Superannuation Fund Trust

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.

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.

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.

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/

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

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.

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