Every SACCO, no matter how big or little has a finance department.
A good SACCO management system will have a significant impact on the department’s and the SACCO’s overall growth.
There are numerous reasons why CoopMIS has emerged as Africa’s leading SACCO system. This is because cooperatives benefit from the system in a variety of ways.
So, as a SACCO financial manager or someone working within the department, these are some of the advantages of CoopMIS.
CoopMIS is well-known for the ease with which reports may be generated.
As the Finance Manager, you must generate budgetary reports and distribute them to the SACCO CEO and relevant board members.
With the budgeting module, you can quickly prepare the yearly or quarterly budget and share it with the appropriate teams.
Improved Decision Making
When it comes to financial decisions, you are highly dependent on your position in the SACCO.
This is a time-consuming and difficult exercise that requires a great deal of concentration.
You must have all of the resources available to you in order to make the best decision.
CoopMIS, fortunately, makes greater use of data to assist you in making data-driven decisions that will help your SACCO be financially stable.
It includes all of the information needed to make financial decisions, such as the revenue generated, expenses, investment opportunities, and so on.
Better products for SACCO members and the SACCO as a whole
One of your main responsibilities is to come up with ways to increase the revenue of your SACCO.
This implies you are completely engaged in the development of new products and credit facilities for your SACCO members.
It goes without saying that the products must be profitable for the SACCO and relevant to your members.
CoopMIS will provide you with the necessary data and resources to develop products that will benefit both the SACCO and its members.
Consider some of the essential information in this exercise to include members’ requests, frequently utilized products, and most profitable products.
CoopMIS will use your rich data to assist you in identifying opportunities in which your SACCO can invest.
When considering factors like demand, product availability, time frames, and frequencies, it is simple to identify open revenue generation opportunities in the SACCO.
You will also learn which of your products performs best and why.
Profile your members and provide them with more value, and you will boost your revenue through sales, transaction fees, and interest on loans.
Your SACCO must submit SASRA reports on a regular basis to be on the right side of the law.
This obligation is under your responsibility as the head of finance.
CoopMIS’ automated SASRA report will make your job easier.
As you ease your task, always keep compliant with the regulators.
You can use this time to focus on other important tasks while CoopMIS takes care of the SASRA reports.
A good SACCO core banking system will benefit not only you, but all of the SACCO’s departments as members will gain as well.
Automation is a requirement for any SACCO, regardless of size, in this age of customer experience.