Benefits Of A Good SACCO Management System
Why do you think successful SACCO will always use a SACCO Management System?
Many SACCOs have realized the risks and challenges that come with manual operations.
For instance, use of excel sheets or handwritten records to process and store members’ information and other core activities.
Those methods will still work, but too many risks are involved eg increase in fraudulent activities, loss of important data, difficulties in excess of important information, poor records keeping, etc.
It is not by accident that SASRA directed that all SACCOs should automate their processes.
With all that said, probably some of you may need much convincing.
So, below are some of the benefits that come with a good SACCO system.
Compliance to SASRA
In case you are operating a SACCO or you work in a SACCO, you definitely know what SASRA is.
SASRA is the SACO regulator body and has directed that all cooperatives should have an automated system to run their processes.
This is because recently, there has been a lot of fraudulent cases among the SACCOs and many other financial crimes.
SACCO System Helps You Offer Convenient Services
You SACCO members are looking for convenient services.
This includes quick and efficient service delivery, providing them with relevant products, and easy access to your services.
If you think investing in members’ convenience is expensive and unnecessary, try ignorance.
Using a good SACCO Management System will help you achieve a lot.
You will be able to understand your members’ needs and offer them products that solve their challenges.
The use of analytic tools will help you make smart decisions either for marketing or product development purposes.
Automation will quicken your processes and help you address members’ needs faster hence reducing congestions at your banking halls.
As a matter of fact, your members dislike making long queues and congesting your banking halls for services such as withdrawals, loan applications, access to statements, etc.
A Good SACCO Management System Will Improve Employees Productivity
There are a lot of human errors within your SACCOs core operations. Something simple as a mistype or wrong data entry might lead to huge losses.
Empowering your team with automation will help them work effectively.
They will be able to save more time by avoiding repetitive tasks and focusing on other core operations.
By the end of the day, this will enable them to achieve a lot in their job description which reciprocates to growth for the SACCO.
Make good use of automation and empower your team.
Audit Trail
An audit trail is a step-by-step record by which accounting, trade details, or other financial data can be traced to their source.
A good SACCO core banking system will give room for an electronic audit trail.
This helps in reducing fraudulent activities within the SACCO and keeping important records on what has been going on within the SACCO.
It is cost-effective
A SACCO that makes use of a system saves a lot of money and resources, compared to one that operates manually.
Considering that through the use of SACCO Management Systems, you can deliver your various services to members without them necessarily visiting your branches.
This will save you from the costs associated with opening and operating physical branches in various parts of the country.
Streamlines the SACCO’s records
As you operate a SACO, you tend to use a lot of data and store a good number of records.
It can be very stressful and time-consuming to access data if you do not have a well-organized record of the SACCO.
A good SACCO management system will streamline your records, secure them and make them easily accessible for authorized personnel in the SACCO.
For example, if you want to retrieve a trial balance of the previous years, you can simply search and make use of the filtering options to give you exactly what you are looking for.
This saves your time letting you focus on other important issues such as improving the quality of service you offer to your SACCO members.
My Conclusion
Today no SACCO can afford to miss a good system to run their operation.
Successful SACCOs have used automation to their benefit and the results have been great years after years.
If you want your SACCO to experience an epic fail, keep using manual operations.
Otherwise, if you are looking for success, check out the best SACCO Management Information System (MIS) and book a free and practical demo
