Testimonials
Mr Jammbunathan R – Asst. Manager (Finacial Account) at TubeInvestment
Why go with our PF Software?
FactoHR offers single – point complete solution that can handle the complete spectrum of activities related to employee retirement benefit funds (PF Trust). Following are the detailed functionalities of our PF Software.
What functionalities does the PF trust software offer?
factoHR’s one-stop PF trust software simplifies the employees’ investment contribution management for distinct schemes like superannuation, gratuity, and benevolent schemes and helps further accounting for the organization. The solution offers the below-mentioned functionalities.
Provident Fund
Superannuation
Gratuity
Why go with our PF Software?
factoHR provides all in one solution to manage all activities related to employees retirement benefit funds. Refer below detailed functionalities offered by factoHR
Provident Fund
Superannuation Fund
Gratuity Fund
Accounting
Membership Management
Investment Management
Employee Self Service
Statutory
Mobile Application
Provident Fund
Accounting
Process all accounting entries based on which you can generate all types of accounting reports to complete your audit in a hassle free manner.
Reports
With our employee provident fund software, we provide effective reporting tools that will help you to improve operational efficiency and analysis. You will be able to generate all types of Accounting reports, Investment reports, and member-related reports.
Member Interest Calculation
Calculate and post member wise PF interest with differential interest rate facility on a single click. Also generate provisional interest report to get to know interest liability without posting interest.
Loans & Withdrawals
Our loan management eases your configuration of loans & withdrawal policy as per your requirements & also lets you auto calculate loan eligibility amount and sanctioning of it. You are allowed to track your status of the application.
Role / Rights
With our PF management software, You can manage multiple users by defining different roles and what rights to be given to them for day to day activities based on their work profile.
Reminders
You will get different reminders for the information that is critical and important in nature like reminders for Interest due, maturity due, Pending applications, Bank reconciliation, Uninvested Balance etc.
Statutory Compliance
Avoid penalty with the help of our statutory module which helps to remain compliant with RPFC or IT.
Import Bulk Transactions
Process various transactions through import bulk transaction option which helps to reduce time in transaction processing.
Investment Management
Manage your investments in effective manner to increase yield of your funds with the help of factoHR PF software.
Membership Management
Availability of effective membership management module to manage trust members data and to perform transactions quickly.
Bonus Interest Calculation
Calculate and post member wise bonus interest as per defined policy.
Superannuation Fund
Accounting
Complete your audit before time to pass all types of accounting entries like Bank Receipt/Payment, Bank Reconciliation, contra, Journal & generate ledge based on that.
1/3, 2/3 Commutation
Our employee provident fund software will allow you to process settlement transactions with all types of options like a full refund, full pension including 1/3,2/3 commutation.
Reports
Effective Reporting tools will help you to improve operational efficiency and analysis. You will be able to generate all types of Accounting reports, Investment reports, and member-related reports.
Investment Management
Manage Investment effectively and increase the yield of your fund with the help of our investment module if funds are managed in-house.
Role / Rights
Facility to create roles and rights as per user profie for day to day activities.
LIC interest upload facility
In case funds are managed by LIC, you will be able to upload member wise interest declared by LIC.
Annuity Purchase Report
You will get Annuity purchase report member wise just in one click.
LIC Annuity Tracking
Allow your employees to efficiently track their LIC annuity purchased through employee self-service portal to stay updated.
Reminders
You will get different reminders for the information that is critical and important in nature like reminders for Interest due, maturity due, Pending applications, Bank reconciliation, Uninvested Balance etc.
Import bulk transactions
With PF software solution, you can Import bulk transactions will allow you to process various transactions through file upload which will reduce your time in transaction processing.
Gratuity Fund
Data for Actuary Valuation
Gathering data for actuary valuation will become easy now as You will get all the required data for Actuary Valuation of Gratuity trust from the PF software itself.
Custom Formula for Gratuity Payment
With employee provident fund software, You can manage multiple custom formulae for gratuity payment as per your requirement and criteria.
Accounting
Complete your audit before time in a hassle-free manner to pass all types of accounting entries based on which you will be able to generate reports for Ledger, Voucher, Trail balance, Revenue account, and balance sheet.
Reports
Effective Reporting tools will help you to improve operational efficiency and analysis. You will be able to generate all types of Accounting reports, Investment reports, and member-related reports.
Investment Management
Manage your investments in effective manner to increase yield of your funds with the help of factoHR Gratuity fund Management software.
Gratuity, Company & IT Act
Replace excel and calculate complex gratuity quickly and accurately as per Gratuity Act, Company Act & IT act with TDS implication.
Import Bulk Transactions
Import bulk transactions will allow you to process various transactions through file upload which will reduce your time in transaction processing.
Accounting
Bank Receipt/Payment
Process all types of bank receipts and payment transactions with all types of receipt and payment options.
Bank Reconciliation
Facility to reconcile your bank book with bank statement to avoid any financial loss due to any human errors.
Contra
With our PF Software, you can manage interbank transfer entries which are recorded to easily reverse an entry on the other side of an account.
Journal
Separate module to pass journal entries where you can also check various system generated auto entries for Accrued interest, amortization, member interest and loan interest.
Ledger Report
Facility to print/generate all ledgers in bulk as well as individually in PDF and excel format.
Voucher Report
Bulk generation and printing of all types of voucher can be done for record purpose.
Trial Balance
Generate Multi level trail balance on real time basis for account finalization.
Revenue Account
Helps to take timely decision by providing revenue statement on real time basis.
Balance Sheet
Organizations can generate balance sheet for closing accounting and auditing in company configured format to clearly see the revenue and financial condition.
Cash Flow
Makes investment planning easy with cash flow as it provides projection of income & expenditure for each month.
Membership Management
Monthly Contribution
Helps you to upload monthly contribution through file with accounting effect. Also get contribution checklist report for contribution uploaded.
Loan Application
Manage and process all types of loan as per set criteria without any manual intervation. Also ensure timely recovery and accurate loan interest posting for refundable loan cases.
Settlement Application
Make withdrawal application and payment in bulk with file upload option and all types of payment options along with accounting effect. You will also get all types of post payment documents for employee communication.
Transfer in application
Generate documents required to initiate PF transfers and track status of transfer in application once application is sent for further process. You will also get option to record receipt entry once amount is received.
Transfer Application & Annexure k
With effective tracking mechanism, process transfer out application and payment in timly manner as per EPFO rules. Also generate necessary documents like Annexure k, payment voucher and covering letter based on trust type selection and communication option.
International Worker Check Points
Inbuilt checkpoints for international worker compliance at various stages like for contribution uploading, ECR generation, settlement payment and statutory reports generation.
Member’s PF Statement
Get various options to generate PF statements for individual employee or for selected employees or for all employees as per your criteria. Also avail facility to share PF statements through Email.
Investment Management
Investment Evaluation
Investment evaluation process becomes easy with the help of our investment evaluation module where in you can add multiple securities before purchase and can select best security after comparison. Also record investment purchase transaction once security is purchase with accounting as well as investment wise effect.
Mutual Fund & Equity
Manage mutual fund and equity investments by using our software efficiently and effectively. Create, purchase, sale and book profit on redemption of units with lesser manual working.
Interest Accrued
You will get investment wise accrued interest details for all pattern by just single click. Also post auto accrued JV in year ending.
Investment Yield
Get auto calculated interest yield for your total investments which helps to take decision on interest distribution among members.
Interest Summary
Generate interest summary report to get details of total interest received and receivable interest as per investment catagory.
Investment Amortization
Get rid from complex excel working to calculate amortization amount. Post investment amortization JV in single click based on investment amortization method configured as per your accounting practice.
Investment Register
Get script wise investment register having details of opening, current year purchase, matured during the year and at last closing investments as on date.
Investment Summary
Get details of pattern wise total investments including investment done in mutual fund and equity.
Mark to Market Facility
Facility to compute mark to market profit or loss for all your mutual fund and equity investments by capturing as on date NAV.
Employee Self Service
PF Balance
Offers facility to employees to check their balances on their own.
PF Statement
Employee can generate PF statements for current or past financial year online.
Loan Eligibility & Application
Facility to check loan eligibility and to apply for loan by employees online. Also documents can be uploaded for applied loan for further process.
Settlement Application
Availability of online settlement application for left employees. Employees can also check application status with this functionality.
Nomination Updation
Members can add or update nominee details on their own through ESS.
UAN KYC
Your company’s employee will be able to add their KYC details for verification by attaching documents with the application.
Prefilled Forms
Download prefilled from 10C, 10D and Form 2 rev online and submit for further process.
Loan & Transfer in History
Manage and analyze the loan transfer history which is already disbursed and is received previously in past.
Statutory
ECR File Generation
Manage ECR compliance with automated system to generate ECR challan that can be directly uploaded on EPFO portal for further process with both Arrears as well as Regular challan option.
Monthly E-Return
You will get all the data ready as per EPFO format to file monthly E-return on time.
KYC ECR Generation
Manage KYC compliance by using system generated KYC updation file as per EPFO format that can be uploaded directly on EPFO portal for further process.
Form 11 Generation
Generate pre-filled form 11 after updating master data to make your process easy and efficient.
Form 4 PS/5 PS
Easily auto-generate Form 4PS & Form 5PS month wise as well as employee wise for carrying out statutory compliance for your employees.
Statement -IW
Generate Statement of IW to be uploaded on IW portal as per statutory guidelines.
Form 2 Rev
Assign nominee for PF and EPS and get pre-filled From 2 rev generated for further submission with EPFO.
Form 10 C/ Form 10 D
You can generate Form 10 C/10 D for pension claim with accurately pre-filled data for direct submission.
Break in Service
Generate break in service report required for pension claim submission.
Form 13 Rev
Generate Form 13 rev for transfer in initiated after creating transfer in application.
Mobile Application
PF & Superannuation Balance
Facility to check as on date PF balances anytime anywhere.
PF & SA statement
Facility to generate PF statements for Current F.Y as well as for past F.Y on your finger tips.
Loan Eligibility & Application
Check eligibility and apply for loan online.
KYC Documents
Employee can upload and update KYC documents from Mobile.
Nominee Details
Members can check and update nominee details through mobile application.
Transfer in History
Members can check their transfer in application status on mobile.
Frequently Asked Questions on PF software
What is PF software?
Provident Fund software assists the employers and employees manage employee’s PF trust scheme related tasks directly from the software. Such tasks can include investment management, financial accounting, bank reconciliation, reporting, interest calculation, loan application, settlement application, KYC verification, any other similar tasks which can be cumbersome to perform manually. All these tasks can be efficiently accomplished with the ESS portal.
Why should one choose factoHR’s PF Trust Software?
FactoHR’s Provident Fund software takes off the burden of calculating and verifying the retirement benefit solutions like provident fund, superannuation, and gratuity. The solution itself offers the employees an ESS option to manage their data directly without including HR for most of the processes.
The software can be used for most of the processes like accounting, reporting, loan and settlement application, verification of details, etc.
To know more contact sales@factohr.com or schedule a demo at https://factohr.com/schedule-demo/
What are the unique features that the PF software provides?
Provident fund solution allows the employees to manage many retirement benefit schemes like PF, superannuation, and gratuity funds with accounting, employee self-service portal AI-enabled reporting tools, and automatic reminders. The software helps accomplish the complex and time-consuming calculations of retirement funds like gratuity, etc.
Can one access their PF details with mobile phones?
Modern solutions mostly come with quick and easy accessibility, and mobile applications come in handy if the common technology concerns are solved. So yes, anyone can access their PF details from the mobile application if their purchased software allows. The mobile application offers individuals to check provident fund and superannuation balance, generate statements, upload and update KYC documents, update nominee information, fund transfer history, and loan eligibility and application online.
How employee self-service assists employees in provident fund software?
With employee self-services, the employees can manage most of the PF related information without requesting HR to intervene. Here are the functionalities of using an ESS portal:
Review balance : At any time of need, employees can check their fund balance to stay updated.
Statement generation : Within the portal, the employees can generate their PF statements online for any financial year.
Loan facilities : Employees can apply easily for loans by uploading documents through the online portal.
Settlement facility : The employees who left the scheme can apply for online settlement requests directly from the portal.
Nominee update : With any intervention, the scheme members can add or update their nominee details.
KYC application : Employees can add and verify their KYC details along with proof attachments.
Prefilled forms : Employees can generate/ download various forms like 10C, 10D, and Form 2 within the portal and submit the same for further process.
Transfer History : Anyone with the portal access credentials can analyze the loan transfer history which is disbursed