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SAVCO® is a group of Windows® based software products that are used bySACCOs, Credit Finance and Micro Finance Institutions. In general the followingfeatures are available:
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- Membership and Customer Details
- Remittance Management
- Loan and Share Management.
- Front Office Customer Service
- Some versions have Fixed Deposits, Standing Orders and Teller Services
- Member Specific Reporting and Standard Reporting
- ATMs services.
- SMS Services.
- Ledger Accounting.
- Budget Accounting.
- Data Imports and Exports from Microsoft Excel or text files.
- Un-Limited User Customizaion.
SAVCO is a real time integrated system which means that loans, shares,statements, balance sheets, trial balances, income and expenses and allaccounting are updated immediately. You get your results immediately not at anyperiod end. It is easy to use and very customizable such that all yourrequirements are met.
Some of the Sacco Management Software Features include: Member Registration Client Registration Module (KYC) – Know your Client – allow capture of Client bio data, social economic data and any other important information about the Client.
Members and Customers
- Captures all legal and statistical details.
- Captures next of kin details.
- Captures all other references e.g. property documents, title deeds with no limit to what you would require the customer to represent.
- Captures passport photos and signatures.
- Allows you to include advisory, instructions or any notes to a member or customer.
- Can block,black list or restrict members and customers.
Products - Loans, Shares and Savings
- Loan of all types: Caters for all loan products
- Captures Collateral inform of fixed assets, savings and deposits.
- Allows members collateral properties to be used in approving loans.
- Apply Charges on loan application. E.g Insurances, Loan Processing fee e.t.c
- Multiple interest methods to choose from e.g Reducing balance, Straight line
- Guarantor management: control and manage guarantors
- Share capital management: Have several share products and its settings.
- Deposits management: Manage several deposits products e.g Share deposits, school deposits, FOSA deposits, fixed deposits, likizo deposits e.t.c
- Manages standing orders.…
Data
- Automates regular charges, standing orders, penalties and any others.
- Allows storage of recurrent and repetitive transactions so that they are re-used.
- Has all standard reports including those requested by regulatory bodies.
- Imports and exports data to Excel, Word, Internet, Acrobat and RTF format.
- Unlimited number of standard and customizable reports.
- No Limit in number of users, members, customers, accounts, or transactions.
- Audit control on all records including creation/ modified date, by whom and when.
- Input interfaces from 3rd party, e.g. Payroll, Microsoft Excel, etc.
Reporting
Member reports
- Monthly Statements showing activities and balances
- Shows statements of members by date range e.g. Annually or quarterly
- Historical loan applications
- Loans Statements
- Deposits and Share Statements
- Loans Guaranteed Report
Financial Reports
- Financial Balance Sheet with notes
- Three months balance sheet
- Trial Balance Report
- Cashbook
- Income and Expenditure with Budget Variance report
- Ledger postings Report
- Loan analysis report with loan aging and loan portfolio at risk
- Loan balances report by type
- Loan Application Register
- Guarantors report
- Loan Due payments report
- Budget report
- Asset register
- Client Register
- Deposits, shares and loan listing report
- Clients summary Transaction Report
SASRA Reports
- Capital Adequacy
- Liquidity Statements
- Return on Investments
- Statement of Deposits
- Risk Classification of Assets and Provisioning
- Statement of Financial Position
- Statement of Comprehensive Income
- Other Disclosures
Loan Analysis Reports
- Detailed Overdue Age Analysis
- Detailed Past Due Age Analysis by Loan Type
- Due Age Analysis Summary
- Principal Portfolio at Risk by Type
Results
- Produces statements for members and customers that can be printed or saved as word excel web pages and acrobat files to be sent via e-mail.
- Allows you online inquiries on balances, history and statements.
- Gives loan loan/share statements that can have your logos implemented.
- Allows special reports to print slips on special printers like the 60 0r 80 mm roll printers.
SMS Setvices
- Replies to member/customer loan and share balances requests.
- Allows you send messages to messages to members and committee.
- SMS is not limited to 160 characters and can be big as you want.
Facilities
- Tellers are logged and tracked such that their daily transactions can be reconciled at the end of the day and the month.
- Saving interest are calculated as advised based on user selectable methods and are transferred to customer accounts directly.
- Loan can be sent to FOSA (banking) directly on approval.
- Loans can be serviced by Savings (FOSA) automatically.
- Members can have several concurrent active loans each with different completion periods.
- Automatic dividend calculations and transfers to member’s shares or loans.
- Allows Customers to use mobile phone SMS to query their Loan, Shares or Saving Balances.
- Allows Customers to use ATMS to withdrawal money or query saving balances and receive a mini-statement.
There are four SACCO software series that are distributed - series 3.X, 4.Xand 5.X. The current releases are as below.
SACCO 3.8
It is member centric system that manages loan applications, loan repayments,shares and all remittances. Remittances can be entered one by one or within ajournal batch where several are entered before being posted. Journals can beimported from Microsoft Excel or text files to be processed and posted. Theycan be retained as recurrent such that they are re-used every periods withminor changes. The Excel Importing is very advanced and users can designworksheets with formulas and forms that resemble their own office documents.
All Loan and shares products are user configurable with numerous parameters,keywords and standards that brings the exact solution that fits you. You caneven design your own commissions and charges and apply them to loans.
It comes with standard reports and queries and users can add more or requestmore from service providers.
This version is very popular with employee based SACCOs and SACCOs that donot operate Front Office Banking Services i.e. Do not have counter tellersDeposit/Withdrawal activities like in a bank.
SAVCO 4.7
It is Customer Centric system that is used by SACCOs, FSAs, MFIs and CommunityBanking. It has product buying, reselling and revaluation for customers. It hassimilar data handling as 3.6 and additional Front Offince Banking Activities.It has excellent SMS handling facilities and supports ATMs and POS for noncounter money mandling. You can purchase items at retail sites such as supermarkets, petrol stations and other card supporting sites.
SACCOs, MFIs and organization that have Front Office Banking (MoneDepositing/Withdrawing through tellers like in a bank) fit in perfectly intothis version.
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SAVCO 5.4
This is an all rounder version which allows multiple product and services to bedefined for a customer. It is has similar functions to all above and extra suchas purchasing and selling of produces and goods to/for customers. It is inconstant review and can be customized for customers specific need likeappendages that can automatically read from weighing machines or scanners forautomatic data entry. Customers may supply additional specifications theyrequire and if they are not already there, they are developed and tested andthen included.
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SAVCO 6.0
SAVCO 6 is a desktop software that can be installed in a single computer orwithin the network. It is the top version of SAVCO series and runs in computersinstalled with Windows from 7 to 10. You can install it in your computer.Download the entire folder here. You willneed WINRAR or UNZIPER program to unzip it.
Once you download, extract the SAVCO6.RAR to a folder savco6 and you willget the SAVCO6.MSI and a data folder. Install SAVCO6.MSI and will create anicon on the desktop. Click on the icon and will request for license; use thelicense provided. Click on the icon again and it will ask for the database.Browse to the data folder and pick up DATA6.ACCDB. You will get an error if thesupport runtime are not available in your computer. If you do not have MSOffice13 or you have Office lower Office 13, then you will need to download andinstall AccessRuntime_x86_en-us or AccessRuntime_x64_en-us. Check download liston the home page and use that link. Read the README.TXT in extracted folder formore instructions.
If you are not using windows 10 then you will need to install Microsoft netFramework 4.6.1. You will also need to install Crystal Reports 32 MSI runtimeservice support 18 onwards from http://scn.sap.com/docs/DOC-7824
Summary
SAVCO employs client server technology where it is installed in a usercomputer and is independentor of the database to be used. The same softwareconnects to multiple databases either of any type. The user makes the choice ofwhere the data is stored and can e IBM DB2, Oracle or Ms Access databases.
Oracle and IBM DB2 are used in a network environment and for medium andlarge organisations. They allow hundreds of computers distributed locally orwithin a large geographical area to access data. Software licences and thedatabases are bought separately for large organization with large number ofmembers. however, there are free Express editions that can be used for smalland medium companies and have all functions of licensed full products.
User Requirement
The client can be installed on any PC running on any Windows versionreleased after year 1999.
A Pentium PC with over 512 MB memory and over 40GB hard disk is preferred.Higher specifications personal computers will deliver better performance. Werecommend memory of 1GB or above and disk space of 60GB or above for optimumperformance.
Databases
Oracle and IBM DB2
Oracle and IBM DB2 are supported and should be installed in a Pentium 4 orabove Server or workstation with a memory of 512MB or above and at least 80GBhard disk or above. The server should be running Linux, Unix or MicrosoftWindowS. We recommend memory of 1G and above.
Flat Database MS Access Compatible
Ms Access compatible is a flat file database and can be placed in any servertaking into account of available disk space for current and future growth.
Network
Any configuration of TCP/IP network will work. Local Area Network may workwith any number of computers as long as there is enough server memory.Bandwidth of remote connections should be adequate and will be determined bythe number of remote connections. Small bandwidths will make remote computersrespond slowly.
Licence Notes:
- No Limit on Number of Users or number of sites.
- License is given to the entire organization and not transferable to other parties.
- License can be permanent or renewable annually or on agreed intervals
- Free Oracle/DB2 database available for small and medium organization.
- Oracle/DB2 Licenses can be obtained from Providers or Dealers.
- Only Oracle/DB2 server licenses are required as SAVCO users do not need database licenses.
Jisort has been mentioned by a few as the best Sacco Accounting Software System out in the market. At Jisort, we are not surprised by these reviews, but instead we are working hard to ensure there are more similar reviews especially from our clients.
Jisort addresses some important aspects of SACCO management in outstanding ways.
Jisort is the chief book keeper at all the SACCO that runs Jisort. Jisort captures all transactions including income transactions from fees charged to interest earned, to trading activities that the SACCO engages in.
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Jisort also captures all expenses including administrative expenses, financing costs, and other costs.
Transactions associated with Assets, Capital and Liabilities are also captured.
With these transactions, Jisort organize and process the data into valuable information. Organized information is presented inform of Ledgers, Control Accounts, Financial Books. In additional to these vital accounting reports, Jisort provides rich business analytics reports that allow SACCO management to make insight-full and informed decisions
SACCO in general experience a challenge in relation to the knowledge levels of their staff. Most SACCOs are not able to hire top graduates in finance and accounting who are usually absorbed by banks and big corporate.
Jisort address this challenge by simplifying SACCO business operations. Any SACCO using Jisort may not need to hire an accountant or a finance officer. A trained Jisort user can deliver just as an accountant.
Jisort process data and present it in the simplest form to its application in the business set up
It costs a fortune to hire professional services including human resource services, tax returns and consultancy and audit services.
Jisort has an inbuilt human resource management system that empowers a user to function and deliver like a professional human resource manager.
Audit for organization running Jisort is simpler due to high level of data organization – this may save a SACCO a fortune when negotiating for best audit fees.
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SACCOs using Jisort find the system to be strict. Jisort enforces SACCOs by-laws to the letter. Ensuring all guidelines are followed in all the operations including
- proper loan approval process
- loan disbursement process
- loan appraisal process
- Expenses incurring
- Among other
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Good Management Practices promoted by Jisort safeguards shareholder funds from mismanagement and that is why Jisort is the best SACCO Accounting System.