Superannuation Fund Management Solution

factoHR Retirement Benefit Platform Also offers below Modules

factoHR’s Superannuation Fund Trust Software Designed for Robust Workflow

factoHR offers you a superannuation fund solution that simplifies the management of superannuation funds for your business along with investment and member management modules.

Simplified Integration

Integrate factoHR’s superannuation fund solution with various modules, viz., the accounting solution or the retirement benefits solutions.

Automatic Task Management

Access easy and paperless management of your tasks to minimize wastage of paper, thereby encouraging going green.

Enhanced Productivity

As factoHR’s superannuation funds solution takes over the fund management, the HR managers can focus on more critical problems with newfound efficiency.

Accounting

factoHR simplifies your complex accounting process using auto voucher posting, real-time and ready-to-file reporting, and integrated, centralized accounting.

Bank Receipt/Payment

Process various bank receipt and payment transactions quickly with minimum manual working.

Bank Reconciliation

Take the help of our bank reconciliation module to reconcile your bank with bank statements for better fund management with fewer efforts.

Contra

Availability of contra entry option to manage multiple inter-bank transfers.

Journal

Auto-posting of various journal entries like monthly contribution, member interest posting, accrued interest, reversal of accrued interest, amortization, etc., will help in the improvement of working efficiency.

Reports

Generate and print ledger and voucher reports in quantities or formats that suit the requirements of the organization.

Balance Sheet

You can generate a real-time basis balance sheet to check the positions of your trust assets and liabilities.

Investment Management

Our investment management feature enables you to monitor returns on your trust’s investments by performing mark to market valuation, evaluation, and managing security.

Investment Evaluation

When managing the investments internally, use the investment evaluation module to compare several security options to make the best buying decisions and process the purchase transaction post-purchase of each security.

Mutual Fund/Equity Purchase

Separate module designed for mutual fund and equity purchase transaction as having different nature than fixed interest rate investments.

Interest Accrued

You can generate an investment accrued report for all investments with the provision to pass accrued JV automatically.

Investment Yield

Take decisions of interest distribution based on interest yield details for your investment corpus.

Investment Summary

Get details of total interest received during any period in summary format.

Mark to Market Facility

Get rid of complex Mark To Market profit or loss calculations for mutual fund and equity investment with an automated system to calculate the same with a single click.

LIC Fund Management

If your superannuation funds are managed by LIC, factoHR helps you easily purchase and track annuity, check interest on LIC funds, manage multiple LIC schemes, etc.

LIC Annuity Tracking

You can track the LIC annuity purchased for employees.

LIC Interest Upload Facility

Upload facility available for member-wise LIC interest if funds are managed by LIC.

Annuity Purchase Report

Ease of generation of member-wise annuity purchase report in one click.

Multiple LIC Scheme

Employee-wise scheme selection and scheme-wise fund allocation will be allowed if the investment is done in multiple LIC schemes.

Scheme-wise Contribution Uploading

You can upload LIC scheme-wise contributions if there are multiple LIC schemes.

Membership Management

factoHR provides a centralized place to store and manage all your member information and perform contributions, settlement application, transfer in/out, and other member transactions.

Monthly Contribution

Make monthly contribution upload process easy with file uploading option and accounting effect.

Settlement Application/Payment/Covering Letter

Process Superannuation settlement transactions as per payment option selected by members with taxation effect. You can also generate all required documents for employee communication.

1/3, 2/3 Commutation

Process superannuation settlement transactions with all types of options like 1/3 commutation,2/3 commutation, full refund, or full pension.

Member Interest Calculation

You can calculate and post SA interest with member-wise effect in a quick manner. In addition, also get a provisional interest report to know the interest liability in advance.

Transfer In/Out Application/Covering Letter

Get the updated status of the transfer-in application anytime with the help of our transfer-in module. Also, process receipt entry with member-wise effect once the amount is received.

Member’s SA Statement

You can generate SA statements as per your requirement. Also, share the same among employees with email facility.

Employee Self Service

Employees can now carry out various fund-related activities such as checking SA balance, applying for settlement, updating nominee and KYC details, etc., anytime with our self-service portal.

SA Balance

Check SA balances as on date any time.

SA Statement

Generate SA statements for the current year or past financial years as per requirement.

Application for Settlement

Resigned employees can apply, manage, and check the status of the investment settlement through the ESS tool.

Manage Nominee Details

Employees can add or change nominee details for the SA fund separately through online mode.

Dynamic Mobile Application to Empower Your Employees

PF & SA Balance

View PF & SA balance from the mobile application when needed.

Loan Eligibility

Verify the eligibility to apply for a loan online.

Nominee Details

View the nominee details of your PF and SA trusts easily.

PF & SA Statement

Generate statements for PF & SA for different financial years as per the needs.

KYC Document

Upload or change the required KYC documents and details directly from the mobile.

Transfer-in History

Check the latest status of the transfer-in application.

Frequently Asked Questions about Superannuation Fund

What is Superannuation?

The literal meaning of the word superannuate is to retire due to age or infirmity. Superannuation (SA) benefit is an advantage offered by the employer to its working-class employees. It is an organizational pension program created by the company for the benefit of its employees. Some businesses like to call it ‘the company pension plan.

How does Your Software Provide Membership Management?

factoHR’s superannuation solution provides ease of membership management by giving straightforward options to upload monthly contribution files and record the same in the books of accounting. It processes the SA settlement transactions as per the members’ payment options and generates the documents required for employee communication.

With this solution, you can get all the necessary options regarding the commutation, refund, or pension in the process of superannuation settlement transactions. Rapidly calculate and post the SA interest for the individual members and get provisional interest reports to know the interest liability in advance.

Using this system, you can get real-time updates of the transfer in application and process receipt entry of every member on the receival of such amounts. Besides this, you can instantly process the transfer out application and payment to get the payment documents for the same. This system also allows you to meet the organization’s prerequisites and share them with the employees through emails.

Do You Provide an Employee Self-service Portal?

Yes. Our employee self-service portal allows employees to feel motivated by accessing their information directly without having to ask others. The portal helps them check the SA balance for any given period under the financial year and allows them to add or change nominee information for the funds. With the portal, your resigned employees can even submit and review the settlement application.

What Can factoHR’s Mobile Application for Superannuation do?

factoHR’s mobile app for superannuation fund management provides flexibility to access information from anywhere, at any time, with just a single touch.

Your employees can generate SA statements as per their convenience and requirement. They can update the nominee details for the SA fund separately using the mobile app.

You can set up a demo with us at https://factohr.com/schedule-rb-meeting/

Is Ease of Accounting a Benefit Your Software provides?

With factoHR’s superannuation fund management solution, you can simplify the complex accounting procedures and enable a hassle-free audit by getting all the accounting reports with a single click. It allows you to process the inter-bank transactions conveniently with minimum effort. You can reconcile your bank statement to ensure that your banking and business activities harmonize.

With this solution, you can enable the automated posting of recurring journal entries to optimize the data entry processing. Extraction of bulk ledger reports with various formats to suit the needs of your organization. Similarly, you can generate bulk vouchers to enhance the record-keeping as your requisition.

For more information about the product contact sales@factohr.com

Does Your Software Help in LIC Fund Management?

Yes, you can overcome the time-consuming LIC fund management by allowing the system to manage your LIC fund effectively by using our software. This solution allows you to keep track of the LIC annuity purchased for the employees. You can upload the interest given to individual members for LIC-managed funds.

It assists you in generating a member-wise annuity purchase report with just one click. You can select the schemes applicable to the individual employees and allocate funds to such plans when your organization invests in multiple LIC schemes.

Could We Manage Investment through Your Superannuation Software?

Yes, with this superannuation module, you can enhance investment management and yield. This solution allows you to compare and analyze the investments managed in-house to assist the best buying decision to process the purchase transaction.

With the assistance of this system, you can:

Generate the accrued investment reports
Pass accrued JV automatically
Receive assistance in analyzing the interest yield details
Get a summary of the total interest received
Get separate modules to accommodate the mutual fund and equity purchase
Configure investment amortization methods
Generate a register to record the flow of opening investment balance, addition and deletion
Get a compact investment summary report
Process all the transactions related to mutual fund and equity

Superannuation Fund Trust