Important Modules of credit society software for credit society company

Posted by Fin-Fired Credit Society Software on October 18th, 2018

Credit Cooperative societies are the future because of their potential and the ability to help the weaker areas which are often been ignored. They take it seriously to give what the people deserve with the help of voluntary association.

Generally, a credit cooperative society is a business which works for the help and development of the members. The control of the whole society is equally divided into the members, which means that every member of the society has equal rights. These societies provide different types of services to members related to finance, electricity, insurance etc.

The members of the society can lend loans from the society with reasonable and low-interest rates. They can do other activities too which the society provides.

The credit society companies are continuously looking forward to upgrading their technical features. These societies have expanded themselves in various states, villages, towns and cities. This is making them stronger and more trustworthy among the people; this is why the member count is increasing every day. With the advancements in the technology, credit societies have been actively promoting them by using them. The credit cooperative society software is a type of software which takes care of all the activities and operations of society in a very convenient way. This software allows the user to access, modify and show the details of the society.

There are many developers who are taking part in this revolution and developing software to manage the credit society. Every developer has their own goals of creating the software but since they are developing it for the credit society companies, they have to take care of some important modules. These modules are the basic parts of any credit society. They are necessary to be included in the software to make it fully functional.

Here are the most important modules which should be integrated into the software:

• Member Management

Members are the backbones of any credit cooperative society. They equally contribute their own parts to build the society. The society in return helps them in need in form of money or other products.

The member management is the most important module of credit society software; it contains the basic details about the members. Different types of operations can be done on the member’s activities.

It should contain facilities to register the new member or if someone wants to leave the society then a resignation option is also needed. Member’s documents should be kept securely. Reports are also generated by the member’s information.

• Loan Management system

Credit society works mostly in lending loans and advances to the members. So, this section is a must. The software should allow the user to add multiple types of loans. An interest calculator should also be implemented to instantly get the interest value. The information about daily installments should be included.

There may be other features like loan ledger, printing of vouchers, audit reports etc. Loan reports are also necessary to be generated so this option is a must too.

• Fixed Deposit

A credit cooperative society company has the facility of fixed deposit for their members. This option is also important in the software as it contains all the information of the simple FD. This also works as a Fixed Deposit software. The renewal and closure of the FD are also mentioned in it. The double scheme option is also integrated for the members who want to reinvest. The several FD related reports are also created under this module.

• Saving

The module of the software also manages deposit accounts. It allows the members to check the information of deposit and withdrawal in the saving accounts. It shows the saving policy which is applied to all the members equally. The interest calculator is also present here. Several types of reports are generated.

• Daily Deposit

It includes the details of the agent commission which is given to the agents of the society. Members can deposit and withdraw from the deposit. Interest will be calculated automatically. The ledgers are also maintained here.

Summary:

All these modules make the credit cooperative society software a complete package that can efficiently manage the entire functioning of credit society.