Accounting and Business Solution for Cooperative Societies and Money Lending Non-Bank Financial Institutions.
One of the goals of accounting is to provide you with the means of knowing where your money is coming from and where it is going, and to accurately measure and control your inflows and outflows using standard methods. Externally, accounting also provide you with standard templates for producing financial reports which shows clearly and accurately how your business is performing. The question is not always the need for accounting, but the need for the right tool to accomplish the task in the most convenient and cost-effective way.
For those who trade in money, where there are steady cash flows, such as Money Lending Non-Bank Financial Institutions and Cooperative Societies, it is quite easy to take things for granted and dismiss the need for accounting software because cash is always coming in and the business is doing well. Accounting software is not optional; apart from the intrinsic benefits of accounting software, manual bookkeeping could impact the image of your organisation negatively in this digital age. Money Lending institutions and Cooperative Societies have stronger reasons to invest in good accounting software for the following reasons, among others:
- Need for transparency and accuracy in handling financial transactions—errors or miscalculations can create serious credibility problems
- Need to keep accurate records of customers and members’ financial transactions
- Need for prompt and easy retrieval of information for internal and external use
- Good accounting is a measure of compliance with international best practices
- Need to automate important tasks, such as Loan Amortization, distribution of dividends to members, etc.
- Accounting software takes away the drudgery, delays and errors associated with manual bookkeeping
However, we must accept the fact that these two institutions require something special as most mainstream accounting software may not meet all their requirements. ABC MoneyQuadrant is our ready response to this need.
ABC MoneyQuadrant is a bespoke accounting and financial management solution designed and built for Money Lending Non-Bank Financial Institutions and Cooperative Societies. The software has all the features of our ABC Toolkit accounting and business solution for SMEs, in addition to the following two special modules:
- Loan ARCS—Loan Accounting, Reporting & Control System
- Coop ARMS—Accounting, Reporting and Membership Solution for Cooperative Societies
Loan ARCS—Loan Accounting, Reporting & Control System
Loan ARCS is designed to handle all accounting, financial, administrative and general reporting and control tasks associated with short- and long-term loans. It comes with utilities and tools to handle the following tasks:
- Registration of Loan Sponsors and Guarantors
- Registration of Loan Applications
- Approval of Loan Applications
- Setting up Amortization Schedule for each loan
- Automatic deductions of loan repayments with full accounting entries and updates
Apart from full IFRS-compliant accounting reports, Loan ARCS comes with the following special reports:
- Amortization Schedule for each Loan
- Periodic Loan Deduction Schedule for each Customer or Loan Sponsor
On registration, a unique Receivable account is automatically created for each approved loan applicant, and this account is automatically debited for loans granted and credited for periodic loan repayments. This process is automated.
Coop ARMS—Accounting, Reporting and Membership Solution for Cooperative Societies
Coop ARMS comes with simple tools designed to help Cooperative Societies manage members, record and track their financial transactions. The tools include:
- Membership Registration
- Recording of Opening Balances
- Recording of Scheduled Contributions and Savings
- Automatic computation and allocation of Dividends to members
- Recording of Withdrawals
- Loans (with automated amortization schedule and book entries)
- Termination of Membership (with auto computation of all assets, liabilities and net asset, along with automatic book entries to close the account).
Each of these transactions involves debit and credit entries. However, input data can be imported from Microsoft Excel into the system for automatic update without need for manual accounting entries.
Coop ARMS is preload with standard chart of accounts template. On registration, the following accounts are automatically created for each member, with unique account codes:
- Equity (Share Capital) Account—Capital
- Savings Account—Current Liability
- Loan (Receivable) Account—Current Asset
Apart from full IFRS-compliant accounting reports, Coop ARMS comes with the following special reports:
- Amortization Schedule for each Loan
- Consolidated Members’ Ledger and Transaction Journal
Cooperative Societies can use the Loan ARCS module to account for external lending to non-members, where applicable.
With ABC MoneyQadrant you are doubly sure of accurate computation of all figures and hassle-free accounting entries, in addition to prompt and accurate reporting, at a price you can afford. Apart from these special tools, you have access to our full-featured IFRS-compliant accounting solution—ABC Financial and Business Toolkit. Your transactions will flow seamlessly into the accounting module of ABC Toolkit for IFRS-compliant financial statements and other reports.
For urgent enquiry, call: +234 (0) 809 812 9605, (0) 803 402 2659