Commercial Finance Specialist

Job Description

Job title: Commercial Finance Specialist

Job Description Summary

The Credit and Collections Specialist u00A0is responsible for evaluating moderately complex credit and collections applications, guiding subordinates, managing a complex account portfolio, implementing process improvements, securing credit decisions, releasing blocked sales orders, coordinating with businesses on credit risk, and reporting disputed invoices to ensure effective credit management. The role manages a large portfolio, focusing on tailored solutions, effective client relationships, and high service levels. The role oversees accounts receivable lean process improvements, enhancing operational efficiency and data quality. The role supports optimization of the collection strategy and the process of disputes registration and cash application The role ensures timely release of blocked sales orders, reviews credit reports, and presents in risk committee meetings.

Your role: Job Responsibilities:

u2022 Evaluates moderately-complexity credit and collections applications by gathering and analyzing financial information and supporting the decision-making process with accurate data and recommendations.
u2022 Provides guidance to subordinates to complete assignments by adhering to established guidelines, procedures, and policies, ensuring that tasks are performed accurately and efficiently while maintaining compliance with organizational standards.
u2022 Manages a large portfolio with a moderately complex account base, focusing on delivering tailored solutions, maintaining effective client relationships, and ensuring high levels of service and satisfaction.
u2022 Ensures clients with past due balances are contacted to secure payment or payment commitments, follow up on promises, and, when applicable, claim payments from intermediaries or third-party collectors involved in the collections process.
u2022 Manages the Unapplied Cash and work with Collections to identify solutions to unreconciled cash items
u2022 Oversees the implementation of accounts receivable lean process improvements, ensuring high master data quality to enhance operational efficiency, reduce waste, and maintain reliable data for effective financial management and reporting.
u2022 Analyzes account receivables for proper valuation (value adjustment to trade account receivables and doubtful receivables)
u2022 Validates customers creditworthiness and set credit policy decisions by utilizing credit check systems, reviewing contracts, and performing timely financial analyses of new and existing customers, to interpret credit risk and credit limits using Philips scoring methodology and credit policies.
u2022 Secures credit decisions, including credit insurance, letters of credit, managing local relationships, maximizing limit coverage, handling claims, and maintaining guarantees to mitigate credit risk and support sales activities.

u2022 Driving Scheme management and partner with sales and marketing teams to evaluate pricing strategies, promotion and customer profitability.

u2022 Ensures timely release of blocked sales orders per the approval matrix, reviews credit reports, leverages credit risk mitigation tools, and presents in credit risk committee meetings to ensure effective credit management and risk assessment.

u2022 Responsible for SOX and ICS in Commercial Area

u2022 Ensures smooth communication and coordination with businesses on sales orders, validates and reviews credit risk-related documentation and tools to ensure accurate processing and effective risk mitigation.
u2022 Reports disputed or short-paid invoices with detailed reasons for the disputes and collaborates with internal departments to expedite resolution and ensure timely payment.

Minimum required Education:

• Bachelor's Degree/ Vocational Education in Finance, Accounting, Business Administration, or equivalent. (CA/CMA/MBA preferred)

Minimum required Experience:

• At least 5 years of progressive work post qualification experience with at least 3 years in commercial finance
• Ability to work with cross functional teams and influence colleagues outside own process domain

How we work together
We believe that we are better together than apart. For our office-based teams, this means working in-person at least 3 days per week.
Onsite roles require full-time presence in the companyu2019s facilities.
Field roles are most effectively done outside of the companyu2019s main facilities, generally at the customersu2019 or suppliersu2019 locations.
Indicate if this role is an office/field/onsite role.
About Philips
We are a health technology company. We built our entire company around the belief that every human matters, and we won't stop until everybody everywhere has access to the quality healthcare that we all deserve. Do the work of your life to help the lives of others.
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If youu2019re interested in this role and have many, but not all, of the experiences needed, we encourage you to apply. You may still be the right candidate for this or other opportunities at Philips. Learn more about our culture of impact with care .