Generally, lending business/company is a micro-credit business that accepts savings and provides credit facilities like SME Loan, Mortgage Loan, Personal Loan or Working Capital Finance to qualified customers
This roundup focuses on deliverables of accounting software customized for Lending firm.
Contact Us: info@accountingsoftware.com.ng
Quick Highlights:
During, installation and implementation, you need to ensure that your account balances across all heads are ready: From customers’ receivable balances (interest and principal portion), payable balances, non-current asset value, bank statement balances to investment account balances etc. This will help you get started on the right note.
When you approve a customer’s request for a loan, accounting software captures loan issued, interest portion calculated by the loan officer and generate loan report (Including principal and interest portion) with the due date for each loan.
Afterwards, you can track all repayment on the loan issued (instalment or in full) via receive payment icon and generate real-time customers account statement.
To streamline your financial report, you may want to view all the interest paid by customers for a specified period which is your interest income reported on profit or loss account, accounting software has filter settings on the financial report page.
On the expenses side, you can track all cash spending from your banks and petty cash for a specified period and compare overall business expenses with your income figure.
While these are some of the basic deliverables of accounting software customized for a lending company, you can connect with our support centre for more inquiries and implementation service.
Email us at info@accountingsoftware.com.ng
Learn how to import customers’ loan re-payment transactions from your bank statement into QuickBooks accounting software, click here.