Benevolent Fund Trust

Benevolent fund is there to support members and their families through period of hardship that can arise for reasons outside their control.

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.

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.

Multiple Scheme Configuration

Use factoHR’s Benevolent Fund Trust to manage the members of the trust and carry out the transactions instantly.

Scheme Wise Monthly Contribution

Member wise contribution for all scheme configured can be uploaded with having auto accounting JV.Contribution will be tracked against each employee and separate reconciliation report will be available with list of active members for whom contribution is not received.

Manage your funds with factoHR Today

Premium Payment and Claim Amount

Member wise premium file can be uploaded by the user in the system. Based on this file, system will create a report with following details to be used for RTGS to Insurance angency (index no /postal address/e mail ID/mobile no/ Bank account details like account no ,bank name ,IFSC code ,branch code).

Also you can capture and maintain records for amount received from insurance company for mediclaim application received from members.

Claim Application / Settlement

In case of mediclaim, Index number as provided by Insurance company will be maintained by the system and all application for mediclaim will be captured memberwise with reference to Index number.

When amount is received of Insurance, Bank receipt entry will be passed and tracked against member application and index number of the member.

When amount is paid to member, bank payament entry will be passed and tracked against member application and index number of the member.

In case of death claim, Application will be created by the user in the system and further receipt from LIC and payment to nominees will be tracked against the application.

Ease of Accounting

Make your accounting experience easy by processing all types of transactions efficiently which will helps you to generate all accounting reports for finalization and to do audit in timely manner.

  • Bank receipt / payment
  • Bank reconciliation
  • Contra
  • Journal
  • Ledger & voucher report
  • Balance sheet
  • Revenue account

Investment Management

Investment management becomes easy with the help factoHR benevolent fund management software.

  • Investment Evaluation
  • Purchase Of Mutual Fund / Equity
  • Accumulated Interest Analysis/li>
  • Investment Yield
  • Investment Summary
  • Mark To Market Facility

FAQ benevolent fund trust

What do you mean by the benevolent fund?
Will factoHR assist my accountants in processing
and settling the benevolent trust?
How frequently do I need to contribute to
these schemes?
How does your software help in claim application
and settlement?
Does your software allow me to invest in more than
one scheme?
How does this software help in investment
management?

Automate your investment management with factoHR Today

factoHR’s benevolent trust solution helps the organization with investment management for the benevolent fund to support employees during the time of hardships.
Schedule Demo