Non-banking finance companies are no less important than banks. So to make their work easy and hassle-free, accounting software is required. But, why this software is so potent? Some certain distinct characteristics make them quite worthy.|
Finance is the prime concern of any business. Today, there are thousands of people going for the self-employment option. But to gather the capital, they are not always relying on banks, but sometimes also preferring non-banking finance companies or NBFCs.
NBFCs are investment mediators which provide all kinds of banking services, but don’t have any legal authorization. These companies take deposits, (except the demand deposits) under a specific scheme and gives loans to the customers.
However, because of its policy flexibility, NBFCs are becoming much desirable to some people. But how do these NBFC works? Managing investment dealings is not an easy job. So these companies generally hire an accounting software to handle all the pressure together. There are many NBFC financing software like Mint, Quicken, AceMoney etc., which make it stress-free. But to hire a software, you should acquire a thorough knowledge of the features they have.
Loan scheme generator
Loan is the most important thing a finance company deals with. The online NBFC software has an inbuilt loan scheme creator, which makes many clients related schemes based on your company stratagems. This software also modifies and remove schemes as per current market demands. Thus they help to allot policies for the clients.
EMI or Equated Monthly Instalments are the sensitive part of a loan scheme. But as these software comes with an EMI calculator, customers can come to know their desirable EMI at that instance.
Handle the entire deposit system
Different types of deposits are a reliable source of income for the NBFCs. These companies cannot take demand deposits only. In the countryside, where the NBFCs have more demand, people invest small amount of money, which is quite problematic to manage. But with the arrival of this software, handling RD, FD, MIS has become easy. This software also provide due instalment deposit report, at the end of a fiscal session.
Due instalment alert and report
NBFCs deal with thousands of customers and everyone has different due periods. It is not possible to remind everyone about their due date. The NBFC financing software has an automatic alert system which by sending emails and texts, specifies the time limit to your clients by providing instalments.
Due analysis system
This software has an instant system to scrutinize due instalments and makes a report of the upcoming month. It makes the financing business smooth.
The whole loan process in one
Analyzing the documents, deciding the loan quantity, payment process, collecting EMI, the accounting software manages the entire procedure with the help of their modern equipment.
It allows the customers to visit their account without coming to NBFC. They can check their account status, EMI date from home, which gives them contentment and security.
Leon Grant has performed a series of interview with the non-banking finance company of many countries. His survey has proved that the NBFC financing software is popular because they have some in-built features which makes the work smooth and fuss-free.
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