- Establish policies and procedures concerning credit functions such as cash and check handling, check posting, credit work workflow process, standardized collection letters, credit application process, and actions taken on aged accounts.
- Works closely with Service Center Leaders, Regional VPs, CFO, and President to ensure that a balance is reached between the needs of the customer and Summit's business interests.
- Approves credit limits on customer accounts and handles special credit arrangements and collaborates with RVP's with regard to deviations from standard payment terms .
- Negotiate and evaluate third party credit reporting agency relationships, Dunn and Bradstreet, etc.
- Take an active role in National Association of Credit Management, administer educational products available.
- Develop relationships with credit/collections attorneys and agencies in each Summit location and judicially engages as necessary to collect on delinquent accounts.
- Negotiate favorable third-party collection rates as well as develop appropriate policy concerning their utilization.
- Monitor credit activity including monthly review of all accounts. Audit delinquent accounts considered to be uncollectible; ensure appropriate efforts have been taken before assigning bad credit status to account.
- Creates and presents reports to management on large account activity, summary aging analysis and bad debt reserve analysis.
- Prepare and review collection reports and monitor aged Accounts Receivable to evaluate effectiveness of current collection policies and procedures.
- Supervise Credit Specialists and Assistants, providing career development and mentoring and building a high-performing team characterized by openness and trust.
- Collaborate with members of the Summit team to resolve Customer Disputes.
- Maintain DSO levels consistent with High Performing Electrical Distributors based on PAR or agreed upon with CFO.
- Maintain Bad Debt write offs to less than .1% of sales.
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Director of Credit - Albuquerque, United States - Summit Electric Supply
Description
**This position will be located in office, either at our Albuquerque or Houston corporate offices**
Role Summary: The Director of Credit supports Summit's sales efforts by extending customers credit in a way that maximizes sales and profit while minimizing the risk of loss to Summit and utilizing Summit's capital effectively. Responsible for the overall direction and management of the Credit Department, which includes development and leadership of all credit specialists, assistants, and cash applications. Ensures all credit personnel are trained to complete credit applications, assess creditworthiness, perform risk analysis and reviews, negotiate payment and securitization plans with delinquent accounts, conduct credit investigations, and protect Summit's assets with appropriate securitization, notices and documentation, including liens as necessary where appropriate. The Director will develop and implement credit policies and provide guidelines concerning credit extension to Summit's customers.
Key Responsibilities: