The market of NBFC business is expanding rapidly, worldwide. As they provide financial services to the backward and poor sections of the society, more and more people are waiting in line to avail their services. In this scenario, the software market related to the banking & accounting Industry is also increasing.
Growing customer’s demand for the NBFC services is quite promising news to the financial industry. Now, the main concern is to make it better and serve the people efficiently. And this can be achieved by deploying advanced accounting loan management software.
There are Nidhi Software Companies exist all over the India. But a few of them can provide great quality financial banking business management application and deserve to get the ‘best’ tag with their name.
Now the obvious question is “what are the things that make micro lending nidhi software, best?” To be the best it needs to achieve what other similar apps cannot provide. It must come with all significant features that are essential to run NBFC finance operations.
I have managed to make a list of the most essential features this Software should come with. Anyone who is searching for the best Nidhi Company Software should look for these benefits.
Management of Accounts
Nidhi Limited Organizations that accept deposits for their clients let those people to open savings and other deposit accounts need this feature. There are many dimensions of accounts management.
- Opening of Accounts,
- Rate of Interest calculation based on deposits,
- Client’s documents processing,
- Automated invoicing,
- Processing of payments,
- Reconciliation of Accounts,
- Setup and maintenance of micro and retail deposits,
- Day book, Ledger entry,
- Handling of Corporate Accounts,
- Debit and Credit Card Management,
- Management of Treasury,
- E-KYC management,
- Payment and Withdrawal amenity
Loan Management
- Loan Commencement, Processing and Disbursal,
- Credit assessments,
- Credit Score checking,
- Automated EMI Calculator,
- Setup loan disbursal mode (Cheque, DD, Fund Transfer, E-transfer etc.)
- Sending automatic notification to the clients regarding loan processing
- Automatic Loan Repayment schedule generation based on loan amount and ROI,
- Loan repayment scheduling and rescheduling,
- Automatic calculation of charges and late fees
- Reconciliation of Loans,
- Loan Closure procedures
Management of Various Types of Reports
NBFC business management software should come with various types of report generation facility. Many Professionals call it as MIS (Management Information System). The reports are crucial as it provides valuable insights about the work progress for company and Cloud-based Nidhi Software is right options of it.
- Transaction Reports,
- Accounts reports,
- Deposit reports,
- Loan Reports (Loan Origination, Approved and Rejected)
- Loan Repayment and Collection Report,
- Loan reconciliation Report,
- Invoice reports,
- Client Acquisition report,
- Tax and Fees reports
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