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Some Types Of Financing Software An Nbfc Should Hire: Part Ii
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NBFC or non-banking finance companies are the firms who are not legitimated as the banking company, but do all the functions of a bank. Their operations are registered under the banking regulations. They are not allowed to accept demand deposits, they are not permitted to issue demand drafts and cheques drawn on itself. They cannot insure their deposits.
The NBFCs are popular in the countryside and rural areas where most of the people are illiterate and have no commercial knowledge. They cannot understand the terms and rules of a bank. Thus, they depend on these non-banking organizations whose policies are quite simpler. They can do monetary transactions, can calculate the loan and the EMI, can clear the debt and can do many other things like the bank.
But, managing all these functions is not an easy job to do. That’s why, like the banking companies, these NBFCs too need a helping hand. But, commercial jobs are very difficult and to run them out properly, you need something more than the manual support. Here comes, the importance of accounting software. It is a type of software, which gives all the information regarding the monetary transactions of the company. It records and processes the financial dealings within functional modules such as accounts payable, payroll, and trial balance. These software are easy to access and are online based. There are many types of financing software available in the market.
In our previous article, we have discussed some of the core module functions of the NBFC Financing software. Now, we will discuss the non-core module functions of this software.
The non-core modules
The electronic payment process- These software has an automatic disbursement system, which makes the transactions quick and smooth.
Collection of the debt - Here the organization makes an attempt to accumulate unpaid bills, sometimes as the part of the receivable accounts.
Payroll - Payroll is the sum of all monetary records, including wages, salaries, bonuses, related taxes and deductions.
Inquiries- Here the company checks all the information on screen without any editing or adding.
Reports-It gives all the financial data of the company in the form of a printed layout.
The requisition of the purchase-Here requests are made for purchase orders and then they are approved and tracked.
Timesheet -Here the professionals like the attorneys and the consultants, record the time taken for the completion of any monetary job so that it can be handled to the clients in the form of the bills.
Expense -Here the business-related expenses of the employees are entered.
Reconciliation- This module compares the records collected from the parties on both sides of transactions for the consistency.
Other module functions of NBFC financing software are support for the value added tax and the calculation of the statutory holdback.
Martin Luther 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 inbuilt features which makes the work smooth and fuss-free.
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