Hotel Credit Manager / Credit Controller Job Description
Hotel Credit Manager / Credit Controller: Role and Responsibilities
The Hotel Credit Manager, or Credit Controller, is responsible for overseeing the hotel’s financial transactions and ensuring that all payments are made promptly. This role requires a detail-oriented individual with strong communication skills, as they are responsible for managing relationships with clients and resolving any payment issues that arise.
Key responsibilities include managing accounts receivable, monitoring credit limits, account reconciliation, and payment processing. They must also be able to analyze financial data and provide regular reports to management to ensure that the hotel’s finances are in order.
In addition to their financial responsibilities, the Credit Manager must work effectively with other departments, such as Sales, Marketing, Operations, and Reservations. They must be able to provide excellent customer service while also assessing the credit feasibility of existing and potential customers, with the goal of optimizing the company’s sales mix and minimizing bad debt losses.
Duties and Responsibilities
The Credit Manager’s duties are comprehensive, focusing on financial security and client relations.
Accounts Receivable and Collections
- Manage all accounts receivable, ensuring debtor accounts are regularly reconciled.
- Maintain and control the debtor aging report, focusing on minimizing the AR balance.
- Oversee daily review of the receivables ledger and monitor all incoming payments.
- Ensure a fast, accurate, and efficient system for billing current and past-due accounts.
- Follow up on all overdue accounts and escalate to debt collectors as needed.
- Monitor and apply unallocated payments from customers.
- Reconcile all unpaid and short-paid accounts.
- Respond to and complete customer questions and account disputes.
Credit Policy and Compliance
- Manage and enforce credit processes and policies for all hotel departments.
- Ensure all credit applications are properly documented and approved based on hotel policy.
- Set and monitor credit limits for all approved accounts.
- Ensure the accuracy of all charges and credits posted to accounts.
- Check and verify that all PayMaster accounts are justified and comply with company policies.
- Examine all accounts to ensure compliance with credit policy and Payment Card Industry (PCI) standards.
- Perform audit trails on debtor accounts to ensure proper documentation.
- Maintain reserves for doubtful accounts in accordance with company policy.
Reporting and Team Coordination
- Review AR aging and high-balance reports daily, reporting any discrepancies.
- Oversee and support the accounts assistant on accurate and timely billing, processing credit card inquiries, and chargebacks.
- Schedule and lead monthly credit meetings.
- Motivate and manage the credit and collections staff.
- Manage relationships with the sales department, billing agencies, and credit reporting agents.
- Collaborate with the Financial Controller to build effective work relationships with internal and external customers.
- Perform other special tasks as assigned by the Financial Controller.
Position Details and Qualifications
Position Title: Credit Manager / Credit Controller
Reports to: Financial Manager / Financial Controller
Prerequisites
- Must be a hardworking and honest individual with strong organizational skills and attention to detail.
- Requires the ability to arrange facts and numbers.
- A strong command of English (both written and verbal) is essential.
- Skills with MS Office (Excel/Word) and experience with hotel Property Management Systems (e.g., Opera, Protel, Visual One) and finance systems (e.g., Sun Finance, Oracle, SAP) are required.
Education
A high school diploma is required. A Master of Commerce, BS in Accounting, or a Bachelor’s degree in Accounting, Finance, Business Administration, or an equivalent certification is preferred.
Experience
A minimum of 5 years of experience in the same role or supervisory experience in credit and collections is required, preferably in a high-volume hospitality environment.
Sample Interview Questions
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- Can you describe your experience in credit management, especially in the hotel industry?
- How do you assess the creditworthiness of a client or potential guest seeking credit facilities from the hotel?
- What strategies do you use to ensure timely payment from clients while maintaining a positive relationship?
- Can you share an example of a challenging credit situation you successfully handled in a hotel?
- How do you stay informed about changes in credit regulations and industry best practices?
- Have you implemented credit management software or tools in your previous role, and how did they contribute to your daily tasks?
- How do you communicate credit policies to clients, and how do you handle discussions about past-due payments?
- What steps do you take to minimize the risk of bad debt in the hotel’s credit portfolio?
Salary for Hotel Credit Manager
Salaries for Hotel Credit Managers or Credit Controllers can vary based on factors such as location, the size and prestige of the hotel, and the candidate’s level of experience. In January 2024, the average salary for credit managers in the United States ranged from $70,000 to $90,000 per year.
It is important to note that this salary range can change. It is advisable to examine current salary trends using industry reports, salary surveys, and job boards specific to your region and the hotel sector. Consulting with local HR professionals can also provide insight into the current compensation landscape.
Overall, the role of the Hotel Credit Manager is vital for the success of the hotel, as they ensure that financial operations run smoothly and that all payments are made on time. For those who are detail-oriented, analytical, and enjoy working with people, this can be a valuable career in the hospitality industry.
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