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GullySystem
Finance and insurance · Software for chit fund companies

Work out dividends, dues and payouts for every ticket in every group.

Chit fund companies run groups, monthly auctions, dividends and agent collections across registers and spreadsheets. The software holds each group, auction, due, collection and payout in one place. Each chit group, the foreman commission and every auction sit in one record, and a prize payout is linked to the security the subscriber gave.

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At a glance

Every group has its own chit value, duration, number of seats and auction date, and the rules in the chit agreement differ slightly between groups. A company with ten groups may have hundreds of tickets, and a member holding three of them expects to see all three in one place.

The chit fund management software is set up around your groups, your commission rate and the way your agents collect. Tell us how your groups run, and the first trial is a closed group replayed from its opening auction to its final payout, well before any live group is touched.

How the work runs today

A new subscriber is enrolled on a ticket by the agent who introduced them, with a nominee and identity papers taken at the same time. On auction day the foreman reads out the bids and the winning bidder takes the prize, after which the room waits while the figures are calculated. The discount, the commission and the dividend go into the minutes book, and next month’s dues are worked out from them by hand.

Agents carry the dues list on their rounds, showing for every ticket the subscription less that month’s dividend, which changes after every auction. They collect cash, bank transfer or a mobile wallet payment against a receipt book, and the office enters the receipts into a spreadsheet and later into the accounting package. The ledger lags behind the round.

Before a prized subscriber is paid, the office collects guarantors, cheques or property papers as security, and confirms that the papers are complete and signed. That file usually sits in a cupboard, separate from the ticket.

Where it breaks

What goes wrong for chit fund companies without a proper system.

Dividend working is done on paper

One wrong formula in a spreadsheet means a subscriber pays the full instalment instead of the net, and a dispute follows. Trust takes the damage.

Agent collections reach the office late

Cash stays with the agent for days. A subscriber may hold a receipt that the office has not yet seen. The office learns on the weekend.

Defaulters are noticed months later

A non-prized subscriber misses three instalments quietly. Nobody adds up the arrears until the group is short at the next payout.

Payouts go out before security is complete

Guarantor papers are promised, the prize is paid, and the file is never completed. Recovery then gets much harder.

Balances across groups are not added up

A member with tickets in three groups has three separate sheets. Nobody sees the whole position.

What the software does

What we would build for chit fund companies.

Named the way your team already talks about the work. We start with whichever part the audit shows is costing you most.

Chit groups and tickets

Set up each group with chit value, duration, seats, subscription, auction frequency and commission rate, and give every member a numbered ticket.

Members, nominees and agents

Keep one record per member with nominee, bank details, identity papers marked verified or rejected, and the agent who introduced them.

Auction desk

Record the winning ticket, the bid, the commission, the dividend per non-prized ticket and the net prize, with the minutes attached.

Dues and collections

Show subscription, dividend deducted and net payable for each instalment, and record each payment with its mode, reference and collecting agent.

Defaulters and arrears

List tickets by instalments missed and arrears owed. Every removal from the subscriber list is logged with its date and user.

Payout against security

Attach guarantor and security documents to the prized ticket. The payout stays locked until someone verifies them on the record. Nothing is released on a promise.

Ledgers and member portal

Open a subscriber’s ledger or a group’s month on one screen. Members see their net dues online and can pay through your gateway.

Before you talk to a supplier

A requirements checklist for chit fund companies.

What to cover, which reports to ask for and what to put to every vendor, ready to print or save as a PDF.

Open the checklist
Ready product

A product already built for chit fund companies.

It is adapted to how your business works before it goes live, and anything your trade needs that it lacks is added then.

Chit Fund Management Software

Chit groups, tickets, KYC papers, sealed-bid auctions, dues, counterfoil receipts and payouts against sureties, with a member portal and a website.

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More products

Other products in the same sector as chit fund companies.

Solutions inside

The business modules chit fund companies use most.

Each one is also available on its own, or inside a system built for you.

All solutions by area

AI by department

Where AI can help chit fund companies.

Each one reads records you already keep, and a person approves every decision.

Services

The services behind it.

ERP, CRM and Business Software Implementation

One record of stock, orders, customers and accounts, set up so your team opens it every day.

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Business Process Automation

Approvals, reminders, follow-ups and reports that run on their own instead of on someone remembering.

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API and System Integration

Accounting software, WhatsApp, payment gateways, tax portals and your own apps sharing one set of numbers.

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Web and Mobile Application Development

Web and mobile apps for customers, field staff and dealers, built to work on ordinary phones.

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All our other services

Guides

Written for chit fund companies.

Practical notes on running the business, not product marketing.

Month-End Close for a Chit Fund Company: A Group-by-Group Routine

A month-end routine for chit companies: check auctions, dividends, net dues, agent collections, arrears and payouts waiting on security, one group at a time.

Learn more
How it works

How the work runs from Bengaluru for your city.

  1. 1

    The audit, by call

    A screen-share and a look at the sheets, accounting reports and WhatsApp groups your team uses. No travel needed.

  2. 2

    A written proposal

    Scope, what we build first and the cost, agreed in writing before anything starts.

  3. 3

    Build in short rounds

    Working screens shared every few weeks. Your team tests them from your own office.

  4. 4

    Go-live, in person when it helps

    For data migration and training we can come to your city. Travel is agreed in advance.

  5. 5

    Support online

    Fixes, changes and hosting handled remotely by the same team that built it.

Our work in this sector

Software we have built and run in this sector.

Published with the client’s agreement, with what was built and what changed.

All case studies
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Read the case study
Common questions

Questions chit fund companies ask before they call.

Can it work with our books?

Your books stay in your ledgers, and ticket-level detail stays in the chit software. No direct link is built in. An export can be added during implementation, as a separate item.

Will this software make the company compliant with the chit fund law?

No. Returns to the regulator and compliance generally are a matter for your company and your auditor. The software records each auction, its minutes, the security taken and every payment with the name of whoever entered it.

Can agents record collections on a phone?

Yes, from the phone browser. The agent records a payment against the due, a receipt number is generated and the office sees it the same day.

Is software worthwhile for two small groups?

Perhaps not yet. A careful spreadsheet can hold a couple of groups. Software starts to help once auctions, agents and security files overlap.

What is the cost of a chit fund system based on?

Group count, branches, agents and office staff are the first factors. Then comes the choice of auction desk, member portal and arrears tracking. Phone collection for agents is extra. Ledgers kept in Excel or Tally are moved in as scoped. The quotation breaks each part out separately.

What must a chit company supply to get started?

Collect the group registers, the minutes book with auction records, member and nominee files, agent dues lists and a receipt book, plus the present ledger. Name a foreman, a cashier and an agent supervisor. They check each screen as it is built.

Do group and member records belong to us if we ever leave?

Yes. Tickets, auctions, dues and payouts are the company’s property, and the source code too. Everything can leave as plain files when you ask. The builders keep supporting the system afterwards. GullySystem looks after hosting unless the company would prefer otherwise.

What happens after I share my requirements?

An engineer reads what you send and replies within one business day. We then look at the software, spreadsheets and WhatsApp groups your business runs on today and write down what works, what slows your team down and what is missing. A demo login, a screen-share or a few screenshots are enough. You get a short written summary ordered by priority, with no obligation to hire us afterwards.

How much will the software cost?

We don’t publish a price, because it depends on what the system has to do. That first review settles the scope, and the cost goes into a written proposal before any work starts.

Across India

Cities where chit fund companies are common.

Related

Related industries.

Category

Part of these wider groups.

Talk to us

Tell us how your business runs today.

A few lines on your spreadsheets, software and WhatsApp groups is enough. We reply the same working day.

What happens after you share your requirements

  1. A senior engineer reads your answers. Nobody phones first.
  2. Within one business day you get a written note: what we understood, what we would start with, and the questions we still have.
  3. If it fits, a proposal follows with the order of work, what we need from you and what you receive at each step.
  4. No call is booked and nothing is paid until you have read the note. Your details stay with us.

Start with your requirements

Seven short steps that tell us what you need. A senior engineer reads them before anyone gets in touch.

Share your requirements