Concept of Employees co-op. Credit society

Employees Credit society is a financial Institution. It is govern by it's by-laws. It is registered at district level under district registrar office of state government. It can be seen as a mini bank of Employees of a single Company or Organisation or Govt. department. It's financial functions are same as banks. It collects deposit from members in so many different ways like Compulsory Saving , F.D., R.D., Savings, A/c, Member shares, Insurance Schemes and so on. This Collected amount is given as Loan to the needy members. Interest charged on Loan is generally higher than given on deposit and that margin is the profit of the society. Generally this margin is very low in Emp. co-op. Soc. as there base is not to earn profit but it is for the welfare of staff members.

Sp. Facility in vayak Software for Employees Co-op. Societies

Recovery Sheet for Monthly collection - The main thing required by Emp. Co-op. Society. Is Perfect recovery sheet. Which should be Branch, Department, Division or Group wise. This Recovery sheet is send to Company's HR department or Pay Centre for direct deduction of Loan, Interest, C.S., M.R. etc. when this Amount is recovered it get posted automatic by Vayak Software. so it reduce work of 10 to 15 days in 10 to 15 minutes. and posting of all person's all account is done automatic.

Policy base Software :- so Recovery sheet's Header, footer, Columns everything can be modify and design by your self with the help of vayak Software. So in case of any change in Loan or Deposit Schemes or New scheme is started, you can modify whole software with just changing the policy in 1 minute. So, this software is fully Dynamic and changeable with your future need.

Branch or Division transfer while transaction posting :- if you come to know that Branch or Division of some person is changed than in this software you can easily transfer the person's division.

Personalise Receipt Printing - Group wise :- Printing or person wise receipt printing is possible in vayak software. So you can send all receipt to department and they can deliver that receipt to all employees.

Reports :- Reports are most imp. Part of our software. Report are require for Sending Recovery sheet division wise Before Collection & After collection, Short Recovery report is also generated.

Generally Employee societies Computerisation Fails Why ?

Generally Many employee Societies try to use Local software or try to develop from there company's staff member to develop society software. In Starting it sounds good and all works well, But after some time Developer will be tired doing social activity at low cost or free and because of his transfer whole project of computerisation will come to a big failure.

How computerisation is most Important decision for Employee Soc. ?

The most important decision is to buy a proper software for co-op. credit society with a professional touch. Because if the software is not proper and perfect the society will suffer a lot. So always buy a software which is used by many Employee societies. So that Software Developer will have maximum knowledge of Soc., Accounting. and Soc. We Can directly use there experience and depth of software. So go for Best Software which we found till today that is Vayak.net

Now what is the Conclusion for Software Purchase ?

One software which is widely use in India for Employees co-op credit Soc, is Vayak. this software is used by Employees societies . Since last years . Big employees Society like Tata Chemical, Videocon, Amul Dairy, Novino, Gujarat Glass, Voltas, Asian Paints, Ambuja Cement, So Many Banks employee society, teachers co-op. Soc. are using this software.

Ask following question to your self Before Purchasing or using any software ?

* How many employees society is using this software ?
* How many years of experience the supplier has for developing employee Soc. software ?
* Does Service and support will be available up to Min. of 10 to 15 years ? then only buy software.
* Software must be fully working it should have Accounting, Recovery modules, All Deposit Schemes, and Loan.

you should be able to add more Deposit and Loan scheme as and when require by your society. if not more then 100 society is using a software than never buy that software even at 1000 or free. As you may not get up gradation and service after some time and to use the software will become impossible for you. So buy Standard software or write manually and stop thinking about computerisation.