BZ Capital
automobile loans
Introduction
One of Columbia’s foremost companies operates in the automotive sector, offering loans to clients for their motorcycles through manual processes. As the business experienced growth, the demand for a robust system became apparent, encompassing features such as, integrated accounting, loan automation, auto generate invoices, charge auto penalties for due and the ability to maintain portfolios for multiple companies. Jupical successfully provided a tailored solution using Python, effectively meeting all the client’s unique requirements and greatly enhancing the efficiency of their business operations.
Technology Used
Odoo
Python
Services Offered
Odoo Implementation
Odoo Customization
Accounting
User Training
Integration
Jupical’s Loan management system with Odoo 16 Enterprise
Challenges faced by the client:
- Manual Data Entry:
The sheer volume of customers made it impractical for the client to manually record every lending detail using traditional pen-and-paper methods. The need to remember extensive details for a growing customer base posed a significant challenge.
- Automate the LMS:
Recognizing the limitations of manual processes, the clients sought the automation of their Loan Management System (LMS). The goal was to eliminate the need for manual data input and seamlessly integrate information into the system without additional effort.
- Manage Delays in Payment:
In the realm of loans, encountering delayed payments is a common occurrence for the client. Ensuring timely tracking of each day of delay became crucial to prevent financial losses. The client identified the urgent necessity for automation to manage and address delayed payments efficiently.
- Manage Multi-Company Profiles and Journals:
A distinct principal account is established for each customer upon loan disbursement. Additionally, multiple company accounts are meticulously maintained to ensure the confidentiality of each account, preventing visibility into the accounts of other companies.
- Manual Manage Accounting:
Managing journal entries in the books of accounts can be overwhelming for loan providers due to the numerous aspects to track, including loan interest, payment collection, invoicing, and more. The automation of this process proved to be a significant advantage for the client, easing the burden of manual entry and enhancing overall efficiency.
Solution suggested by Jupical:
Jupical has a solution to make work easier for you:
Jupical proposes a solution aimed at alleviating the manual data entry workload by automating processes. This ensures that our ERP Solution effectively handles operational tasks without imposing additional burdens on manpower. By streamlining data integration into the ERP system, information becomes easily manageable and accessible for future use.
Jupical has implemented a tailored feature to address payment delays within the system. Clients now have the flexibility to choose penalties or interest for overdue customer invoices, incorporating buffer days after the due date. This feature allows for precise penalty calculations on the principal amount rather than the entire invoice, and penalties are accrued on a day-wise basis until the selected date in the buffer.
The access rights feature empowers clients to control user permissions. Users with access limited to the Loan App, for example, can exclusively interact with the loan application. This proves particularly advantageous for clients with multi-company users.
Our solution facilitates the creation of individual principal accounts for each customer during loan disbursement. This ensures that after the loan disbursement, the principal amount is accurately recorded in the ‘principal’ journal entry rather than categorized under ‘other income.’ This meticulous approach enhances financial clarity and accuracy in accounting processes.