegion.
Define
Define, execute and own our sales technology roadmap.
Determine
Determine the proper credit limits of approval, terms, as well as call on delinquent accounts.
Develop
Develop and update monthly customer scorecards and communicate results to key stakeholders.
Develop positive relationships and goodwill with internal and external customers.
Develop quick solutions to a problem.
Document
Document A / R follow-up calls.
Drive
Drive cash collections for the portfolio under management.
Drive sales efficiency and reduce average sales cycle.
Ensure
Ensure all necessary documents are received.
Ensure compliance of credit policies and procedures as well as internal audit requirements.
Ensure compliance with all company policies.
Ensure compliance with policies and procedures.
Ensure flash message changes are sent to appropriate individuals to update.
Ensure integrity of internal controls, in partnership with the compliance team.
Ensure payments are applied properly, ensuring proper documentation.
Ensure PO's are obtained as required prior to billing.
Ensure that the customer payments are adequately allocated.
Escalate
Escalate customer trends that may suggest declining financial strength.
Escalate issues and disputes.
Escalate issues and disputes as appropriate.
Escalate large collection or reconciliation issues in a timely manner.
Escalate problem collection accounts to Credit and Sales management.
Establish
Establish and maintain effective working relationships with both internal and external customers.
Establish excellent relationships with customers to ensure future payment compliance.
Establish relationship with customers to help resolve issues in a positive manner.
Evaluate
Evaluate best practices with global peers and develop improvement suggestions.
Facilitate
Facilitate customer payment by providing necessary documentation to customer.
Follow up
Follow through on actions at weekly collections meeting.
Follow up on legal documentation required for a given customer account.
Follow up promptly on A / R inquiries from other areas of the company.
Follow up with customers promptly on invalid claims to secure repayment.
Handle
Handle incoming payments and payment-related inquiries.
Identify
Identify, investigate and recommend action concerning overdue accounts.
Identify, recognize and address concerns / red flags with guidance.
Initiate
Initiate contacts on assigned account base.
Keep
Keep abreast of product & regulatory changes.
Keep major accounts up-to-date and current, minimizing the amount of missing purchase orders.
Maintain
Maintain accurate records for customer payment status.
Maintain and distribute reports as required.
Maintain a portfolio minimum of $500,000 in monthly revenue.
Maintain collection reason codes to accurately identify status of open receivables.
Maintain collection records and follow up in a timely manner.
Maintain customer contact.
Maintain customer contact notes and other relevant activity.
Maintain customer metrics on assigned accounts when reviewing with Credit Analyst Manager.
Maintain integrity of accounting receivable collections pertaining to all entities.
Maintain system related to customer set-up, maintenance, and account-specific discussions.
Make
Make collection calls and maintain follow-up on customers' past due items.
Make credit decisions on daily basis by releasing credit holds for assigned region / accounts.
Make daily collection calls on past due accounts.
Make outbound and take inbound calls.
Make recommendations for process improvement when directed and handles special projects as assigned.
Make sure payments from their assigned customers are received as per the establish terms.
Manage
Manage complex customer issues while working with multiple departments or team members to resolve.
Manage Credit Hold and release orders in accordance with company guidelines.
Manage discrepancies to ensure resolved in timely manner.
Manage incoming customer queue and work with team to resolve questions and requests.
Manage the client review and sign-off process for the suite of functional documents and artefacts.
Meet
Meet the agreed performance measures, KPIs, and goal setting processes.
Meet with Customer Analysts on key or problem accounts to share information and discuss ideas.
Monitor
Monitor DSO at the customer level to ensure we are collecting efficiently.
Monitor the company's accounts receivable balances on the customers for which they are responsible.
Negotiate
Negotiate customer disputes to resolution and document root causes of payment issues.
Oversee
Oversee overdue accounts and aging analysis.
Participate in
Participate and contribute on the department's ongoing operational improvement projects.
Participate in initiatives that drive operational excellence.
Participate in month-end close.
Participate in our celebrations, social events and offsite business events.
Perform
Perform credit card order transactions.
Perform investigations and escalations when required.
Perform market research, data mining and stay abreast of business intelligence.
Perform reconciliation of accounts to resolve problems.
Perform reconciliations of accounts for problem resolution.
Perform Reports requires for the area.
Perform routine credit checks on new accounts and obtain supplementary information if required.
Perform the collections process and due diligence towards meeting KPIs for strategic customers.
Prepare
Prepare and deliver training sessions to the client's business users.
Prepare and lead requirement gathering workshops with our Asset Servicing clients.
Prepare and participate in month-end risk reports and 1W1 Coaching sessions.
Prepare and recommend over line approval requests.
Prepare and review monthly performance reports.
Prepare invoices and credit memos.
Prepare monthly account reconciliations.
Prepare schedules / reports in support of external.
Prioritize
Prioritize efforts and determine the most effective means of collections.
Provide
Provide AR reports on accounts and portfolio as needed.
Provide credit committees information when is require.
Provide customer complaint resolution.
Provide excellent customer service.
Provide feedback to AR team.
Provide feedback to AR team on payments allocation.
Provide guidance and assistance to internal customers in collecting overdue accounts from clients.
Provide guidance to Analyst in difficult cases with customers.
Provide Information in timely manner.
Provide reports on assigned portfolio as requested to A / R Operations management.
Receive
Receive payments from past due customers.
Recognize
Recognize and monitor designated accounts before issues occur and recommend solutions as needed.
Recognize red flags on accounts and bring to the attention of management.
Recommend
Recommend accounts for suspension after proper collection activity.
Recommend changes to the existing program where warranted.
Reconcile
Reconcile accounts with minimal guidance.
Reconcile customer accounts using SAP information and reports.
Reconcile customer disputes regarding outstanding balances due, etc..
Redirect
Redirect internal and external issues to appropriate departments and contacts.
Reduce
Reduce and maintain a lower quantity of past due & pending due accounts.
Release
Release orders as they meet credit requirements.
Release orders in a timely manner and perform any review of the account if and when necessary.
Research
Research billing disputes, short payments, adjustments and credits.
Research collection histories on existing customers and resolving past dues in a timely manner.
Research customer deductions and pursue repayment from customer if deductions are deemed invalid.
Resolve
Resolve AR issues with customer by initiating appropriate calls and letters.
Resolve customer account differences working with other employees including Sales.
Resolve customer billing disputes working with other Sales Operations personnel and Sales.
Review
Review account aging as well as make collection calls.
Review and analyze assigned accounts to ensure outstanding balances are in compliance with terms.
Review and analyze customers open receivables for control of outstanding receivables.
Review and approve contract workflow in Salesforce.
Review and educate customers on contract details.
Review and find missing data.
Review and release orders as needed.
Review and resolve issues relating to customer deductions / short payments, issuing of credit notes.
Review contracts for financial terms and compare to royalty statements, checking for compliance.
Review Credit Blocked Sales Orders.
Review Credit Memos & Release.
Review problem collection accounts with the Credit & Collections Manager.
Review purchase orders, invoicing and other documents to resolve billing conflicts.
Run
Run monthly and / or weekly reports for Clients.
See
See the complex data coming at you and quickly analyze it with complete accuracy.
Send
Send and track invoices, follow up on PO's, and revise / reissue invoices as applicable.
Send invoices using email and vendor portals in a timely, efficient, and accurate manner.
Set-up
Set-up new customer credit accounts.
Show
Show persistence and perseverance to achieve concrete and tangible results.
Solve
Solve problems where there is missing data.
Solve the world's most significant problems – Be part of exciting and innovative projects.
Study
Study and become versed in Service Level Agreements and Contracts.
Support
Support cheque handling procedures.
Support growth initiatives across teams, regions and verticals.
Support maintenance and updating of process documentation.
Support various departments by providing time-sensitive invoice research and budget.
Take
Take action and displays tenacity when faced with resistance.
Toggle
Toggle between multiple internal software systems and become a SME of the systems.
Troubleshoot
Troubleshoot access issues when licensees are not able to access our system.
Troubleshoot inquiries from Finance and offshore royalty reporting teams.
Understand
Understand cross-functional consequences of entries to ensure no impact to business results.
Update
Update and monitor weekly accounts receivable aging report.
Use
Use good judgement when prioritizing work.
Utilize
Utilize internal and external enterprise-level billing platforms.
Utilize listening skills and probing questions to identify the customer.
Work with
Work closely with the accounting team to ensure accurate financial reporting.
Work toward set targets relating to credit risk management and collection of AR.
Work with credit analyst on financial distress accounts.
Work with customers in assigned customer portfolio to receive payments.
Work with customers to determine most efficient processes for both customer and Delta Faucet.
Work with other Invoice to Cash teams to improve processes.
Work with Rep Agencies and / or Sales Managers to resolve customer issues.
Work with Reseller Partners in assigned customer portfolio to receive payments.
Work with sales associates and management to resolve issues from preventing orders to be released.
Most In-demand Hard Skills
The following list describes the most required technical skills of a Collections Analyst:
Collections
Business
Customer Relationship
Operations
Most In-demand Soft Skills
The following list describes the most required soft skills of a Collections Analyst:
Written and oral communication skills
Analytical ability
Problem-solving attitude
Attention to detail
Business judgment
Interpersonal skills
Initiative
Organizational capacity
Work independently with little direction
Thrives in a team environment
Judgment
Flexible
Managing tight deadlines
Time-management
Accurate
