In a world where change is the only thing that is permanent, this job has now been seen on another point of view. Are you one of those people? Then, the job of being a Credit Manager is for you.
What is a Credit Manager?
A credit manager deals with the credit department and decides on things like credit limits and risks and terms of payment to the customers.
Duties of a Credit Manager
- Credit management is used to identify accounting purposes. It manages the logging of payments in a customer’s invoice. This is important because it makes sure that a business is financially stable. And to accomplish this task, we need a credit manager. Today’s credit manager has been modernized so now, it touches a wide variety of functions. One of these functions is to positively avoid queries in order to deliberately minimize the number of uncertainties, get good credits or withhold cash.
- Credit managers also create, maintain and manage a full credit policy, an internal document that contains the terms and agreements that oversees the credit function.
- As it now has a wide scope of functions, a credit manager also governs the function of a sales ledger which has a function of raising invoices accurately, posting cash and allocating it speedily and accurately, takes charges with agreements to invoice formats set up by large customers, and ensures that the sales are input accurately to avoid further queries.
- Credit managers also identify system improvements and being essential on documenting, implementing and training of these changes.
- A credit manager is the one in charge on the negotiation and agreement of terms of business with the new and existing customers. This includes the terms of payment and the set-up of the service level agreements and credit limits.
- Credit managers also asses the trades made by the customers by establishing the trade history, inquiring credit information providers and examining the financial accounts.
Work Condition of a Credit Manager
- A credit manager works inside an office. Some are assigned to other fields like talking to new and existing clients. Credit managers are often working under pressure because of their financial responsibilities.
- A credit manager is a full-time job with a reporting requirement of 40 hours.
Educational Requirements of a Credit Manager
- To be a credit manager, one must have an appropriate educational background. Although some employers do not really require college degree, most of them prefer to select candidates that have a degree inclined to the job like a degree in finance, accounting and similar to these.
Occupation and Progress of a Credit Manager
- Hard work given to this job can bring you up to new heights. If you become an excellent and effective credit manager, you could be promoted to a Senior Credit Manager, then to a Group Credit Manager and so on.
Always keep in mind that hard work and commitment are always needed to be triumphant in any job. If you have a strong resolve and you are committed to this job, you will surely reach not only your goals but also your dreams.