ForeSight Sacco (Micro-Finance) Software(FSMF)

ForeSight Microfinance Software is a powerful application designed for Savings and Credit Cooperative Societies (SACCO). The application is used to not only monitor and maintain records of the SACCO's members' savings, loans, withdrawals and deposits, but also to calculate interest and dividends used either in a stand-alone PC, in a multiuser or in a Web-based environment. The application comprises of five main modules namely , the Member Personal Accounts Module, the Front Office (FOSA) Module, the General Ledger Module, the Mobile Banking Bridge and Member Statements Website. All Modules are intergrated.

Front office module:Has all banking functionalities such as creating accounts, banking, withdrawals and transaction charges. Tellers receives and issue receipts for all transactions. The module facilitates the SACCO to operate a front office set up, that is similar to that of a banking hall.

 

Member Personal Accounts Module: This is used in the administration of the SACCO to:

• Process dividends
• Register and track Guarantors
• Track loan applications and processing
• Schedule loan repayments and share contributions
• Check the status of member loans and share contributions
• Issue loans and automatically generates interest on loans
• In-built Communication System SMS and Email through the Software Application

 

General Ledger Module: This module comprises of the following:

• Billing
• Budgeting
• Reconciliation
• Cash Receipts
• Cash Payments
• General Ledger
• Inventory Control
• Fixed Asset Register
• Accounts Payable Module
• Accounts Receivable Module
• Various Accounting reports such as Trial Balance, Balance sheet, Income statement, Account Activity Reports, stock reports

 

Special features

Back-up & Restore: That prevents loss of vital data

Documentation: The system has online help and a manual.

Comprehensive database: The system has been developed on MySQL database which is free. In addition, it is the leading Open Source Relational database management system running over 75% of the world’s internet sites.

Enhanced Reporting Capabilities:Reports can be generated or viewed on the PC, or exported to the widely used Microsoft Office Products i.e Excel

Security System:Controls access and rights to the system, and is equipped with a User Audit Trail that keeps track of all users, listing the user's log in and log out time, date and the transactions they executed.

Automatic Processing Feature: The system automatically generates a schedule of expected remittances on shares/deposits, loans and interest on loans. The system provides various interest calculation methods.

 

Why use Foresight payroll Management System

• Secure, reliable and currently in use in SACCOs
• Saves time and eliminates tedious calculations
• After Sale Customer Service
• Has the facility to print cheques
• Customizable to suit the SACCO's operations.
• Gives the SACCO a professional and standardized format
• MYSQL software developer, facilitates a large and comprehensive database
• The reports can be generated or viewed on the PC, or exported to the widely used Microsoft Office products or even sent by electronic mail.
• Information at your fingertips: Data on members, guarantors, shares, loans, interest, dividends etc, can be retrieved with only a click of the mouse.
• A powerful system that can accommodate an extensive network system, yet can also operate on minimal hardware requirements,making it cost effective

 

Some of the Reports Available include:--