Requirements checklist
What to ask for when choosing software for chit fund companies.
A checklist built from how chit fund companies work, to print or save as a PDF and bring to any supplier meeting.
What the software should cover
Tick each one that matters to your business.
- Chit groups and tickets
- Members, nominees and agents
- Auction desk
- Dues and collections
- Defaulters and arrears
- Payout against security
- Ledgers and member portal
Roles that need their own access
Who logs in, and what each person may see or change.
- For foremen and managing directors
- For office staff
- For collection agents
- For subscribers
Reports to ask for
Ask to see each one with your own sample data.
- Defaulters: every ticket in arrears, the amount, days late and the mobile number
- Foreman’s commission ledger by group and draw month
- Group-wise expected, collected and outstanding amounts
- Monthly ledger and cashbook for any group and instalment
- Payouts pending, sureties verified and released
- Receipt register, searchable by counterfoil number or member
- Unpaid and part-paid dues, filtered by group
Systems it may need to connect to
Note which ones you already run.
- Payment gateway, connected during set-up
- Bank transfer and cheque references
- Email alerts for website enquiries
Questions for any vendor
Put these to every supplier you are comparing.
- Is it suitable for a small chit company?
- Does it calculate the dividend and the foreman’s commission?
- Can a payout be held until security is given?
- Will using this satisfy the rules that govern our chit business?
- Do we still need our accounting package?
- Can running groups be moved across?
- Is there an app for agents and subscribers?
- Who owns the subscriber data?
- What does it cost?
- Should we build our own chit software instead?
- How long before the first group runs its auction here?
- What papers does a chit company gather beforehand?
Where the work usually breaks today
Circle the ones you recognise. They set the order of the project.
- Dividend working is done on paper
- Agent collections reach the office late
- Defaulters are noticed months later
- Payouts go out before security is complete
- Balances across groups are not added up
Prefer to talk it through? See the chit fund companies page.