The main functionality of Kalypso system is the factoring contracts service.
- Factoring contract – submitting and editing the factoring contract, statement of financial terms defined in the contract: fixed and variable commission, limits of the contract, specification of Recipients and their limits, contract supervisor assignment, issue of annexes.
- Processing of debt receivables approved for financing – debt receivables service cycle is initiated with the creation of an executive agreement known as the transfer agreement. The agreement’s terms are inherited by default from the factoring contract. The change of default values is possible. Registration of invoices and payment of funds to the Factor is the next step. Then, all financial activities associated with the contract process are recorded: calculation of interest, payments of invoices, compensation, payment of remaining funds, issue of personal invoices for provided services until the full settlement of all invoices included in the transfer agreement.
- Correction of historical data – an advanced correction tool which facilitates retreat of the system to a specific past date and then allows approving, rejecting or adding historical operations within the transfer agreement. Due to large capabilities of this tool there is a need to adapt it to the Factor’s procedures.
Factors can be defined directly in the system or submitted by business partners (Brokers, Clients).
- Client registration – system allows for direct registration of customers using a form to be located on personal website/websites or business partners’ websites, as well as by Brokers via the system and also by factor’s Employees. The process of examining an application for client’s registration is supported by a defined workflow, which enables to track the status of the application and to control the schedule of tasks implementation. When considering an application, the Factor’s Employee can check whether a client has been registered previously and what the outcomes were.
- Client definition – apart from the automatic client data transfer from the application, the system allows for the entry of clients through a dedicated wizard where the Factor’s Employee inputs the required information and specifies the type of the customer. Currently, the types of clients include Factor, Broker, Recipient, Beneficiary.
The system offers dedicated access interfaces for contractors and supports processing of payment settlement with Brokers
- Client view – Factors and Brokers have access to dedicated graphical interfaces. In Factor’s case, the system provides the overview of contracts ranging from the factoring contract to individual invoices. It also facilitates the registration of invoices needed to be purchased via the Internet. In the Broker’s case, it is possible to register the Client’s application and review the payment settlements in the contracts concluded by the Clients assigned to the Broker.
- Broker settlements – Brokers receive commission for contracts concluded with specifically assigned Clients. This amount depends on the fixed, variable commission or on the turnover. Automatic calculation of Broker’s commission for a specific period is possible. The changes in the status of individual payment settlements are recorded.
Kalypso facilitates comprehensive document management in a company.
- Business documents printing – Kalypso supports the process of printing business documents related to the factoring service. The system contains document templates, which when requested may be filled out with specific information. Such a document can be then printed thus significantly reducing the customer service time. Factoring contract, transfer agreement, personal invoices and requests for payment are some of the document examples.
- Document repository – documents in electronic form can be attached to specific objects in the system (i.e. documents connected to the Client, factoring contract, debt collection process). Thanks to documents’ direct attachment to the related object, they are easily available at all times. The system’s in-built document viewer allows for a consolidated review of documents. Documents are stored in a separate directory in the file system of the application server. For enhanced security, the access to documents from the server is password protected.
- Comments – comments can be added to the same type of objects as documents in electronic form while operating in the system.
The workflow module enables unification of Factor’s business processes.
- Kalypso supports he pre-litigation debt collection procedure by creating cards which monitor debt repayments, for which the due date is approaching or is being exceeded. The following steps are defined in the pre-litigation debt collection procedure: prompt telephone call, prompt e-mail, final request for payment. Each of the elements in the procedure has assigned required implementation dates. The Factor’s Employee receives an e-mail with the required actions through the alert system. In this way, the daily work of Factor’s Employees is supported and monitored.
- The debt collection process and the Client registration process are solid examples of the application of workflow mechanism available in Kalypso system. Reconfiguration allows for the support of Factor’s other business processes.
Kalypso is equipped with a bookkeeping engine that can be fully configured.
- Entry in the Books – Kalypso offers bookkeeping for all financial operations in the system. To initialize the module, it is necessary to set up a chart of accounts and establish accounting principles, as well as determine their terms of validity. The accounting records are generated on a daily basis in the form of Accounting Events Log with the option to withdraw or repeat the records for any day. When in the correction of historical data mode, the system automatically generates a reversal entry of previously recorded bookings and registers new ones in respective value dates.
- Communication with the General Ledger – generated records supply the General Ledger or other accounting systems. Dedicated accounting reports (i.e. Profit and Loss Accounts) can also be created. Prior to export, bookings can be aggregated to any level – from analytical postings at the invoice level to balances at the client level. It is possible to adjust the way the corrective postings are transferred to the target system (a type of reversal entry or a method of recording of past events).
Kalypso’s reporting service is friendly to both the developer/administrator and the user.
- Kalypso contains a reporting module which allows to easily create and generate reports in a predefined output format. The graphical iReports tool, an advanced template wizard, is used to create reports. iReports enables you to design the report’s appearance, its structure and to determine the input parameters. After the template is ready and registered in the system, an authorization access should be assigned to particular system users.
- Reports can be generated in the following output formats: PDF, HTML, MS Word (DOC), MS Excel (XLS). Other data formats could also be operated.
- Kalypso provides two modes of reporting:
- On demand (on-line) – the user decides when to generate a report
- Automatic – the system generates reports according to the rules defined in the schedule.
Kalypso system is ready for integration with any external system.
- The following elements of the system can be either exported or imported:
- Thanks to the adopted structure and employed technologies, Kalypso is prepared for integration with any external system by:
- Extracting to text files – any format, such as XML, CSV (also Excel)
- Network services (Web Services) – as a supplier and customer
- Integration at the database level – data supply for other systems’ tables
The above applies to both data import and export.
A comprehensive access control to data and functionality is based on the Factor’s organizational structure.
- Organizational structure – lexible organizational model enables Factor’s functional and hierarchical dependencies to be reflected in the system. Firstly, organizational units are defined and assigned to appropriate levels in the hierarchy. Then, Employees are assigned to organizational units – each Employee may be assigned to several units simultaneously.
- Roles and authorization – Kalypso offers a 2-tier system of access authorization and control: organizational unit and user. The profile mechanism allows for arbitrary grouping of roles and permissions at each level:
- Data access (personal, organizational unit, company)
- Navigation (available application modules)
- Reports (control at the level of individual reports)
- Administration (user creation, authorization assignment, closing date)
- Monitoring and remuneration of work – employee reports (work performance monitoring or incentive/commission reports) take into calculation both the employees position in the company’s structure, as well as his authorization permissions (access to data).