Multiple Scheme Configuration
Configure multiple schemes for Benevolent fund trusts like Medical Assistant or Death Benefit as per your requirement.
factoHR Retirement Benefit Platform Also offers below List of Modules
factoHR Benevolent Fund Trust Management Solution Benefits
With factoHR’s benevolent fund trust, manage your investments and members’ contribution online and automate the claim and settlement procedures. factoHR is recognized to be a trusted brand in helping organizations leverage GPF Trust management software, Pension Management, Superannuation Fund Management, and many other trust funds.
Simplified Configuration
Configure the program to suit the specific and unique requirements of your organization.
Reduced Expenses
Reduce unnecessary expenses on purchasing and maintaining physical records by doing the same online.
Straightforward Procedures
Simplify the claim and settlement processes as factoHR takes care of all the complexities for you.
Scheme Wise Monthly Contribution
Upload member-wise contributions for all configured schemes and download a reconciliation report to check if the contribution is received or not.
Premium Payment and Claim Amount
factoHR allows you to upload and store information of member-wise premium amount paid and insurance claim amount received, and generate up-to-date reports for the same.
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Claim Application/settlement
The insurance claim made by the member will be tracked against the index number. When the insurance company receives the claim amount, a bank receipt entry will be passed through the system. Similarly, a bank payment entry will be passed and tracked when the member receives the amount.
Ease of Accounting
factoHR’s real-time, integrated, and centralized accounting, two-eye approvals, auto JV posting, and ready-to-file reports minimize all your accounting challenges.
Bank Receipt/payment
Facility to process various bank receipts and payment transactions with minimum manual working.
Bank Reconciliation
Do a bank reconciliation process on a day to day basis to identify any mistake done in bookkeeping.
Contra
Processing multiple interest bank transfer entries becomes easy with the contra entry option.
Journal
Process various journal entries with this module. Also get details of various auto entries passed like for monthly contribution, accrued interest, amortization, etc.
Ledger & Voucher Report
Generate the ledger and voucher reports (individually or in bulk) in formats that are suitable for the organization and bifurcate the same on the basis of ledger/voucher number, type, etc.
Balance Sheet
Generate a trust balance sheet on a real-time basis as per your format.
Revenue Account
Makes you alert by generating a revenue statement that provides details of profit or loss on a real-time basis.
Investment Management
Using our all-in-one investment management, perform evaluation, mark to market valuation, manage all types of security and improve the ROI of your trust’s investment.
Investment Evaluation
Make a suitable selection of the investment based on your investment criteria by using our Investment Evaluation module.
Purchase of Mutual Fund/equity
Enable separate processing of the mutual funds and equity purchases to cope with their different nature.
Accumulated Interest Analysis
Analyze the details of every investment’s accrued interest with just one click whenever you want.
Investment Yield
Receive information about automatically computed interest yield on every investment to assist you in decision-making.
Investment Summary
Receive details of total interest received from every investment category in the interest summary report.
Mark to Market Facility
Keep an eye on the profits/losses on the organization’s mutual funds and equity investments as per the NAV dates.
Frequently Asked Questions about Benevolent Fund Trust
What do You Mean by the Benevolent Fund?
The benevolent fund supports the employees and their families or dependents through the period of destitution that arises for reasons beyond their control, viz., terminal illness, sudden death, natural calamities, etc. due to which he or she is unable to come to work for a prolonged period of time.
Like other retirement plans, this scheme takes contributions from both the employee and employer, which are stored as benevolent funds and are issued to the nominee/s in the time of need.
Will factoHR Assist My Accountants in Processing and Settling the Benevolent Trust?
Yes, factoHR’s benevolent trust fund software allows your organization to upload each member’s file into the system and generate a report for RTGS to the insurance agency. Such reports contain the index number, postal address, email ID, mobile number, and bank details of the employee.
Your accountants can capture and maintain the records for the amounts received from the insurance company for members’ applications.
How Frequently do I Need to Contribute to these Schemes?
factoHR’s scheme allows monthly contribution.
To know more contact sales@factohr.com
How does this Software Help in Investment Management?
With this solution from factoHR, you can manage the entire investment cycle – from purchasing the investment to its maturity. It assists you in comparing and analyzing the desired returns from such investments.
How does Your Software Help in Claim Application and Settlement?
With this system, you can save the medi-claim index numbers provided by the company and use them to access the details of individual employees. Besides that, you can track the insurance claims through these index numbers and trace the member’s bank receipt entries on receival of such payment. In case of death claims, this system helps you to track the payment to the nominees.
Does Your Software Allow Me to Invest in More than One Scheme?
Yes, factoHR allows you, as an employer, to invest in multiple schemes. It also allows your organization to manage such multiple investments with the help of the investment management tool offered along with the benevolent trust solution.
You can schedule a demo at https://factohr.com/schedule-rb-meeting/
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factoHR’s benevolent trust solution helps the organization with investment management for the benevolent fund to support employees during the time of hardships.
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