Credit Controller Job Description: Top Duties and Qualifications

A Credit Controller, or Commercial Credit Controller, is responsible for assessing credit applications and adhering to company payment policies. Their duties include evaluating financial records to determine an applicant’s eligibility, contacting customers or clients to notify them of missed payments and coordinate with marketing sales and accounting professionals to determine payment protocols.

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Credit Controller duties and responsibilities

The important duties and responsibilities for a Credit Controller include:

  • Develop and monitor a credit control system in collaboration with sales and marketing, finance and executive team members.
  • Establish policies that follow customer service best practices while ensuring customers submit payments on time.
  • Check consumer credit reports, approve or deny applications and communicate decisions to the appropriate personnel in a timely manner.
  • Negotiate payment plans with consumers and set loan terms and conditions accordingly.
  • Maintain loan records, conduct regular analysis of the credit-control system and implement changes as needed to reduce bad debts.
  • Report any payment issues to management or the appropriate team.
  • Follow up on overdue invoices and payments and implement company collections procedures as necessary.
  • Look for ways to improve debt collection processes.

Credit Controller Job Description Examples:

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Credit Controller

This position is currently being managed by someone that plans on retiring in June 2020. Plenty of OJT will be provided. The current position evolved into a Credit Manager/Office Manager/Human Resources over the years. We have successfully separated the Office Manager/Hr roles to another employee but need to emphasize the Credit Manager piece going forward. Currently transitioning from Sage 50 accounting to NetSuite ERP with a "go-live" date of April 1, 2020.

Duties will include but will not be limited to:

Basic Accounting practices (work closely with our accountant on monthly, quarterly and yearly financials). Input accounts payable etc.

Banking - basic knowledge of revolving credit accounts, balancing an account and knowledge (or ability to learn) a borrowing base in regards to a commercial loan.

Payroll

Monitoring past due accounts and ensuring we stay well within our lien and bond filing rights (all will be covered in training). Working with management and our legal team on exercising these rights.

Calculate monthly sales commissions

Oversee one full time and one part time employee

Work experience, skills and education:

Background in accounting or finance - not finicky on the "years" experience but need someone with some experience who can/will learn quickly and is willing to wear multiple hats if required.

Skills - need to be adaptable, hardworking, punctual and willing to learn. Basic excel knowledge will come in handy. As well as knowledge of NetSuite ERP software. Need to be able to work independently and within a team.

Education:

Associates = good

Bachelor's = better

Master's = best

Job Type: Full-time

Salary: $45,000.00 to $55,000.00 /year

Education:

  • Associate (Preferred)

    Additional Compensation:

  • Bonuses

    Work Location:

  • One location

    Benefits:

  • Paid time off

  • Flexible schedule

    This Company Describes Its Culture as:

  • Detail-oriented -- quality and precision-focused

  • Aggressive -- competitive and growth-oriented

  • Team-oriented -- cooperative and Job Is:

  • A good fit for applicants with gaps in their resume, or who have been out of the workforce for the past 6 months or Monday to Friday
  • What does a Credit Controller do?

    Credit Controllers typically work for corporations, insurance companies, financial agencies, credit agencies or credit unions to protect their company’s revenue streams. They work closely with other financial professionals to monitor and update their credit control systems. Their job is to maintain records for invoices, credit applications or loan contracts to track payments. They may also be responsible for helping customers figure out a payment plan for paying off debts owed to their company.

    Credit Controller skills and qualifications

    A successful Credit Controller candidate will have the following prerequisite skills and qualifications:

    • Strong organization skills
    • Analytical skills 
    • Communication skills
    • Familiarity with data entry and analysis
    • Ability to listen to customers and negotiate solutions

    Credit Controller salary expectations

    The average salary for a Credit Controller is $78,613 per year. Exact salary may vary depending on the applicant’s experience level, education and geographical location. The typical tenure for a Credit Controller is two to four years.

    Credit Controller education and training requirements

    The training and education requirements to be a Credit Controller include a bachelor’s degree in accounting, finance, business, mathematics or a related field. Having or obtaining one of the following certifications may also be a requirement: Certified Public Accountant (CPA), Chartered Financial Consultant (ChFC), Certified Financial Analyst (CFA), Certified Management Accountant (CMA) or Certified Internal Auditor (CIA).

    Credit Controller experience requirements

    Most companies hiring Credit Controllers will seek candidates with experience in the finance industry. Some of the experience they look for 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 or similar extensive work experience. Entry-level roles may accept related experience working as an intern for a financial services company.

    Job description samples for similar positions

    If this Credit Controller job description template isn’t what you’re looking for, see our job descriptions for related positions:

    Frequently asked questions about Credit Controllers

     

    What is the difference between a Credit Controller and a Financial Controller?

    The difference between a Credit Controller and a Financial Controller lies in seniority and the scope of their job responsibilities. For example, Credit Controllers specialize in conducting risk assessments on clients and loan or credit applicants. They also follow up with customers or clients regarding missed payments. Their goal is to analyze the accounts receivable statement to identify overdue payments and ensure their company maintains its revenue streams. 

    In contrast, Financial Controllers have a broader scope of job responsibilities. They are responsible for overseeing their company’s accounting operations. This includes monitoring cash flow statements, income statements, balance sheets, accounts receivable, accounts payable and other documents. Because Financial Controllers oversee accounts receivable in addition to their other duties, they may be responsible for leading Credit Controllers and other finance employees.

     

    What are the daily duties of a Credit Controller?

    On a typical day, a Credit Controller starts by checking their email and voicemail to respond to messages from debtors or credit applicants. Throughout the day, they review credit applications or client information to assess the financial risks they pose for the company. Credit Controllers also monitor their company’s accounts receivable statements and contact customers or clients who have outstanding debts to pay to the company.

     

    What qualities make a good Credit Controller?

    A good Credit Controller uses their background in finance to protect and promote their company’s revenue streams. They also have an ethical code that influences their decision making. This is especially important in situations where clients or customers ask for extensions or other exceptions on their payment plans. Further, a good Credit Controller has an investigative nature that allows them to seek financial documents to aid their analysis of credit applications. 

    A good Credit Controller also maintains a professional and personable nature when communicating with customers or clients about their missed payments. This is important as it ensures customer loyalty while also reinforcing their company’s needs.

     

    Who does a Credit Controller report to?

    A Credit Controller typically reports to the Financial Controller if they work as a part of a corporation’s finance department. However, they also report to the Firm Manager or Bank Manager if working at a financial institution. If self-employed, Credit Controllers may report directly to their clients.

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