Knights Intermediaries integrates collection, analytics and legal action for debt collection, which includes traditional collection methods such as tele-calling, field visits along with legal interventions such as arbitration, execution of awards/decrees, enforcement of section 17 orders through court, bankruptcy proceedings, mediation, civil suits, criminal proceedings, etc
Selection of legal interventions are based on the ageing of the debt, data analytics, feedback on solvency, availability of the defaulter coupled with
- Undefined credit and collection policies
- Improper Dunning matrix
- Undefined credit limits and service interruption
- Customer credit appraisal and market standing
- Intercompany reconciliation
- Non adherence of processes
- FIFO method of collection accounting
- Timely application of receipts
- Payment collection without advices
- Timely Dispute resolution
- Unattended credit and debit notes
- DSO tracking process
- Monitoring of delinquent accounts
- Delay in Legal Initiation/Execution and settlement
- Billed and unbilled reconciliation
- Non collection of balance confirmation on periodic basis
- Account reconciliation and customer sign off
- Change in commercial/contract
- Delayed billing – Service vs. billing
- Coordination issued between various function
- Operational priorities
- Voice of the customer
- Delayed management reporting
- Account Selection and prioritization
- Client Understanding
- Known Issues/open points
- Agreement/Purchase order
- Ledger/Invoices/Receipts
- Email communication
- Dr/Cr Note
- Client Spoc
- Account Spoc
- Ledger reconciliation
- Open Items mapping
- Client Payment Advices
- Balance arrival
- Open Invoices
- On account receipts
- Pending Debit/Credit notes
- Unreconciled items
- Client Appointment
- Discussion and information exchange
- Understand reasons
- Rematching/Open items
- Agreement on action
- Accounts Treatment agreement
- Internal approvals from both the side
- Explanation to Client
- Discussion and clarification
- Agreement on open items
- Payment confirmation
- Credit note closure
- Supporting submission
- Obtain balance confirmation
- Reconciliation closure
- Sign off
- Payment schedule
- Payment Follow-up
- Payment Advice collection
- Payment Confirmation
- Receipt confirmation
- Discussion and clarification
- Continue Follow up
- Client Visit relationship building
- Final Sign off after payment adjustment
- Write off/Bad debts – Management decision