In-Office | $150-$175k plus bonus
Position Summary
The Director of Collections and Cash Applications – Shared Services is responsible for leading the department in managing all processes related to the collection and application of cash, as well as authorizing customer credit. This role collaborates closely with Customer Service, Operations, and Sales leadership to ensure excellent customer service and strong financial performance. The Director oversees the accurate and timely processing of receivables, leads a team of specialists, and develops strategies to improve cash flow and reduce outstanding receivables.
Reports To
Vice President, Accounting
Responsibilities
Leadership and Management
- Act as a key business partner to build sustainable growth practices and create value through data, analytics, and insights.
- Lead the continuous development and growth of the team, aligning with the business strategy and cross-functional initiatives.
- Oversee the Collections and Cash Applications teams, ensuring that metrics and goals are met, and maintaining compliance with company policies and state and federal regulations.
- Develop, implement, and manage cash collections, cash applications, and credit authorization policies, procedures, and training for all business lines and locations.
- Provide training to ensure compliance with the Federal Fair Debt Collection Practices Act (FDCPA).
- Manage efficient, well-controlled processes to maximize cash flow and standardize department activities.
- Monitor and report key performance metrics for collections and cash applications, as well as individual team member performance, on a regular basis.
- Oversee all collection activities to ensure timely and full recovery of receivables.
- Monitor the accounts receivable portfolio and implement strategies to reduce aging receivables through customer segmentation, notifications, and automated collections processes.
- Stay informed on state and federal debt collection laws and ensure the team receives timely training for legal compliance.
- Proactively reduce aged outstanding debts to minimize default risks and lost profits.
- Supervise the daily processing of cash receipts and customer account postings.
- Ensure accurate application of payments, credits, and adjustments, working with banks to improve accuracy and efficiency.
- Identify and resolve discrepancies in cash applications.
- Provide regular reports on collections and cash application performance, analyzing financial, transactional, and team metrics against goals.
- Analyze trends and implement process improvements based on findings.
- Offer insights and recommendations to senior management.
- Collaborate with customers to resolve payment issues and disputes.
- Work with internal and external stakeholders to ensure collections align with customer service goals.
- Maintain positive relationships with key clients and stakeholders.
- Bachelor’s degree in finance, accounting, business administration, or a related field; advanced degree preferred.
- Minimum of 8 years of progressive experience in collections management, accounts receivable, and cash applications, preferably within a shared services or multinational, high-volume cash receipts and lockbox processing environment.
- Proven success in cross-functional collaboration and driving company-wide results.
- Advanced knowledge of collections principles, credit risk assessment, accounts receivable processes, and cash application methods.
- Experience with processes related to compliance with mechanics lien laws where applicable to past-due receivables.
- Demonstrated success in leading and motivating teams to exceed collections targets, reduce DSO, and improve cash flow.
- Strong analytical skills with the ability to interpret complex data, conduct trend analysis, and derive actionable insights.
- Excellent communication, negotiation, and interpersonal skills, with the ability to build strong relationships with internal and external stakeholders at all levels.
- Proficiency in data analytics, collections software, ERP systems, and cash management tools such as SAP, Oracle, Salesforce, and banking platforms.
- Ability to thrive in a fast-paced, deadline-driven environment, manage competing priorities, and drive continuous process improvement.
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