Senior Accountant (Receivables & Collections)
CCC (Consolidated Contractors Company)
Total years of experience :20 years, 6 Months
• Mainly responsible of Receivables & Collections for all the company’s due payments.
• Establishment, maintenance & Overall supervision of Accounts Department.
• Preparing suppliers invoices reconciliation.
• Reviewing & Preparing suppliers LC’s.
• Posting incoming invoices & Sub-contractors payment certificates.
• Preparing Intra-Company accounts statements reconciliations.
• Reviews suppliers account balances for the monthly and annual accounts closing.
• Ensures monthly closing of accounts payables and receivables.
• Responsible for assigning a value date to all company’s payments and monitor funds availability.
• Posts /records all daily transactions related to cash and bank to the cash accounts in the GL.
• Reconciles the GL cash accounts with the company’s bank statement. (Bank reconciliation).
• Monitors all cash movements including cheque payments and bank letters and transfers.
• Liaise with our Commercial Manager and Financial Controller to improve financial procedures.
• Liaise with Group Accounting Team, providing answers to any queries they have in a timely manner.
• Carries out other similar or related duties such as formatting the necessary reports related to payables and receivables accounts and attending the contractors, sub- contractors and supplier’s queries.
• Contact client debtors by telephone, letter, email or fax, to agree debt collections & recovery plans and follow up to resolve any dispute.
• Handling legal side of the recovery process in cooperation with the bank's lawyers, filing cases, along with monthly updates.
• Locate and notify customers of delinquent accounts by mail, telephone, or personal visits in order to solicit payment
• Record information about financial status of customers and status of collection efforts.
• Responsible for performing loss mitigation and recovery activities regarding delinquent or charged-off accounts in accordance with Bank and legal guidelines.
• To monitor accounts daily in the allocated queues and effectively utilize bank's collections systems in line with approved collections strategy.
• Using knowledge and initiative to reach amicable solutions to settling debts, taking into account circumstances of the case.
• Establish repayment schedules, monitoring repayment of debts, and adherence by debtors to installment schedules.
• Trace delinquent customers to new addresses by inquiring at post offices, telephone companies, credit bureaus, or through the questioning of neighbors.
• Follow-up with employers for employee status, delay or no salary transfer/ESOB and follow up new documents, salary transfer.
• Perform various administrative functions for assigned accounts, such as recording address changes and purging the records of deceased customers.
• Leading five collection team members who are responsible for tele-calling & field collections.
• Review collection MIS on daily basis to measure own effectiveness, productivity & efficiency.
• Essentially responsible for managing the money owed to the company.
• Manage Credit Control Polices and Procedure set by the company.
• Follow up with customer credits, & timely dispatch of Statement of Account.
• Better view of the dues and over dues per Country.
• Review the company credit control procedure and develop and implement enhancements where required.
• To manage the outstanding sales balances falling due and contact customers before the balances become overdue to confirm payments.
• Where required initiate proceedings to ensure outstanding debts are brought to a satisfactory conclusion.
• To keep the company up to date with new credit management procedures and techniques.
• Reduction of the over dues through better collection despite tough context.
• Analysis of delays of collections and over dues.
• LC follow-up and monitoring / Negotiations /amendments through better relations with banks.
• Playing a key role in coordination between Banks-Customers-Business to minimize the risks
• Coordinating with Sale Department to overcome and clarify any differences in the customer's accounts.
• To manage the outstanding sales balances falling due and contact customers before the balances become overdue to confirm payments.
• Establish and maintain strong professional relationship with customers.
• Development process and procedure documentation.
• Carrying out the field visits to the clients for collecting the Payments or Bank Guarantee.
• Maintain comprehensive monthly reconciliation ofآ customer accounts.
• Reporting directly into the CFO (Chief Financial Officer) of the Group.
• To follow-up and arrange for timely collection of all receivables and to deposit cash and cheques with the banks on the following working day.
• Assertive follow up for the accounts which falls in the soft buckets to the high buckets delinquency by tale calling, e-mails, faxes and field visits.
• Personally handle high balance accounts and ensure appropriate action at early days of ageing.
• Handling legal side of the recovery process in cooperation with the bank's lawyers, filing cases, along with monthly updates.
• Determine the need to forward customer delinquencies pre or post 90 days to legal department or collections agency.
• Supervising the reconciliation process and coordinating with operational management to resolve any issues raised by debtors.
• Mange the workflow of credit team and input to credit and ensure appropriate distribution of accounts/cycles among the team.
• Ensure effective handling of all accounts and appropriate actions by Credit and Collection team to maximize recoveries.
• Maintaining accounts receivables, reconcile debtors’ accounts, and generate ageing reports on a weekly basis.
• Assess the ability of customers to pay and negotiate payment arrangements where necessary that are suitable to the customer and the Council.
• Manage the outstanding sales balances falling due and contact customers before the balances become overdue to confirm payments.
• Assist in the development and implementation of credit control, cash security and collection procedures.
• To ensure that accounts queries are kept to a minimum in order to minimize the risk of bad debts.
• Keep full records of customer transactions, history of investigation, communication, arrangements etc in respect to the collection of debts.
• To monitor late payment and bouncing cheques.
• Preparation of weekly and monthly collection reports.
• Follow up the accounts which falls in the soft buckets to the high delinquency category ( 90+ days) by tele calling and field visits.
• To follow-up and arrange for timely collection of all receivables and to deposit cash and checques with the banks on the following working day.
• Handling legal side of the recovery process in cooperation with the bank's lawyers, filing cases, along with monthly updates.
• Handling high volume of customer calls & visits.
• Resolving accounts-related discrepancies, and issuing collecting Debit or Credit Notes as warranted.
• Preparing Paymants plans for overseas customers or for advance settlement of future inserts.
• Continuous communication with x-days team at HQ to transfer any non-contactable accounts from very early ageing days (7-days after x-days) to local market for filed visit.
• Review and recommend decisions on each account moved from x-days while ensure only risky accounts sent for legal action and travel ban.
• Determine the need to forward customer delinquencies pre or post 90 days to legal department or collections agency.
• Personally handle high balance accounts and ensure appropriate action at early days of ageing.
• Mange the workflow of credit team and input to credit and ensure appropriate distribution of accounts/cycles among the team.
• Ensure effective handling of all accounts and appropriate actions by Credit and Collection team to maximize recoveries.
• Review credit applications of overdue and cancelled accounts, determine if changes in credit profile are necessary and recommend changes to approval criteria, market segments and targeted customers.
• To monitor late payment and bouncing cheques.
• Preparation of daily, weekly and monthly collection reports.
• Responsible for a portfolio of several client banks such as ABN Amro, HSBC, NBD, Standard Chartered, Dubai bank, ADCB & EBI…etc. But mainly responsible alongside another individual for the entire of ABN Amro & HSBC Bank.
• Providing & maintaining high levels of customer service for our client banks, and developing the business relationship between the firm & the banks.
• Consistently maintained Credit Cards delinquencies well below benchmark..
• To monitor delinquent cases and take relevant proactive steps for the high-risk cases based on their history, profile, POS, nature of industry and asset.
• At agency level to continuously identify and follow high-risk cases based on Parameters like POS, borrower profile, past bouncing record etc.
• To follow each delinquent account with a specific strategy.
• To work on each and every skip and fraud case with a specific strategy.
• To monitor late payment and bouncing cheques.
• To prevent aging of accounts.
• Resolving Customer disputes.
• Maintaining MIS reports on weekly basis.
• Field visits of delinquent customers.