With a great vision everybody starts a Credit society. But, when we plan to expand our work at that time we have to think for security and perfection of our financial data. The solution of it is Latest technology means computerization.
Before buying any software we must have to see the Experience & Service support of the company. In many Societies computerization is failed because of bad service of software company. So many societies has wasted their lacks of rupees in software but now they are helpless. Because some software developer is shifted to other city or abroad. So many firms and companies gives excuses that we have developed your software and given to you, but now we have changed our field so will not maintain or update that software.
So never cheap software from single person company without having Co_op. Societies experience. Go for best software which is used by more then 1000 - 1100 societies, having more then 10 to 15 year in same field. That company will only maintain your software for next 10 to 15 years. other wise after 2 years, you will not be able to even use your software and your all cost of software will become your big liability. So chose genuine company or write your accounts manually.
Understand the fact that purchasing software is not the expense, but it is our great investment for society. By purchasing a right software 70 to 80 % of your work will be reduced and you can concentrate on other important work. We Found that "VAYAK" is the best & widely used software in India, since 1995. Vayak Technologies has given their Co-op. Credit Societies standard software in more than 1300 Credit and Emp. society in all over India. for more detail please visit www.vayak.net
Due to Auto posting facility we have to do only single entry of receipt / voucher & software will do the auto posting in all related individual ledger, General Ledger, Day book, Profit & Loss Sheet, Balance Sheet, Audit Reports etc. automatically.
Interest & dividend calculation etc. can be done within a minute without mistake. If person do it manually than it will take more time and also when he do repetitive work than there might be a chance of mistake in some accounts. By using standard cr. Society software we can do work in speed & with perfection.
We can do fast services to members when there is computerization.
So many Audit reports prepared automatically we have to just take print out of it , so no tension to prepare it.
Management needs Balance sheet, P & L , Profitability, Payment due reports etc. all that M.I.S. report can get any time.
No need to keep manual records in ledgers & Day books, So stationary & printing exp. decrease.
If society is computerize than faith of customer increase & so image of society is also increase in market.
Because at a first look Banks & Society both look same but they both are different in many ways.
(1) Banks works as per the rules of Reserve Bank of India while Society works as per the co-op. act
(2) Audit of Bank is done by the panel of C.A. or R.B.I. officers as per the guideline of Reserve Bank of India, while in society Auditors from the registrar office of co-op. came for audit.
(3) Banks can issue cheque books because they have clearing house license, while society don't have clearing house license so can't issue cheque books.
(4) When anybody wants to do transaction with society first of all he/she has to become member of society & have to purchase the shares of it than & than can take loan & put deposits in society. While in Banks without become member & purchase the shares you can take loan & also put FD & other deposit.
So, Banking software can't satisfy your all requirements. You have to purchase a software which is specially designed for the Society & the software company should have many years & many society's experience. Like " VAYAK Software " For further information regarding it you can visit the website :- www.vayak.net
Software should be used by more than thousand Societies, So that it will become tested ok.
Software should artificial intelligent so that the person who are having less knowledge of account can also operate the software.
By doing single entry of Receipt or voucher, all ledger, day book etc. posting should be done automatically.
Data Security, Date lock systems, Who has done which entry on which date & time that will also stored for security reason, so that less chance of fraud.
Colour combination of software screens are in such a way that every one can use the software easily.
Auto calculation of Interest & dividend.
Software should be dongle base so that you can install the software without any help of software company.
Software should be policy base so that you can start any no. of loan, F.D., R.D. etc. & can do their setup also. .
When you do any mistake than at that time software should guide you.h4> gives service to the customers. They gives software at low cost but in future if they got any other good opportunity than they change the field. So how many years they will support the society is a questions.
Company should work only in co-op. sector, so that in future we can get updates whichever came in co-op. sector. Otherwise many companies work in so many fields & might change the field & Society can't get the future updates.
Company should provide Software Guidance Book, Call Centre Support & On Phone Support.