Credit controller job description.

All companies need a steady flow of working capital to remain viable. In theory, businesses should always receive their payments from customers and clients on time but, unfortunately, things aren't always that simple. As a result, most companies take steps to limit their exposure to the risks of non-payment. Companies employ credit controllers to assess whether credit should be granted to potential customers, or not. This article will describe the day-to-day duties and activities of a credit controller.

<h2>Key skills</h2>
Important skills for credit controllers include the following:
<ul>
<li>Strong numeracy and mathematical ability – as with all jobs in finance.</li>
<li>Good communication skills – specifically, the ability to explain complex financial matters in simple terms accessible to lay people.</li>
<li>I.T. – for working with finance software and for things like recording keeping and reporting writing.</li>
<li>
<g class="gr_ gr_78 gr-alert gr_spell gr_inline_cards gr_disable_anim_appear ContextualSpelling multiReplace" id="78" data-gr-id="78">Organisation</g> – for coping with a complex schedule that will often involve working on several different things at the same time.</li>
<li>Negotiation – for managing sensitive matters like debt collection.</li>
</ul>
Credit controllers also need to be patient, calm, and able to work under pressure, bringing in projects on deadline no matter what. Because they may encounter disagreement with their decisions, they need to be persuasive and have the courage of their convictions. Many credit control departments use targeting and these are well suited to ambitious, results-driven people.
Day to day responsibilities The main responsibility credit controllers usually have is to assess the amount of risk involved with extending credit to certain individuals or <g class="gr_ gr_117 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling multiReplace" id="117" data-gr-id="117">organisations</g>. By checking credit reports, and various financial statistics, credit controllers can determine how likely it is that the credit applicant will default on payments, or be unable to meet them at any point in the future. Individuals in these roles are then responsible for adjudicating on whether or not an application should be granted. Good financial analysis skills are required for this, and individuals will often have to carry out interviews with applicants. Credit controllers are usually held accountable for any applications they approve, meaning they need to be able to accurately and objectively assess the risks involved in each transaction they deal with. Credit controllers are also usually responsible for processing monthly client <g class="gr_ gr_106 gr-alert gr_gramm gr_inline_cards gr_run_anim Punctuation only-del replaceWithoutSep" id="106" data-gr-id="106">payments,</g> and then updating the accounts system to reflect this. On occasions where payments are not made on <g class="gr_ gr_108 gr-alert gr_gramm gr_inline_cards gr_run_anim Punctuation only-ins replaceWithoutSep" id="108" data-gr-id="108">time</g> the credit controller is required to contact the customer in an attempt to discover the cause of the problem, and to ensure the payment is made. If the other party is unable to make payment, or unwilling to, the credit controller will usually be required to contact a debt collection <g class="gr_ gr_107 gr-alert gr_gramm gr_inline_cards gr_run_anim Punctuation only-del replaceWithoutSep" id="107" data-gr-id="107">agency,</g> or initiate legal proceedings against the client. For this reason, some people can find the job somewhat stressful, as they are occasionally forced to deal with difficult situations. It's important for the individuals to remain firm but fair in their conduct during these times. These jobs are best suited to individuals who have good communication skills, and who enjoy working with numbers on a daily basis. Candidates need to be confident in their own calculations and <g class="gr_ gr_93 gr-alert gr_spell gr_inline_cards gr_disable_anim_appear ContextualSpelling multiReplace" id="93" data-gr-id="93">organisational</g> systems, and also able to explain complex financial matters in simple language to people who may not be as well-versed in numeracy as they are. While empathy to understand the other party's position is a bonus, individuals also need to be assertive enough to ensure the final outcome is the right one for their own company.
Variations on the role There are several variations on this role, depending on whom the individual is employed <g class="gr_ gr_86 gr-alert gr_gramm gr_inline_cards gr_disable_anim_appear Grammar replaceWithoutSep" id="86" data-gr-id="86">by</g>. Many companies have their own financial departments, and these roles are often entirely focused on ensuring the company's customers know when they should pay, and on chasing up non-payments. An alternative option is to work for a third-party credit agency or debt collector. These <g class="gr_ gr_87 gr-alert gr_spell gr_inline_cards gr_disable_anim_appear ContextualSpelling multiReplace" id="87" data-gr-id="87">organisations</g> also need credit controllers, who act on behalf of various different companies that outsource to them.
Salary and perks Starting salaries for credit controllers are quite variable, ranging from £16,000 to £25,000 per annum depending on <g class="gr_ gr_81 gr-alert gr_gramm gr_inline_cards gr_disable_anim_appear Grammar only-ins replaceWithoutSep" id="81" data-gr-id="81">level</g> of responsibility. They are usually higher in London and the south east of England, but this has to be balanced against the higher cost of living in those areas.
As senior employees, credit controllers are sometimes eligible for profit sharing, bonuses <g class="gr_ gr_79 gr-alert gr_gramm gr_inline_cards gr_disable_anim_appear Punctuation only-ins replaceWithoutSep" id="79" data-gr-id="79">and</g> company health insurance schemes. Company cars may also be available, especially to those working in field collection.
Hours Most credit controller jobs are nine to five or are shift based but in a regular pattern, making it possible to maintain a good work/life balance. Occasional overtime may be needed when rapid negotiations are in progress but it’s rare for them to have to take work home. There are a lot of <g class="gr_ gr_82 gr-alert gr_spell gr_inline_cards gr_disable_anim_appear ContextualSpelling ins-del multiReplace" id="82" data-gr-id="82">part time</g> positions available in this field.
Training and development This profession offers <g class="gr_ gr_91 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling ins-del" id="91" data-gr-id="91">may</g> opportunities for skills development on the job, with many employers willing to <g class="gr_ gr_89 gr-alert gr_spell gr_inline_cards gr_disable_anim_appear ContextualSpelling multiReplace" id="89" data-gr-id="89">subsidise</g> training for their employees or allow them paid time for study. Professional qualifications approved by the Credit Services Association (CSA) or the Institute of Credit Management (ICM) can be studied <g class="gr_ gr_94 gr-alert gr_spell gr_inline_cards gr_disable_anim_appear ContextualSpelling ins-del multiReplace" id="94" data-gr-id="94">part time</g> or through correspondence courses, and short learning modules are also available with a focus on particular skills.
In large companies, mentoring is common in credit control departments. For those new to the job, finding a mentor can really help with picking up skills, and it can also prove useful when it comes to getting recommended for promotion.
Opportunities for progression Because of the variety of <g class="gr_ gr_99 gr-alert gr_gramm gr_inline_cards gr_run_anim Punctuation only-ins replaceWithoutSep" id="99" data-gr-id="99">challenges</g> it can present, credit control is an excellent context in which to demonstrate skills and personal abilities. This makes it a good position from which to move sideways into areas like auditing and accounting – with the necessary extra qualifications, of course – but there are also opportunities for those who wish to remain within the field. Team supervisor jobs come up fairly frequently ad those who show the most talent can work their way up to become heads of department. Beyond this, there is the possibility of moving into a head of finance job.
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