Credit Manager

Roles and responsibilities

• Process credit applications in accordance to the Credit Policy, ensuring that clients are notified promptly and professionally.
• Review the Credit policy and credit worthiness of all approved clients on a yearly basis.
• Ensure Accounts Receivable issued all invoices and statements on a timely basis.
• Monitor the prompt follow-up of all overdue accounts and minimize the recovery delay.
• Monitors the special billing arrangements for groups and conventions as required to ensure that postings are in line with customer requirements.
• Monitor and pursue collection of overdue accounts.
• Review city ledger daily for correct postings of charges and take corrective action where necessary.
• Review bad debts listing monthly to prepare collectability analysis for monthly provision for doubtful debts.
• Respond to and resolve account queries in conjunction with accounts receivable.
• Review provision, write-offs and other adjustments immediately prior to month end.
• Implement effective inquiry response procedure for guests and management.
• Report on monthly accounts receivable ageing analysis and detailed account ledgers.
• Conduct credit meetings at least once a month, with relevant highlighting monthly performance, bad debts, staff accounts outstanding and discuss any accounts causing concern and follow up.
• Appropriately manage all delinquent accounts, liaising with debt collectors where needed.
• Review and recommend accounts to be written off, providing appropriate documentation.
• Ensure PM accounts are checked on daily basis and transferred to city ledger within 48hrs from the departure date.
• Review the Advance Deposit ledger to ensure all the balances are either current or for future date.
• Inform the relevant department heads of any deviations from policy by Assistant Managers, or Front Office Cashiers that may come to his/ her attention.
• Ensure guest refunds are processed in a timely manner as per the hotel policy; with all supporting paperwork and required authorizations.

Desired candidate profile

Minimum 5 years of experience, ideally in hotel accounting.
Rigorous, methodical, and recognized for your ability to work in a team and build trust.
Credit Risk Management
Assess Creditworthiness: Evaluate the creditworthiness of potential clients by reviewing financial statements, credit reports, and other relevant data.
Establish Credit Limits: Set appropriate credit limits for customers based on their financial standing, payment history, and industry conditions.
Credit Terms and Conditions: Develop, implement, and review credit policies and terms for customers, ensuring they align with the company’s financial goals and risk tolerance.
Monitor Credit Exposure: Continuously monitor credit exposure and ensure that outstanding debts are within approved credit limits.
Accounts Receivable Management
Collection of Outstanding Debts: Supervise and ensure the timely collection of payments from clients, while maintaining positive customer relationships.
Oversee Collections Team: Manage the collections team to ensure they follow up on overdue accounts, negotiate payment terms, and resolve disputes.
Payment Plans: Set up payment plans or negotiate settlements with customers who are unable to pay immediately but have a history of good payment.
Write-Offs and Bad Debt Management: Identify overdue accounts that are unlikely to be collected and work with senior management to decide whether to write them off as bad debts.
Credit Policy Development and Compliance
Develop and Review Credit Policies: Create and regularly review the company’s credit policies and procedures to ensure they are in line with the company’s risk management objectives and industry best practices.
Compliance: Ensure compliance with legal, regulatory, and internal credit management policies, including adhering to financial regulations and company guidelines.
Internal Controls: Implement internal controls to ensure that the credit process is secure, with minimal risk to the company’s financial health.
Financial Reporting and Analysis
Prepare Credit Reports: Produce and present regular reports on credit risk, outstanding debts, collections, and bad debt provisions to senior management.
Financial Analysis: Analyze credit data and customer financials to make informed decisions about extending or adjusting credit limits.
KPIs and Metrics: Monitor and report on key performance indicators (KPIs), such as the aging of accounts receivable, days sales outstanding (DSO), and collection ratios.
Forecasting: Work with the finance team to forecast cash flow and credit risk based on customer payment behavior and market conditions.