Recovery Officer

Job Description:

Job Title: Recovery Officer

Department: Accounting/Finance

Reports To: Chief Financial Officer (CFO) or Finance Manager

Job Overview: As a Recovery Officer in the accounting department, your primary responsibility is to manage and oversee the collection of outstanding debts owed to the company. You will play a crucial role in safeguarding the organization's financial health by minimizing bad debt losses and ensuring timely payment from customers. The position requires a combination of financial acumen, negotiation skills, and a proactive approach to recovering outstanding amounts.

Key Responsibilities:

1. Debt Recovery:

   • Initiate contact with customers who have overdue payments.
   • Implement effective debt recovery strategies to collect outstanding amounts.
   • Negotiate payment plans and settlements with customers while maintaining positive relationships.

2. Account Reconciliation:

   • Review and reconcile customer accounts to identify discrepancies and outstanding balances.
   • Work closely with the accounts receivable team to ensure accurate and up-to-date records.

3. Communication:

   • Communicate effectively with customers through various channels, including phone calls, emails, and letters.
   • Provide clear and concise information regarding overdue payments, terms, and potential consequences.

4. Documentation:

   • Maintain accurate and comprehensive records of all communication with customers.
   • Prepare reports on the status of overdue accounts and recovery efforts.

5. Legal Compliance:

   • Stay informed about relevant laws and regulations related to debt recovery.
   • Ensure that all debt recovery activities comply with legal and ethical standards.

6. Customer Relations:

   • Foster positive relationships with customers to encourage timely payments and resolve issues amicably.
   • Provide assistance and support to customers facing financial difficulties to find mutually beneficial solutions.

7. Reporting:

   • Generate regular reports for management on the status of overdue accounts, recovery efforts, and key performance indicators.

8. Collaboration:

   • Collaborate with other departments, such as sales and customer service, to gather relevant information and resolve customer issues affecting payment.

Qualifications and Skills:

• Bachelor's degree in Accounting, Finance, Business Administration, or a related field.
• Proven experience in debt recovery or a similar role within the finance industry.
• Strong negotiation and interpersonal skills.
• Excellent communication and problem-solving abilities.
• Knowledge of relevant legal and regulatory requirements.
• Familiarity with accounting software and Microsoft Office applications.
• Ability to work independently and as part of a team.

The Recovery Officer plays a critical role in maintaining the financial stability of the organization by ensuring the timely collection of outstanding debts and fostering positive relationships with customers.

Responsibilities:

Requirements:

Debt Recovery