This position is responsible for credit underwriting activities per company Credit Policy, financial analysis of current and prospective dealers, credit group representation, credit and collection activities including collection of past due accounts, reporting, and order hold / credit line decisions working with our dealers and the sales team. This position may support the Company’s Residential, England, and / or Casegoods business units in a team environment.
KEY RESPONSIBILITIES (other duties as assigned):
Manage a portfolio of 300-600 dealer accounts ranging in size from $1k to $10M in A/R; analyze past due aging reports, review account sales and payment history, and determine adequacy of account credit limits. Make dealer contact when accounts are past due (collection calls) or over credit line, and put dealers on credit hold when necessary. Make and implement real-time decisions on incoming orders (credit hold process) to determine if orders can be released after assessing the value of the held orders, credit line, past due, total owing, average days late, and the value of the new order.
Take action to drive improvement in DSO, past due trending, deteriorating accounts, and accounts over credit line, and mentor other department personnel on associated best practices. Generate and analyze A/R agings.
Dealer risk assessment. Mitigate credit risk using dealer analysis, and understanding of creditor rights (Article 9), personal guarantees, UCC Filings, 3rd party collections, as appropriate. During contact, interview dealer owners or controllers to assess their business conditions and reasons for delinquent accounts. Negotiate dealer repayment plans. Analyze dealer financial statements using department templates and trending, as well as trade credit group participation. Recommend accounts for collection agencies or write off, and monitor status through the settlement / lawsuit/ write off process, working with department management.
Prioritize and control workload/projects to achieve desired results while striving for continuous improvement and additional dealer and order to cash process knowledge. Contribute expertise to the team to facilitate system upgrade and continuous improvement of the order management, credit, and collection functions as technologies change, and leverage new technologies to support LZB projects, acquisitions, and IT upgrades.
Provide support for Major Accounts and develop subject matter expertise in A/R best practices, and process troubleshooting. Communicate with the sales team, other departments, plants, and dealers on dealer requests and disputes (deductions). Communicate findings effectively to troubleshoot and drive resolution. Mediate disputes to resolution.
Grant credit for new and existing accounts for credit lines utilizing various sources of information including trade references, credit reports, and customer financial statements or guarantees / collateral.
Interface with the Accounting department on topics including budgets, department vendors, recons and Integrity reports, and reconciliations. Prepare presentations and ad hoc analysis for Senior Management to support department projects.
Provide statistical analysis and reporting utilizing E1, AS400, Excel, Business Objects, and other reporting tools. Continually learn new systems and technologies to enhance the department's data mining capabilities.
SCOPE & IMPACT:
La-Z-Boy Residential, England, and CaseGoods Trade Accounts Receivable balance averaged $140Mln USD, on sales of over $1B USD, to approximately 3000 Dealers. Responsible for an assigned region or portfolio, and interacts with dealer and sales as the first point of contact for A/R and credit items. Key metrics and activities are evaluation and mitigation of credit risk, past due $ and trend, DSO, credit limit reviews completed, and invoicing and dispute troubleshooting. This role can generate incremental sales with appropriate risk-taking, and is key to cash flow. This position works with other departments including Sales, Customer Service, Comfort Care, Merchandising, Logistics, and IT. The Corp Credit & Collections department consists of ~17 employees.
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Internal Number: 1101
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