What is a debtor manager?
A debtor manager is someone who performs activities related to debtor management. Essentially, a debtor manager is concerned with the payment of invoices by debtors and monitoring whether they comply with their payment obligations.
Which activities does a debtor manager carry out?
A debtor manager is responsible for preparing invoices, processing them in the accounting system and forwarding them to the relevant debtors. In addition, he or she is responsible for making sure that the debtors pay the invoices on time. Should this not be the case, it is part of the job to send a reminder or make contact. Various activities should be executed in that respect. Contacting the debtor by telephone, for example, to make an enquiry and possibly to draw up a payment schedule, and entering these into the accounting records. Should payment fail to be made after a reminder, a debtor manager will send a reminder. It may equally be the case that there is a payment dispute and that a resolution is required.
Competencies of a debtor manager
Debtor management is important work whereby it is important to perform tasks with precision and accuracy. It is important to be analytical in order to assess situations quickly. It is also important to be able to communicate with debtors. Decisiveness is an important quality, as efficient and good debtor management is of utmost importance for the financial position of the organisation. A debtor manager is therefore required to take action within a short period of time if a payment term has expired. Persuasion is useful when dealing with debtors to make them understand the importance of immediate payment.
- Accuracy and a precise approach to work
- Effective communication
- Decisiveness and persuasiveness
- Analytical skills
No debtor department?
Although not every organisation has a dedicated debtor management department, debtor management is of great importance in many ways. For instance, to optimise cashflow and to increase the availability of working capital. At the same time, there is a solution that serves as an excellent alternative to a debtor manager. Payt’s software accommodates this by ensuring that debtor payments are collected as soon as possible. The debtor management software also provides an up-to-date overview of debtors and pending invoices. Because of the efficient software, your debtors will make payments faster, preserving the customer relationship and reducing your debtor risk.
Schedule an online demo
Curious about the benefits of Payt for your organisation? Schedule your personal online demo with Alastair! You will receive an interactive demonstration of our platform for accounts receivable management, without any obligations.