School Finance Software : 5 Reason Why Its Must For Your Institute
Parents nowadays make sure that their child is attending the best school. To give assurance to parents, modern schools are also coming up with new and advanced forms of education tools and systems. They are providing a variety of technologies to the students that include upgraded computer systems, powerful internet connections, smart classes, and 24/7 online access to school websites.
Considering the modern scenario, schooling business has reached new heights. However, it has become a lot more complicated at the same time. It is no more possible for school management teams to look after each and every department in an old fashioned way. The most significant challenges faced by schools are managing their finances. The bigger the school is, the higher is its level of complexities. Paper, files and even maintaining excel sheets are no longer able to meet up the expectations. That is where financial management software is coming forward to take the charge. With the software, schools are now able to manage and track all the financial activities on a single platform.
Top Five reasons why your school need to have a Finance Management software
By using the finance software, you as the head of your school will be able to create a connection between various departments. You can easily manage all the finance-related tasks in a hassle-free manner. If you are still having doubts about the school finance software, here are five reasons why your school really needs it.
- Yearly Budget Tracking and Planning
Your schools budget is planned on the basis of the school’s income and expenditure. Until your expenditure is not more than your income, your school is in a safe position. School finance software will provide you with proper guidance so that you can efficiently track and plan your school’s yearly budget. The software generates detailed reports which will help you to track down the previous year’s report and make plans for the present and upcoming year. You can allocate budgets to various departments of your school as per their needs and demands. With the software, you can even check the usage of the allotted money and take preventive measures if it is being misused by any person. Further, as a school owner, you can make comparisons between the current year’s income and expense with the previous year. In this way, you can keep a track of the income and expenditures and make necessary changes in the structure of the whole system.
- Tuition Fee Management
As the head of the school, you can efficiently handle and oversee critical fee management functions. You can also setup fee heads and fee structures as per the courses and classes. The software also helps you to maintain a proper invoicing system and even provides an accurate fee processing system. A school finance software automatically sends alerts and reminders to the parents about the fee due dates on your behalf. It maintains all the fee-related records that are significant for future reference. The software also makes them accessible to you as well as parents and the finance management team of your school.
- Online/Offline Bill Payments
The software allows parents to pay the tuition fees using different payment modes as per their convenience. The payment can be done offline/online, that is, by credit or debit cards, net banking, different online wallets or by simply scanning a QR code. Schools can now go global as they are able to accept payments from any part of the world with the software’s multiple currency options. Further, the software ensures that all the payments made are completely safe and secure. No information is leaked out to any third party organisations. The software reduces manual labour and offers a seamless billing and payments experience.You Can Download School Management Software
- Payroll Management
To run a school efficiently, motivated and dedicated staffs are needed. Staffs are happy only when they get their monthly salaries on time along with other financial facilities. School finance software with its efficient payroll management system ensures that all the staffs, starting from the teachers to the trained and untrained support workforce, gets their payment right on time. You can get easy salary computation and employee attendance management modules at any time of the month. As a school admin, you can generate payslips for each and every employee at the end of the month with the help of the software. You can also approve or cancel the generated payslips at any time depending on the situation. It also helps you to create groups based on the employee’s payroll categories. The software allows you to create, control and process all the payroll groups separately.
- Accounts Management and Report Generation
By using a finance management software for your school, you can efficiently manage and control all the accounts related to your institution. With the software, you can easily extract financial reports to view all the financial transactions that have taken place within a specific time frame. You can even customise the reports as per date, month and year, so that it will be easily available for future use. With the software, you can view and generate reports in an absolute detailed manner. These reports will feature all the categories of income and expenditure, fines, due dates along with discounts. The software also shows you the amount of taxes you need to pay, thus keeping you safe from any legal notices.
A finance management software allows you to run a school efficiently. It brings down the human load and also minimizes the risks of human error. The whole system runs in an automatic way, leaving no space for any delays. It helps you to keep track of your school’s incomes and expenditures. The software collects fees from your students on your behalf, keeping the whole process simple and safe. It also efficiently manages the payroll system and keeps the staffs motivated. With the software, you can completely rest assured that your dream to run the best school is in safe hands.