Chit Fund Management System (CFMS)

Chit Fund Management system is a web based application for Chit Fund Companies, which systemizes all the activities that are being carried out by the chits. As a whole, this application is efficient for all organizations; those organize chits.

CFMS Application is equipped with full data security and features which speed up your work and reduce your operational time which directly helps you in concentrating on your marketing and customer management activities.

CFMS uses automation; thereby reducing manual work, time and Human power. Maintenance of software is easy, and resources consumed by the use of the software is less so which makes this application cost effective. a lot of advanced features are incorporated in CFMS; which will aid organisations to improve quality, speed and efficiency in business. The best of industry practices are implemented .

Chit Fund , The Best You Can Get!

Objectives


  • Cloud based solution built on Restful API’s along with Mobile application.

  • Reduce the chances of human errors & workflow mess-ups to encounter

  • Transformation : Digital documentation

  • Automation of Business Functions.

  • Online Auction Process

  • Payment Gateway Integration.

  • Capture the entire Subscriber KYC and Enrolment related information in one unified data repository.

  • Ensure high availability to all the stakeholders at all times.

Advantages


  • Fully designed as per Chit Fund Act1982

  • Start new branches quickly

  • Manage multiple locations

  • End to end management

  • Safe & secure

  • Great ROI

  • Friendly support

  • Reduce / Remove paper work

  • Easy customization

  • Mobile Module for Subscriber

Conceptualization

Functional Modules

Finance & Accounting System

Fiscal Year and General Ledger Configuration

Sub-Ledgers (Accounts Ledger)

Accounts Transactions

Accounts Reports

Customer Management Module

Fiscal Year and General Ledger Configuration

Sub-Ledgers (Accounts Ledger)

Accounts Transactions

Admin Module

User Creation

Roles Management

Access Management

Password Management

Subscriber Management Module

Subscriber KYC

KYC Documents: Digitalization

Nominations

Securities

Group/Scheme Management Module

Group Configurations

Enrollment

Intimation

Auction

Members Receipt

Prize Money Payment

Management Information System

Reports

Dashboards

Mobile App

Features


  • All features are incorporated as per Chit Fund Act 1982 and Amendments.

  • Easy procedure for chit registration and administration.

  • Designing any type of chits like weekly, monthly etc.

  • Keeps details of chit registration and commencement date of chits.

  • Calculation and payment of TDS and GST.

  • Provision to enter/alter the opening balance of each schedule after auditing works.

  • Online SMS on receipt of instalment, daily collection and auction entry.

  • Automatic calculation of auction discount.

  • Aids in achieving savings by cleaning up the beneficiary accounts under various Government schemes.

  • Mobile application for subscriber (Member), Pigmy Agent and Agent (chit collector).

  • Analytics can be built from the repository.

  • Separate instalment amount calculation for prized & non-prized subscribers; normal & delayed payments; Automatic late-fee payment calculation (Penalty).

  • Provision for advance receipt of future instalments and its automatic accounting. Multiple entries of instalment receipts and printing.

  • Collection of documents and entry on document release.

  • Automatic late-fee payment calculation (Penalty).

  • Automatic accounting of chit payment on auction/prize entry.

  • Provision for daily Collection and Subscriber wise (Pigmy).

  • Easy entry of auction /prize and automatic calculation of next instalments.

  • Subscriber history during auction/prize entry.

  • Various charges against ticket like documentation charges, admission fees, penalty & Verification Charges etc.

Flow Diagrams

Process Flow Diagram

Data Flow Diagram

Supported Browsers