What is the Nidhi Company? How does it work and earn a profit?

Nidhi Company is a business structure incorporated under Section 20A of the Companies Act, 1956 and is controlled by the Ministry of Corporate Affairs( MCA). The Nidhi Company is principally formed to evolve the habit of saving among its members only for their collective benefit. The major source of backing for the Nidhi Company is the monetary contribution from the members. It can provide its members with savings accounts, various types of loans, and various types of investments such as daily deposits, RD, FD, and MIS.Also, the rate of interest of loans is relatively realistic for purposes such as construction or repairs and is generally secured. This kind of mutual benefit fund is mostly popular in South India, but now it is also growing in Maharashtra, Bihar, Rajasthan, West Bengal and many more states.

Is opening a Nidhi company beneficial?

The answer is absolutely yes. There are several key advantages that are present in opening any Nidhicompany, i.e.,

1. No direct RBI interference

2. Low risk

3. Structure of simple formation

4. Limited Capital

5. It is simple to grow a business.

Why is perfect software preferable to manual work for Nidhi?

As per the rules, Nidhi company owners need to submit different Nidhi compliances, i.e. different NDH forms, reports, and balance sheets, for audit. A strict audit will be conducted. If it fails, the company's registration can be cancelled. So, one needs to have the correct report in the correct format, i.e., approved by the Ministry of Corporate Affairs. If you maintain a pen and paper system, it is not possible to get accurate reports. Humans make mistakes. So, when someone is maintaining the offline system, it is common for them to make mistakes which will have an effect on the company's various reports. Also, there is a high chance of losing data. When you use software, the data becomes more manageable, easy to search for and much more secure. When you are using software, it is also easy to keep track of the due dates of customers and manage the late fines.

How are our software and services different from others?

1. One of the key feature of our software is it is super user friendly. Any lay man can use it with a simple training.

2. The next highlighted feature is our software security. All our software are highly secure and we provide a tough data security for our clients.

3. We provide cost effective software with easy installments.

4. We provide customization.

5. You will get lots more extra accounting features and reports which is missing in maximum other nidhi software's.

6. Online training and support facility via phone, email, whatsapp. All compliances are approved by MCA (Ministry Of Corporate Affairs).

7. All account's reports follow the currently used international formatsRecommended by leading CA's and CS's.