Web Application Vs Desktop Application

A desktop application will require installation into your device and operate them offline. It will not require any IT team support. The web application is like an app where you log in, use the tool and can log out. The web-based application is built with the ERP cloud system. A desktop app will not be suitable for effective fund management. We advise it for a small chit fund business that has only 1 or 2 groups with chit value also being less than 25,000. Your web ERP cloud software will provide

• Dynamic nature can have multi-user and multi-branch
• Secure and safe data back up
• Online bidding / online Auction
• No need to synchronize data all is automatic
  
• Can customize to have an online payment option
• SMS alert/ Bluetooth bill printing
• Admin control over all branches and can view daily, monthly transaction
• Can be used in both computer and tablet/ mobile.
• Free from malware and virus
• Accessible from anywhere, anytime on any device.
  

Check Box No 2 — Payment Receipt management feature is a must because they play a critical role in the operational part of the business

Timely Payments

Members pay the EMI based upon their convenience or the company rule. So be it a weekly payment, daily payment or monthly payment, it is important that these EMI will determine the fate of your auction schedule. When there is a late payment or a missed payment, identifying it ahead to not cause any trouble to your auction is vital.

Chit fund management software must have chit receipts and chit prize payment details. These receipts will save you whenever trouble occurs. Maintaining these receipts in the online platform tool also helps for your GST filing, audit and other tax-related filings.

Check Box No 2 — Payment Receipt management feature is a must because they play a critical role in the operational part of the business

SMS Alerts/Email/Any Channel Alerts

Your chit fund management software should give a personalized connection to your workforce and members. A channel that enables your members to feel connected with you increase your customer retention rate.

Sending SMS alerts or emails (based on the user insights, you can use any medium) to your members has to be a habit. Don’t use your SMS alerts system only as a payment reminder option, you can expand and use them as a marketing tool to announce your new chit schemes updates, festival chit savings or about launching a new branch.

Check Box No — 3 SMS alerts can not only help for timely payments but comes with an added advantage — marketing and sales

Multiple Branch Management

We understand that running one branch itself sometimes results in many disorientations and imagining over one might seem overwhelming. In your chit fund software, always ensure you have the branch management system.

As an add-on, in chit-biz.us23.cdn-alpha.com you can customize the branch management with reports that will give details on each branch performance. With this, you can predict the branch that has performed well and able to plan your future business expansion goals.

Check Box No — 4 Multiple Branch Management will make you stay organized with all of your branch performance without even visiting them.

Chit Group and Chit member management

Well, this one goes without saying. As these two modules are like the heart of the business, they will be present in every chit fund management software. But the details, accessing the members/groups list is where you can differentiate the efficiency of the product.

Chit members may be present in over one chit group. When you retrieve a member and you get an insight into the member, it will save your time and effort. Identifying a group’s chit value, auction mode and branch name should be made simple.

In chit-biz.us23.cdn-alpha.com you can read your essentials like chit value and auction mode from the group code itself.

Check Box No — 5 It needs to be easy to access, simple and display relevant & reliable details without requesting more user-efforts

Collection Agent App

A collection agent app can reduce the manual effort required to monitor your agents. The app can help you to understand the time, date, amount collected for each member by the agent.

Collection agents will carry a device and perform transactions through the app installed on the Android device. Data entered by the collection agent will be synced to a centralized server and web application on the admin side will generate reports from the data.

Check Box No — 6 — Collection Agent App synced to your centralized system to monitor your agents from anywhere anytime.

Customization

Many of the chit fund management will have features to effectively manage your current business goals but do they serve your future needs? A tool/product/software/application that is not flexible to your business needs will not help you expand your business as you grow along.

Robust applications are the one can customize, bend to your requirements and business goals.

Check Box No — 7 — A good chit fund management software should be able to bend to your business needs and not the other way around.

Conclusion

Chit fund management is easy to write in words, but the real challenge lies in when you implement them. People often go crazy while handling software that is not simple, requires technical knowledge and needs too much effort in accessing them.

At Chit.Biz we believe in making the fund management to operate easily and support for the business to excel in profit. Our software can serve your marketing and sales goals. You can manage your entire staff with our chit fund management software.

Manage your chit funds and market them to gain more potential users with Chit.Biz. Sign up here for a free product demo