A co-operative society is a legal entity owned and democratically controlled by its members. It can be formed under the Co-operative Societies Act, 1912, with a minimum of ten members. A Cooperative society is a group of people who joins their hand to cooperate each other and works for the betterment of society. Membership of co-operative societies is voluntary and open to all. They generate there fund through member and shares. Cooperative society have to do audit for different agencies and to do this they need a software.
Types of cooperative societies:
- Consumers cooperative societies: Consumers’ cooperatives are formed by the consumers to obtain their daily requirements at reasonable prices. Such a society buys goods directly from manufacturers and wholesalers.
- Producers cooperatives: Producers or industrial cooperatives are voluntary associations of small producers and artisans who join hands to face competition and increase production.These are of 2 types industrial service and manufacturing cooperative.
- Housing Cooperatives: These societies are formed by low and middle income group people in urban areas to have a house of their own.
- Credit Cooperatives: These societies are formed by poor people to provide financial help and to develop the habit of savings among members. They help to protect members from exploitation of money lenders who charge exorbitant interest from borrowers.
The cooperative society software have following features:
- The member registration and resignation.
- Manage recurring Deposit.
- Dividend calculation
- Agent management
- Calculation of P&L and B/S.
- MIS report generated.
- Manage the deposit and withdraw.
- Maintain general accounting.
- Maintain loan of the member.
Why you need cooperative society software?
The cooperative society software help to run the society smooth and easily.
- Keep track on actitivies related to fund.
- Maintain the rate of interest.
- Latest Technology
- Penalty / late fee calculation
- Member can view society details in his mobile App.
Potential Issued Faced?
There are several issues for buyers while selecting the right software for their problem. Buyers must ensure that the modules of their cooperative society software are included in the cooperative software. Few other following issues that also may occur are:
- Outdated user interface.
- Low security.
- Choosing the right software.
- Difficult in maintaining the member accounts and balance.
Market Trends followed:
As you evaluate cooperative society software consider these market trends
- Moving to the cloud: Cloud technology is being rapidly incorporated as a part of the accounting tools by software manufacturers and is quickly adopted by organizations.Shifting to cloud software is an ideal choice for companies outsourcing their hardware and software support to minimize costs and improve their core competencies.
- Analytics - Analyzing the data trackced provides powerful insights from which smarter, more predictive decisions can be made. This is a key componement for the cooperative society.
- Business Intelligence : Business intelligence collects the data of every transaction and generating an automatic analysis report designed to support business improvement and grace in its pace.