Key Benefits of School Fee Management Software
Regardless of the size of the school, collection of fees is an extremely important procedure for any school. Without adequate finances no education system can realize its vision. That is why schools must not ignore the key benefits of school fee management software. Although the trend is growing among schools to rent or buy some kind of locally installed or web based school fee collection software, there is still a large number of schools that are sticking to their traditional manual fee collection systems. Generally speaking, most schools, whether mid sized or large, are considered lazy with their accounting. School leaderships must realize that the top most benefit of using an effective school fee management system is not the accuracy, transparency or time saving attributes it lends to your school records; the top most benefit is how it can improve your school’s budget allocation plus how this awareness can enhance your students’ learning outcomes. Often times, such school billing management software are regarded as tools for defining fee structure, billing parents and collecting payments but as it is describe below, the key benefits of school fee management software are far-reaching.
Save Time – Employ Less Workforce
Schools that decide to run their finance departments manually generally have to hire a number of personnel in their finance departments. You would probably need them to keep record of the collected fee on a daily basis. You would want them to also keep the copies of paid receipts, fee discount requests, and refund requests in your school records in corresponding files. Remember that those receipts must be numbered sequentially, and canceled or voided receipts must be marked efficiently. You finance people should ideally reconcile collected fees daily. If you are collecting fee at your school’s office and also at the bank, you need your accountants to prepare deposit slips and always tally that the money sent to the bank for deposit matches your records. You would also have to take a personal initiative to keep a check on the records your accountants are maintaining as ideally you should not leave it all to your finance people. However, do watch out as there will be errors. These errors can range from an incorrect amount, to incorrect name, to a break in sequence, to anything that can possibly go wrong and go missing!
Unless you are a super accountant yourself and have a lot of time to spare out of your regular school administration tasks you will be in a lot of crunch in absence of a school fee management software. It is not about hiring more people or best people to run your financial management. Errors are just inherent in a manual fee collection system. One key benefit of school fee management software is that it will not only save your valuable time, it will also allow you to have a greater understanding and control over your fee collection even with fewer personnel.
Accurate and Transparent Fee Collection Reports
Most schools would have peculiar fee structures. At some schools there are different fee rules even for students studying at the same grade level. In a classroom of 20 students, you might have 10 who pay the regular fee, five who pay a discounted fee, and five who study for free because their parents teach at your school. To complicate it further let’s say half of them pay their dues on a monthly basis and half of them pay on a quarterly basis. All of this is definitely difficult to handle manually but a good fee management software would allow you to exercise a greater control by applying these rules automatically. Although you can use excel sheets or spreadsheets for your financial records management but you can miss out on a number of advantages you can have while using a school fee management system. A modern cloud-based school management system will remind you when Student A’s three years’ fee concession ends. It will generate periodical fee reminders for fee defaulters with a few simple clicks. Otherwise, if you are using traditional record keeping in your school system, you would have to go deep under your stack of files to find such information. Whereas if you are using a fee collection software you can have convenience of having error-free and synchronized fee collection reports at all times.
In today’s world technology is changing the face of every business but since there is a culture at schools of teaching basics of everything for better understanding of pupils, therefore, they are stuck with using the same basic and manual methods for running their other school affairs; that have less to do with students’ learning and more to do with effective administration of their institutions. Systems such as fee management, students attendance management, and exam management are still approached by schools in old fashioned ways.
There is nothing wrong with their approach as at its core they really try hard to find solutions to help them manage their schools in smart and efficient ways but their real fear is that technology is expensive – which is wrong. Even the highly customizable web based school management software solutions like The Schoolware are very cost-effective and save schools a lot of their valuable time. Fee management features of these student information systems do not require to possess extraordinary accounting skills. One more of the key benefits of fee management software is that its user-friendly nature will give you all the options to change fee settings and allow you to monitor your fee rules in the simplest possible ways. With such useful educational technology schools can automate their calculations and forget about errors in their reports.
Efficient Decision Making For Allocation and Execution of School Budget
As with most school systems the people who make decisions and provide funding to schools are different from people who actually run schools. Whether a school is funded by government or is funded by private owners, financing authorities operate separately from education authorities who execute those funds. Most school principals and school administrators complain about inadequate funding from their funding sources. For easy understanding of the issue keep in mind that funding authorities often set goals for school leaderships and it is the job of school leaderships to decide how they are going to achieve those goals. How much they want to spend on teachers; how much they want to spend on learning materials; and how much they want to spend on aids that improve learning outcomes of students all depend on the school leadership.
Whichever way school managers decide to use their funds there are two parameters that funding authorities will always look at. The first thing they will look at is the improvement in your students’ academic results. If they see the improvement in students’ results they would calculate what that improvement in students result is costing them in terms of dollars per student. This becomes critically important if your school is part of a larger school system. In simple words, if your school gets $50,000 as annual funds and shows a result of all ‘A’ grades but the other school gets $25,000 but still shows all ‘A’ grades – it is a sign for your owners that you are not allocating the allotted funds wisely. Similarly if both schools are getting $25,000 in annual funds but your students show an inferior result to the other school, it is again a sign for your higher-ups that you are not up to the job.
The second parameter for funding authorities is the transparency in your school’s finance system. If your fee collection reports are not updated and are not readily available for scrutiny they would probably think twice before dispersing any kind of funds to your school.
If you are a school principal or school administrator you must keep it at the back of your mind that your efficiency in managing your schools’ finances will directly impact how much funds will be allocated to your school in the future. If you have left everything to your school’s accountants and finance department as if it is only their job, and if there is no exercise of accountability, you will discourage your schools’ financers to invest on you, whether that financer is your government or your school’s owner. They will know that giving your extra funding will not improve anything with the school and they will know that in a fraud situation at your school you will not have any proofs to prove anything. You might be a good educator and you might have a great vision for your students, but for them you mean nothing if you cannot transform that vision into a plan and implement it efficiently.
The importance of school fee management software solution and its benefits for allocating the obtained funding productively cannot be denied. Manual monitoring of every single transaction that takes place at your school is definitely a tiring and time taking job and with everything else going on at schools it is not possible for school principals and administrators to do so in absence of an efficient software solution for school management. Moreover your data is exposed and available to all the employees of your institute because it cannot be password protected in files and folders on your office cupboards.
In one of our earlier articles we have already mentioned the things that you need to look for while selecting a student information management system. After reading this article we also invite you to read about the top advantages of student attendance management system which talks about productivity you can bring about at your school by organized monitoring your students’ attendance while using a well designed student management software.
There are other quality rewards that smart and principled school leaders of modern age are reaping through adopting technology to straighten up their administrative school data. There is no science behind using it. Technology has done half the job for you. Whether your school is large or mid sized, you can create positive changes and grow with the help of key benefits of school fee management software.