Purpose and Scope:
The Manager, Accounts Receivable and Credit is the subject matter expert on managing the credit risk for the company. The purpose of this position is to manage and direct the AR & credit functions for TimkenSteel. This position is responsible for establishing customer credit lines, resolution of issues arising from a customer not paying according to the agreed upon terms, price or other dispute. This position uses both customer provided and external resources to analyze and evaluate AR to limit TimkenSteel's risk. This position must establish and maintain a matrixed partnership with the sales organization, customer service, finance, transactional services and engineering teams to ensure that customer accounts are maintained properly, in accordance with customer agreements, credit limits and GAAP. The Manager, Accounts Receivable & Credit is also responsible for management and evaluation of high risk customers to understand the risk to the company. This position requires strong problem solving skills and an extensive knowledge of the AR and related processes and acts as the technical expert for the credit function.
- Evaluate new customer accounts to establish credit terms. This includes evaluation of the customer credit application, credit references submitted and the use of external resources (Credit Risk Monitor, Dunn & Bradstreet, and Steel Credit Group). Upon evaluation the Manager, Accounts Receivable & Credit will establish the credit limit. Each customer will bring a unique set of circumstances which needs to be evaluated for credit worthiness which requires judgment to determine the best course of action in those circumstances.
- Manage all Customer account balances with attention to those which have become aged or have exceeded the established credit limits to bring the account balance back within the agreed terms or limit. This may include negotiation with Finance management at the customer on payment plans or communicating that we are holding shipments until payment is made.
- Manage the balance between risks presented by customer credit balance and the impact to TimkenSteel operational needs (sales team directives versus credit risk). This includes monitoring credit tools such as D & B or Credit Risk Monitor to keep abreast of changes in customer financial status and risk of default. In the event of customer bankruptcy, work directly with Senior Management and outside council to establish our position to recoup any outstanding balance.
- Manage AR team who is responsible for resolution of customer disputed items, and cash application issues, calculation of customer rebate accruals and other journals required to ensure AR account balances are stated properly in the GL. This includes direction and oversight to AR & Credit activities in Monterrey, MX
- Partners with Sales organization to remain connected to sales agreements and negotiations to ensure they align with Credit policies and can be transacted efficiently.
- Establishes and maintains proper reserves for Allowance for Doubtful Accounts, Reserve for sales eligible for Customer discounts, and reserve for Memo Hindsight.
- Establish and maintain periodic (Weekly and Monthly) review of certain high risk or high value customer balances and performance metrics to tract effectiveness of the Collections and Credit process controls.
- Actively network with Industry peers to gather additional input which may mitigate risk from our current or potential future customer relationships. (ex. NACM - National Assn. of Credit managers)
- Reporting in alignment with ABL bank covenants to ensure adherence to the ABL agreement. Knowledge of all related AR requirements to ensure management communication if borrowing bases is impacted by AR issues or customer balances. This includes creating analysis as required for bank audit reporting (monthly or weekly as deemed by current status) as well as annual audits.
- Act as BPO to AR and Credit processes in alignment with Internal, External Financial audits as well as Bank audits related to ABL agreements
- Oversight of Accounts Receivable and related balances to ensure activity has been recognized n alignment with GAAP.
- Keen knowledge of credit practices and accounts receivable process internally as well as industry practice
- Data Analysis skills to drive strong decisions
- SAP/ERP Expertise to manage Credit and AR function
- Ability to write and speak clearly, easily communicating issues and potential solutions
- Strong PC skills including Excel (formulas, pivots, analysis)
Associate's Degree In Accounting, Finance, or related with at least 10 years of credit/AR experience, OR
Bachelor’s Degree in Accounting, Finance, or related with at least 7 years of credit/AR experience, OR
Master's Degree in Accounting, Finance, or related with at least 5 years of credit/AR experience.