School Financial Management Software
As the word suggests, school financial management software keeps expenditures in check. Functionality related to financial transactions is managed through this module of School ERP.
The Basic Functionality Of Accounting Software Are :
- Attendance of staff and ‘Leave Without Pay’ subtractions
- Supplementary bills
- Monthly Salary Calculation of faculty and staff
- Employees monthly pay slip bills which include academic and non-academic staff
School Accounting Software Verifies Other Important Dimensions Like :
- Income Tax calculation
- Provident Fund and loan management
- User defined 15 Earning and 20 Deduction heads
- User defined rules for the calculation of :
- Dearness Allowance
- House Rent Allowance
- Company Leased Accommodation
- Professional Tax
- Provident Fund
Modules Of School ERP
Student Management Student Management
Faculty ManagementFaculty Management
Campus AdministrationCampus Administration
Why Choose Our School Financial Management Software?
Better Data Management
Store and manage financial records on cloud with rights-based login access to specific functions, thus ensuring highest safety. Redundancy in maintaining the data can also be minimized.
Compliant With Industry Standards
The software adheres to the current tax and accounting standards & regulations set by the Income Tax Department, thus simplifies the payroll process and saves additional time & efforts.
Offers High Flexibility
You can optimize accounting activities by increasing profits and ensuring 100% accuracy. It also offers expandability and flexibility in budget planning and further accelerates the institute’s growth.
After implementation, the support team will provide hands-on training for the proper use of software and will be available around the clock to cater all the queries, thereby ensuring smooth financial transactions in the school.
Get quicker and more insightful reporting which will help in making informed decisions. The BI dashboards further boost the decision making process and help in achieving high profitability and productivity.
Manage student fees, payroll, passbook, deposits, and withdrawal of money under a single platform. The system is synced with leave management and inventory management to prevent repetitive tasks.
With constant innovation and strong collaboration with academicians, our software is curated to suit the current industry needs. Also, it offers customization which can offer flexibility to the institutes for their tailored needs.
Automated Accounts Payable
Automatically create invoices from the vendors and ensure that the correct amount is paid to suppliers. Also, generate automated fee receipts and send it to the students via their account registered on the software.
Features of School Financial Management Software
1 Easy Fee Management
The staff can effectively create and manage fees institute wise, category wise, and program wise under one single platform with a centralized database. The software has easy payment gateway integration which simplifies the fee collection process and the fees are deposited directly to the institute's bank.
All the school fee transactions will be updated on a real-time basis on the passbook which can be readily accessible to the stakeholders. This feature improves transparency and any missed payment can be tracked and monitored on the passbook. Moreover, it reduces the staff workload of manually recording the fees paid.
3 Track Fee Transactions
During the admission season, the accounts department goes through hundreds of transactions on a daily basis and it is a pain to track and monitor every transaction. This issue can be solved by automating the tracking process where each transaction is recorded on a real-time basis. Also, the staff can cross-check the total fee received from the transaction records on the portal.
4Generate Financial Summary Reports
The accounts department can create comprehensive financial reports which includes - total fee collected, outstanding fees, installments, etc. These reports provide clarity and transparency which enables the institute to make better insightful decisions. The visual dashboards save a huge chunk of time by displaying the day-to-day fee collection activities in a pictorial format.
5 Student Accounting
Create dedicated student accounts during the admission process which tracks their financial activities such as total fees paid, refunds, total outstanding fees, scholarships, merit grants, etc. This further enables the students to login and be informed regarding their pending fees and simplifies the overall fee collection process.
6Instant Alerts & Notifications
Send automated SMS and emails to students and parents after their fee payment as well as inform them if the deadline is near. Improve communication gap between different departments by creating balance sheets & finance statements and sending detailed reports to the respective staff and dean of the institute.
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Benefits Of School Financial Management Software
High Accuracy & Security
Prevent Human Error by Avoiding Manual Data Entry
Monitor Fee Transactions Automatically
Automatically Generate Invoices & Receipts
Cloud-Based Database Ensures Security
Better User Experience
Role-Based Login Access
Get Real-Time Reports
Provision for Customization
Payment Gateway Integration
Integration With Other ERP Software
Avoid Repetitive Data Entry
Linked with SIS, Payment Gateways, & HRMS
Leave Management Integration Simplifies Payroll
Improved Transparency Between Departments
FAQs on School Financial Management Software
Some of the common accounting softwares schools use are as follows:
- Microsoft Excel
- Zoho Books
- QuickSchools, etc.
It can be taxing for the accounts department to accurately track the influx and outflow of funds for schools given the frequent payment and fee transactions that occur. With minimal human involvement, a Financial Management Software acts as a helping hand and automates the majority of accounting processes.