Credit controllers manage a business’s financial part, including preparing and sending invoices, managing credit lines, and evaluating credit requests. They protect the financial well-being of the employer and contribute a valuable service to any company.
Credit controllers are professionals involved with some role in managing the financial part of a business. In some cases, the controller will focus on preparing and sending invoices on credit accounts to customers and working with customers to see these invoices settled. Other types of credit controller functions will require managing the processes used to qualify customers to receive and maintain lines of credit, including the value of those lines of credit. A company can use a single credit controller for all these types of functions, or create a team of controllers managed by a supervisor or credit controller.
An example of the work that a credit controller might do primarily involves entry-level tasks related to the collections process. This type of controller will focus on ensuring that the details found on customer invoices are entered correctly, the correct charges assessed, and verification of the total amount due on the invoice. The credit controller will ensure that outstanding credits are correctly applied to the invoice and will generally ensure that all details are up to date. The controller may also be actively involved in forwarding the verified invoice to the customer, using means such as email or regular postage.
Other credit controller positions may focus on other aspects of the company’s financial dealings. Some will focus primarily on collections efforts, tracking customers who have outstanding invoices after a certain period of time, such as 30, 60, or 90 days. Efforts often include providing replacement copies or working with customers to make agreements to pay outstanding balances in a series of installments. Depending on the degree of authority given to the credit controller, he may close the customer’s account for future purchases until the balance is paid in full.
A credit controller may also be involved in the process of evaluating potential customers’ credit requests and determining whether or not to approve those requests. In this role, the controller will take steps to confirm the information contained in the application, perform credit checks on the applicant, and use any other strategies necessary to ensure that approval of the application does not pose an unacceptable level of risk to the business. The controller’s performance of these functions will have a direct impact on the company’s ability to stay in business and also an indirect impact on the customers who depend on the credit privileges extended by that company.
While the exact duties of a credit controller can vary from one setting to another, the role is generally concerned with protecting the financial well-being of the employer. By ensuring that invoices are correct before they are sent to customers, working to manage the collection of balances due on these invoices, and even being part of the qualification process to extend credit privileges to customers, the credit controller contributes a valuable service to any company. Even small businesses can benefit from the presence of a controller who watches over the company’s financial dealings and takes action when some set of circumstances threatens to cause the company financial harm.
Protect your devices with Threat Protection by NordVPN
