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Hire purchase is an arrangement for buying expensive goods, where the buyer makes an initial down payment and pays the balance plus interest in installments.
Oder NowA Hire Purchase System is a system in which the hirer purchases goods from the vendor but does not pay him
in full.
Instead, he makes a lump sum payment known as a down payment,
and the remainder is paid in instalments by the purchaser of the goods.
There are two main types of hire purchases based on the functional purpose of the asset involved.
These types are the consumer and industrial hire purchase agreements. Hire purchase (HP) is a type of
borrowing.
It is different from other types of borrowing because you don't own the goods until you have paid in full.
Under an HP agreement,
you hire the goods and then pay an agreed amount by instalments.
Role-based secure login ensures that only authorized users can access specific modules and sensitive data.
Efficiently handle customer profiles, guarantors, suppliers, and employees with centralized data and activity tracking.
Generate essential reports such as payment history, outstanding balances, asset summaries, customer aging, and more.
Fully integrated accounting to manage receivables, interest calculations, payment schedules, and ledger updates.
Automate regular expenses including employee salaries, vendor payments, and operational costs, all tracked in real-time.
Automating core processes reduces manual effort and ensures accuracy across departments.
Real-time access to financial and operational reports enables better strategic planning and risk assessment.
User access control prevents unauthorized activity and maintains data integrity.
A single system to manage all business entities — customers, guarantors, employees, and suppliers — reducing duplication and confusion.
Works for both wholesale and retail models, supporting business growth without needing major changes.
Integrated accounting helps track profits, manage dues, monitor interest collections, and prepare audits effortlessly.
