WHAT DOES A COLLECTIONS ANALYST DO?

Updated: Dec 24, 2024 - The Collections Analyst initiates the write-off process for uncollectible accounts in line with DEB Collection policy, serves as the system administrator for collection software, and provides expert insights on effective collection techniques. Regular presentations to Management and monthly A/R review meetings with operational groups are conducted to resolve disputes and assess collection account risks. The role involves documenting daily receivables by aging category, preparing performance reports on collection effectiveness, and directly managing collections activities for designated accounts.

A Review of Professional Skills and Functions for Collections Analyst

1. Collections Analyst Duties

  • Process Improvement: Identifies, recommends, tests, and implements improvements (including system enhancements) for streamlining internal processes across organizational functions with the goal of mitigating financial exposure due to customer delinquency.
  • Customer Retention Analysis: Examines customer aging to make strategic customer retention recommendations to Accounts Receivable, Finance, and Sales leadership weekly.
  • Delinquent Account Management: Based on this examination, determines customers to drop and partners with Sales to cure delinquent balance and/or Commercial Operations to effect said drops of delinquent customers.
  • Data Analysis and Reporting: Analyzes data to provide feedback and insight to Management regarding trends in delinquency, ability to be collected, early contract cancellation, and bankruptcy/receivership of customer accounts that will impact the financial performance of the company.
  • Write-off Monitoring: Reviews, processes, and monitors write-offs to ensure bad debt provisions are accurate.
  • Operational Gap Remediation: Identifies and remediates operational gaps while creating and managing tools for overseeing customer delinquency.
  • Documentation and Compliance: Assists with documenting and maintaining all processes and procedures related to collections efforts, ensuring adherence to company and regulatory policies and internal controls.
  • Project Participation: Assists and participates in ad-hoc projects as needed.
  • Escalated Account Handling: Handles delinquencies related to complex accounts escalated from external vendors and Cash Application Specialist.
  • Delinquent Account Communication: Creates and sends delinquent account notices to customers in accordance with DEB collection strategies.
  • Customer Interaction: Interacts with customers via telephone or email to resolve delinquent balances.
  • Service Disconnection Process: Initiates the service drop and disconnection process for customers who have not settled account balances in accordance with DEB Collection policy.
  • Account Regain Monitoring: Monitors dropped and disconnected customer accounts for payments and initiates the account regain process.

2. Collections Analyst Details

  • Write-off Process Initiation: Initiates the write-off process for all customer accounts categorized as uncollectible in accordance with DEB Collection policy.
  • Management Reporting: Presents findings to Management on a regular basis.
  • Accounts Receivable Profiling: Quantifies and reports the daily accounts receivable profile by aging category.
  • Performance Measurement Reporting: Prepares and reports performance measurements for collection effectiveness.
  • System Administration: Performs as system administrator for the collection software solution, including system configuration, user administration, and vendor management.
  • Subject Matter Expertise: Serves as a subject matter expert on all aspects of customer account balance collection.
  • Collection Technique Research: Researches and implements effective collection techniques.
  • Collection Activity Management: Manages collection activity for a specified group of accounts as designated by the Credit & Collections Manager.
  • Daily Collection Activity: Performs daily collection activity for a specified group of accounts in accordance with company terms of sale using effective collection procedures.
  • Customer and Manager Communication: Communicates with customers and operational managers to resolve customer disputes/problems through the administration of the company's customer dispute resolution program.
  • Monthly A/R Review Meetings: Hold monthly A/R review meetings with operational groups for the purpose of resolving disputes and identifying present and potential problem collection accounts.
  • Problem Account Review: Review problem collection accounts with the Credit & Collections Manager.
  • A/R Follow-up Documentation: Documents A/R follow-up calls.

3. Collections Analyst Responsibilities

  • Collections Performance Delivery: Delivery on Collections Performance targets deployed
  • Collections Management: Perform all aspects of collections regarding North American Customers Portfolio, including:
  • Financial Query Resolution: Resolving customer financial queries
  • Overdue Payment Management: Managing overdue payments through Collections Workflow systems
  • Customer Communication: Contact with customers via phone, email, etc.
  • Discrepancy Resolution: Receive and resolve discrepancies (Qty, Price, Warranty, Customer, Freight, etc.)
  • Dunning Letter Preparation: Prepare and dispatch dunning letters/statements and assist in matching payments received
  • Report Preparation: Preparing required reports on time – e.g. Past Due report, Forecast, Special invoices, and other reports and analysis
  • Process Improvement Participation: Participate in identifying and implementing process improvements
  • Procedure Review: Updating and reviewing desktop procedures
  • Issue Escalation: Escalation and follow-up on issues through Dispute workflow (Dispute Management tool)
  • Key Metric Achievement: Ensure Key Metrics are met and service is delivered to end users
  • Interdepartmental Communication: Communication and cooperation with other departments, participation in organized conference calls
  • Audit Documentation: Providing required information and documentation for external and internal audit

4. Collections Analyst Job Summary

  • AR Team Support: Providing support to AR Team Leader
  • Policy Compliance: Ensure policies and procedures are followed
  • Cash Collection Optimization: Assist Team Leader and Managers to drive key actions that maximize cash collection
  • Account Portfolio Management: Plan, organize and execute effective control of assigned account portfolio
  • Contact Maintenance: Maintains Point of Contact (POC) with key customer contacts and internal customer contacts (e.g., Sales)
  • OTC Transaction Recording: Ensure relevant OTC Transactions are recorded in accordance with relevant Accounting Policies, Local and US GAAP requirements
  • Confidentiality Assurance: Ensure processes are in place to keep information confidential, thereby protecting the organization's value
  • SOP Maintenance: Assist in the maintenance of Standard Operation Procedures (SOPs)
  • Process Improvement Support: Resolve process questions, provide support for process improvement initiatives, and recommend process changes to improve efficiency including automation initiatives
  • Relationship Building: Build effective working relationships with relevant business units
  • Cash and Rebate Application: Perform cash and rebate application for all customer accounts receivable (AR) balances and research discrepancies
  • AR Adjustment Review: Review and approve other AR adjustments, assess and perform the right of offset
  • Process and Control Improvement: Initiate/support process and control improvements for increased quality, efficiency, and effectiveness
  • Audit Assistance: Assist in the company internal/external audit

5. Court Reporting Collections Analyst Accountabilities

  • Invoice Collection: Ensure timely collection of invoices, and routine follow-up of assigned accounts, utilizing both email and phone, while providing a high level of professionalism in all communications
  • Client Account Management: Work in conjunction with sales and client services teams to manage the client accounts, and deliver top-quality customer service to both internal and external business partners
  • Contract and Documentation Research: Research contracts, past emails, payments, and other documentation to ensure all knowledge of the client matter is understood prior to beginning collection efforts
  • Payment Issue Resolution: Research short-payments and unapplied cash and follow through with appropriate measures as required to bring the issue to closure
  • Monthly Reporting: Monthly reporting of collections, cash position, and other items
  • Data Management: Dealing with both structured and unstructured data, retrieved from various sources like Excel, SAS, and our system database
  • Process Improvement Initiatives: Designing, building, and implementing pilot initiatives for the ultimate goal of process and system improvement
  • Business Rule Documentation: Deducing business rules, and then building and documenting collection processes from an end-to-end capacity
  • Stakeholder Collaboration: Working closely with various internal stakeholders including Credit Risk, Marketing, IT, and the wider Collections team
  • Daily Activity Prioritization: Prioritize daily collection calls and activities for assigned customer portfolios to ensure that goals are obtained
  • Customer Balance Analysis: Analyze customer balances, payment history, and ability to pay to determine collectability of outstanding receivable balances or escalation of payment issues
  • Accounts Receivable Collaboration: Partner with all areas of the accounts receivable department to ensure outstanding customer balances are researched, collected, and properly applied
Relevant Information
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