Superannuation Fund Management Solution

Accounting

Make complex accounting easy with the help of our superannuation trust software and complete audit in a hassel-free manner by getting all accounting reports in a single click.

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.

Superannuation fund accounting management

Investment Management

factoHR’s superannuation fund application helps you maintain various investments properly and improve the investment fund yield if it is managed in-house.

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 funds are managed by LIC, get rid of time-consuming LIC fund management activities as the system will help you to manage your LIC fund in an effective manner.

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

Managing members become simple with our membership management tool.

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.

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.

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.

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.

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

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

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-demo/

Superannuation Fund Trust

factoHR’s Superannuation Fund Trust Software Designed For Robust Workflow

Simplified Integration

Automatic Task Management

Enhanced Productivity

Accounting

Investment Management

Manage your employees’ Superannuation Fund with factoHR Today

LIC Fund Management

Membership Management

Employee Self Service

Mobile Application

Frequently Asked Questions About Superannuation Fund

Simplify your Superannuation Fund Management with factoHR today