How to manage finance effectively using school finance management system?

December 26, 2019 in General

How to manage finance effectively using school finance management system?

Financial management is one of the most foundational operations in any business including educational institutes. Financial management means designing, organizing, regulating and controlling the financial pursuit in educational institutes so that the financial assets are used productively. Better financial management enables the educational institute to make informed decisions.

Thanks to financial management software, management of budget can be done in a better way and schools can make informed decisions about the budget of the school.

Segments of financial management

1. Student Fees Management:

Calculation and
creation of fee are tiring task for a school full of students. However, school finance management software automates calculation and creation of fee and makes the process error-free. With the help of school finance management software, one can schedule fees and can automate the reminder for parents. One can easily check the fee defaulters and can remind parents about the pending fee through SMS.

School fees vary from student to student, in such scenario school finance management software enables the school to check the fees structure precisely and issue out refunds whenever needed. The important feature of school finance management software is that it enables the administration team to create and edit reports related to fees. These reports can be customized accordingly to the need of every school.

2. Staff Payroll Management:

Employees at schools range from teachers, administration, staff, hods, support staff, etc. Schools can manage and deal with the financial aspects of employees with the help of staff payroll management system. Attendance management helps in the computation of salaries at the end of the month. You can easily generate personalised payslips for every employee by using finance and staff management modules. In addition to generating payslips, you can generate payslip reports for the entire school. Using payroll groups you can define the payroll structure based on the categories added to the group. It enables the HR team to have different payroll groups and eventually group employees who have the same payroll structure.

3. School Account Management:

To manage accounts more effectively the school finance management system offers a number of features to schools and educational institutes. The financial reports feature enables the school’s finance team to keep check and balance on the transactions. Details of Discounts, fines etc. are available in the financial reports. You can keep a record of transactions by creating categories in School finance management system.

The system also
enables the management of taxes for easy assets and liability management.