What You Should Know About Chamasoft, Financial Management Software

Kenya has more than 300,000 chamas that control over 300 billion shillings. These chamas have the potential to change the fortunes of generations to come and helps in the growth of the economy.

With the high rate of unemployment in Kenya, many people have benefited from Chamas as they are able to access funds easily for their personal developments.

A number big investments currently operating across the country are as a result of contributions from groups that have come together and put their resources together with the aim of making profits.

Presence and growth of these chamas was the reason for the birth of Chamasoft, a book keeping tool for Investment Groups.

Chamasoft is a simple to use web application that enables investment groups to manage all their group activities and communications. The cloud-based solution enables group administrators to easily and efficiently track all contribution accounts within the group.

The platform automates the operations of these groups, eliminating the need for complex Excel sheets and bulky write up, thereby making the work of financial bookkeeping within the group easier.

Chamasoft achieves this in the following ways:

1. It automates member invoicing
2. It keeps an updated statement for each member
3. It allows members to login to view their financial position within the group,
4. It also reminds members to make payments,
5. It stores group data on the cloud (available 24/7 anywhere in the world) and a cash book module for use by the Treasurer.

Chamasoft gracefully handles the different payments made to the Investment Group. These payments include contributions payments, penalty payments, customer payments, supplier payments, special deposits, member loan payments, bank loan payments. These payments are handled by the treasurer on the system.

It is accessible online through desktop and mobile, hence with a reliable Internet connection, one can manage the Investment Group Records with ease. Simply, the platform is a bookkeeping and reporting tool for an Investment Group.

Made for treasurers with a tight schedule looking to manage their records in an immaculate manner, Chamasoft is for them, it handles repetitive tasks such a debt tracking leaving one to record payments as they come in.

Once recorded the platform aggregates the information entered to produce the following reports; member deposit reports, member statements, receipts, cash flow statement, balance sheet, profit, and loss statement which are all exportable for presentation and storage purposes.

Why should a Chama Choose Chamasoft?

When it comes to managing the finances of a group, tools that ease the workload need to be chosen. These tools need to be accurate and accessible too.

Benefits of Chamasoft to a Chama

• Secure – Financial information stored on Chamasoft is done securely ensuring your information is only visible to authorized users.

• Reliable – Chamasoft is available 24/7 as long as you have a reliable Internet connection, available anywhere in the world.

• Reports – Using Chamasoft, the treasurer only needs to record payments as they come and Chamasoft handles the reporting behalf of the treasurer.