6 Key Benefits of Loan Management Software
6 Key Benefits of Loan Management Software
1. Loan Management
The Loan Management feature will help you to automate your customer’s entire loan lifecycle. Based on the requirements, the software programs will assist you throughout the process. As a lender, this feature will help to perform various functions such as processing customer information, creating new loans, and much more. You will be provided with accurate loan statements and reports that will keep you updated with present and future installments. The system also manages interest rates and provides various tools for collection automation.
Let us have a deeper look at how exactly this feature works and what are the multiple benefits of using Bandmaster ERP software:
You can manage your loans by keeping track of the total number of customers to whom various types of loans are provided. Also, you can remain updated about the various types of loans disbursed to your clients. Various types of loan applications can be accepted such as personal loans, commercial loans, student loans, syndicate loans, mortgage loans, payday loans, etc. The information on the date of loan issue, maturity date, and the total principal amount of each loan is provided in this feature.
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Systematized Loan Statement
Get complete information on the piecemeal distribution of the principal loan amount along with the interest rate charged through this loan statement. A loan statement keeps you updated on the no. of installments pending, the forthcoming installment that is due. The penalty applicable to a particular installment is also mentioned therein.
Also, managing collections efficiently is equally essential for your lending business. BanasTech’s ERP software system will give you a digital platform and can notify you about the real-time status of the customer’s loan. For each of the above installments, you will get notifications whenever your client pays back or when a payment is due. Our collection system will also calculate the late fees for your ease.
Scale Your Business To The Next Level
Get scalable lending solutions that are digital and cloud-based. Our software can help you manage the entire loan lifecycle. Also, you can use this software for performing any single task such as tracking repayments. Automate your various manual and repetitive tasks with our efficient digital software solutions and optimize your resources and time to improve your business productivity and ROI performance.
2. Client Management
Organize Your Clients
Our ERP Loan management software can now facilitate you to organize your clients with the Client Management feature. To keep things simple and straightforward, the software helps you to find out the complete information about the client in one go. The information collected enables the users and your company to find out the financial record of the applicant and check their eligibility for the loan.
We offer you some of the best benefits from the available features.
Streamline Client Management Processes
Firstly, your team can get easy access to the customer data that needs to be used across multiple devices. Secondly, our automated software solution can help you streamline the processes and standardize your workflows that are associated with sales, marketing, and customer support. Also, it helps you to improvise the coordination between the teams.
The below layout shall explain the type of client information that is fetched and stored into the system so that you can use it on a time-to-time basis. The entire process of converting your prospects into potential customers is driven by the client data and its authentication. Moreover, to enable regular communication with your clients, you can integrate the clients’ email accounts for communication, segmentation, and internal cross-collaboration purposes.
Data Access For Future Reference
The documents submitted by your clients can be easily accessed in case of any future requirement for cross-selling purposes. This information shall become a centralized hub that can take you a long way towards assuring that all the team members are under the same knowledge.
With BanasTech ERP software you will get exclusive client management features such as keeping client records such as an address, contact details, email address, date of birth, gender, client leads, documentary proofs that are provided, family background, and bank
The below image shall provide you insights into the type of information that gets stored in the ERP software.account details.
Besides, the software can help you keep updated on the total no. of loan approvals granted so far to a particular client throughout their tenure into your business.
Our Software Can Help You Boost Client Retention!
BanasTech ERP software can cater to your loan business with seamless integration and responsive UI that can help you manage your entire customer database with great ease and professionalism. From the futuristic point of view, think over buying our software as it is specially designed to give you multiple benefits such as email marketing, social media marketing, and to get repetitive sales.
Develop Data Accuracy
The feature enables the user to catch mistakes in the early stages and increases transparency and communication. Once the information is considered accurate, it is further passed to the individual who is accountable for signing it off and giving necessary approvals.
No matter how complex and dynamic the information is, our ERP software can handle the finance workflow processes with great proficiency and accuracy. Also, for each kind of approval, there may be multiple sign-off levels within a particular process, as the data may move on from the team leader to a senior manager.
Once the data gets approved by the appropriate user, confirmation is received via notification to the users.
At BanasTech, we design customized ERP software solutions that can help you perform smooth approval-based processes quickly and efficiently, and that too with minimal errors.
Pre-defined Approval Stages
The below layout shall give you insights on the stages of approval that work as an intervention for the users to keep a check on the authenticity and accuracy of the given details.
Here, before finalizing the client details, a second verification is done by the next immediate senior employee/manager. The client’s personal, financial, and professional details are thoroughly verified at this stage. After the complete verification, the approval is granted.
Reliable Verification Process
The second such stage of approval is required in terms of granting the loan. Various factors need to be verified here. In correspondence to the above information of the client, the details of the loan applied are cross-verified. Once the approval is granted, further procedures can be done concerned with the loan disbursement. The client gets notifications of loan approval on their devices.
Well-integrated Payment Tracking System
BanasTech offers you systematic payment management software integrated with various other features of the ERP. Empowered with the best payment management solution, the software is designed with cohesive features that provide an automated impact on other relevant modules of the system.
Our ERP software can efficiently handle the approval authorizations from the concerned senior employees of the organization. It can perform several payment transactions at the same time and process the payments without any manual entries to be done for each transaction. Our payment solutions also provide reports for recurring payments and disbursements.
BanasTech software offers various insights on the payment strategies and the current inflow and outflow of loan and interest amount. Our payment system helps you automatically reconcile the payments to the general ledger in real-time. As a result, it substantially speeds up the monthly and year-end financial accounting close of the books.
The software provides a clean UI with minimalist features that functions on a modern web browser and operates with great compatibility with small screen devices. The notifications for each payment transaction are received on screen as well as via email. And the most important benefit of the software remains that it takes very minimal effort for maintenance at any point in time.
Seamless Workflow Processes
The images below represent the actual workflow process of the payments with BanasTech ERP software. In Image 1 the software generates the basic payment details of the loan. The amount of loan to be paid by the lender company and the no. of installments to be paid by the borrower at regular intervals, amount per installment, debit note details, loan tenure, etc. are reflected here.
Accounting integration with Loan Payment
Image 2 below helps you enter the accounting details of the loan such as amount payable, bank fees, interest charges, debit note details, and the amount to be reduced from the principal loan. This shall further update the total principal loan amount and interest amount received from your clients in other relevant modules.
Seamless Registration of Loan Details
In the below Image 3, all the payments done by your client against the total no. of installments to be paid, are registered systematically with various other details to be entered such as payment amount, payment journal, date of payment, and loan memo number.
Detailed Payment History
In Image 4, the software enables the users to get insights on the total numbers of payments done by the clients as a part of the installment. Also, the date of payment, customer id, mode of payment, name of the customer, and the payment amount are listed with complete clarity.
Payment Verification Process
The last image depicts the module wherein the user gets access to granting approval or rejecting the loan payment to the new client. Before the manager approves the loan disbursement, various details of the client’s loan such as payment type, amount of payment, mode of payment, etc. can be verified.
Automate Your Business Operations
Our exclusively featured Payment management module in the ERP software can help you reduce your manual accounting procedures and can generate smart and responsive payment reports and other relevant details in no time.
Automate your business and improvise the efficiency of your operations.
Request for a demo of BanasTech Loan Management ERP software. And see your business flow with great action.
Streamline Your Accounting Process
With BanasTech ERP software, now you do not need to have separate accounting software or cash flow report. We offer you an integrated and cohesive accounting module, that can be easily managed and updated with minimum human efforts. The module can streamline all your business transactions.
Moreover, you can trace back every transaction from where it started and whether each one is approved or not along with the reasons for no approval. This function will help you improve your accountability and responsibility towards your business.
Instead of relying on standard accounting packages that provide basic financial solutions, BanasTech ERP Loan management software offers you a variety of accounting reports and transactions available in detail. These features facilitate in improving your business efficiency to a great extent.
Detailed Client-wise Accounting Report
Screenshot 1 comprehends the detailed analysis of the interest amount payable on the client’s loan amount. As a user you can use the information for several accounting purposes such as for bank reconciliation, the remaining balance of interest to be paid, the consistency in the interest payment, the payment mode selected, the credit note details, and much more.
Analytical Reports For Future
Screenshot 2 gives the users the perfect analysis of the overall payments of interest and loan principal amount done by all the current clients of your company. From the date of payment, type of payment, name of customer, accounting entries done, to debit/credit note numbers are displayed here for your ready reference and further course of action.
Auto-Reflection of Tax Entries Into Accounts
The below screenshot enables the user to update the tax adjustments for a particular payment done by the client. The same entry is further reflected in the ledgers and reconciliation statements automatically.
Upgrade Your Business With Smart Accounting Solutions!
BanasTech LMS ERP software is a fully-featured software embedded with a resilient and intuitive accounting module that is designed especially to serve the Startups, SMEs, and other loan enterprises to provide end-to-end solutions. The accounting module offers bank reconciliation, recurring billing, duplicate payment alert, approval processes, and much more in one single place.
Besides the above services, various other features are available in the accounting management module such as managing the vendor bills, banking transactions, cash flow statements, handling retail invoices, journal entries of clients loans, debit note details, managing journal entries of the loan amount recovered along with the interest, details of other fees, and invoices generated for processing fees. Each of these items is separately handled in the module. Moreover, a separate report for each accounting item can be generated for various purposes.
Optimize your business and automate your accounting workflow process with our ERP software. Accelerate your business performance and loan-providing services now!
Upgrade Workflows In Tune With Market Trends
BanasTech facilitates your lending business with perfect loan management software that can generate smart and insightful analytical reports. These reports can present various details about the bottlenecks, streamline the lending process, and improve overall productivity. The software is designed with futuristic technologies that would help you oversee market trends and resolve the problems that arise due to the same.
Our software offers you several solutions that highlight the scope for creating custom reports without manual labor. As a lender, you can assess your KPIs, customer acquisition, and other strategic process-related metrics that would be of greater importance for running your business smoothly.
Generates Profit & Loss Statement
Below Screenshot 1 & 2 gives you insight into what all kinds of financial transactions are included in calculating the profit and loss of the business. You can derive several conclusions about your business process, financial workflow, and the receipts and payments done during the financial year with your stakeholders. You can keep the track of the total expenditure done so far to keep your business running. All these details will provide you with deeper insights that will help you to make necessary changes and improvements in the forthcoming years.
Generates General Ledger For Insights
Screenshot 3 helps the users to generate the payment and lending reports along with the customer’s basic details. The report named as General ledger will provide insights to the lender on the frequency of payments done by the clients on regular basis and also about the defaulters so far. The journal entries reflected in a proper sequence will help the users to trace the loopholes, recurring payments, and other errors that can be avoided in the future.
Keep Your Business Updated With Futuristic Developments
We know that your business needs a seamless, transparent, and easy-to-deploy loan disbursal system. You can now please your customers and provide services that they would appreciate. With transparency, we provide you speedy service modules so that you can run your business with great ease. The reporting tool will fortify your lending process and also will enable meeting your client’s expectations. BanasTech software provides perfect loan management solutions and helps to keep your customers informed about the loan progress with quick creditworthiness assessment and credit disbursal.
Choose the best loan management software that can cater to your business needs and makes a careful consideration of various factors. We at BanasTech can take care of all kinds of lending business requirements, be it short-term or long-term.
Connect with us to know more about our ERP software to enhance and streamline your lending processes!