An Accounting Software is not a Billing Software

Quite a lot of societies use accounting software as billing software as well. It meets many of their requirements but falls much short of good billing software. The society management is generally not expected to be aware of the differences between the accounting and billing software. Even the accountants employed by the societies are not aware of the same. Allow us to present key points.

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Late Payment Fee and Late Payment Interest

Most of the societies charge late payment charges either as one time penalty or interest (based on a rate on interest on unpaid / delayed interest amount) or both. These penalties and interest on one hand act as a deterrent for the resident/consumer and help to improve collection for the society and on the other hand, they compensate for the financial cost for the society. So what the best practices for charging of late payment penalty and interest? What are the important factors for charging these?

 

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