Credit and Collections Manager

Overview

Magnera's purpose is to better the world with new possibilities made real. For more than 160 years, the originating companies have delivered the material solutions their partners need to thrive. Through economic upheaval, global pandemics and changing end-user needs, they have consistently found ways to solve problems and exceed expectations. By bringing together these legacy companies, the distinct scale and comprehensive portfolio of products will bring customers more materials and choices. With a combined legacy of resilience, Magnera will build personal partnerships that withstand an ever-changing world.

The Cash App, Credit and Collections Manager will be responsible for Managing the Credit Analyst and Cash Application teams while overseeing credit administration, cash application, collections, and the maintenance of Accounts Receivable to maximize cash flow, minimize risk, and ensure accurate customer account management.

Responsibilities

• Oversee the accounts receivable process, including cash application, credit review, collections and customer account maintenance.
• Manage the daily cash application process to ensure timely and accurate posting of customer payments received via ACH, wire transfers, checks and lockbox.
• Monitor Credit Analysts performance and provide direction and instructions as needed.
• Lead and train a team and new hires in cash application, credit and collection.
• Assign tasks, track team collection efficiency, and conduct performance evaluations.
• Monitor aging reports and reduce delinquent accounts.
• Utilize daily, weekly, monthly reports to improve cash application accuracy, collection efficiency, reduce bad debt, and report to leadership.
• Monitor unapplied cash balances and resolve payment discrepancies including short pays, overpayments, duplicate payments, unidentified remittances, and deductions in a timely manner.
• Partner with Treasury and Finance to reconcile daily cash receipts, bank deposits, and customer payment activity to ensure accurate financial reporting.
• Develop and maintain standardized cash application procedures, internal controls, and process documentation to improve operational efficiency and ensure compliance.
• Identify and implement process improvements and automation opportunities within cash application, credit, and collections functions.
• Communicate with clients regarding credit terms, payment plans, and overdue balances.
• Maintain positive customer relationships while ensuring timely payments.
• Ensure analyst’s conformance to collection strategies and initiatives to achieve prompt payment and reduce outstanding balances measurable by AR turns and DSO.
• Research and establish appropriate credit terms and limits for prospective and existing customers.
• Provide credit trade references when requested.
• Work closely with sales, legal, and finance departments to support business objectives and resolve customer account issues.
• Serve as the subject matter expert for cash application, credit, and collections processes, supporting ERP enhancements, system implementations, acquisitions, and continuous improvement initiatives.
• Ensure compliance with company policies, internal controls and SOX requirements (where applicable).
• Perform other tasks and special projects as required

Qualifications

• Bachelor’s degree or equivalent experience in Accounting or Finance preferred.
• Minimum of 5 years commercial accounts receivable experience preferred.
• Supervisory or senior level experience required.       
• Ability to gather and analyze pertinent data to support credit decisions on new and existing customers
• Working knowledge of Excel, Word and Powerpoint                                                                                                                                                      
• Ability to multi-task in a fast-paced environment
• Excellent written, verbal, and organizational skills.