In the age of webinars, e-classes, and online exams, you cannot expect that the schools will remain at decades-old procedures of school management systems. Time moves forward, and systems get upgraded. Now, major institutions had started using advanced school fee management software. The sophisticated school management ERP (enterprise resource planning) solutions make the management of the internal functioning of schools simplified.
What is fee management software?
A school fee management software is essentially an internet, cloud, and mobile-based software that automatically manages all financial transactions of the educational institution. Since the schools earn revenue mostly via fee systems, these ERP solutions are called fee management software. These software systems offer several extraordinary features and complete automation of the auditing process. With the help of these solutions, schools can cut 90% of the manual work and man-hours in fee management.
This software has some of the most advanced features, which simplifies a whole lot of complicated work.
Management according to the fee structure
In the present situation, the software must understand the fee structure thoroughly. Most of these systems upgrade the main fee page of a student by auto-filling the course fee, tuition fee, library fee, lab fee, transport fee, and all the other kinds of fees. The detailed course structure is listed in the program, that way, every month, the system auto-updates the fields while making the receipts.
Fee installments management
The modern school is introducing world-class education in different states. That infrastructure is pricey to the guardians. But to secure the future of the child, parents are investing heavily from the student’s childhood. In these situations, many working parents find it difficult to deposit the whole sum at once. So, schools have introduced various installment schemes.
They can set the month, quarterly, or half-yearly payment choices for the parents along with reasonable deadlines for each installment. The software will automatically impose fines, once someone fails to pay on time. The entire fee transaction becomes smooth in the school fee management software.
Automatic receipt settings
The software can easily create the monthly or annual fee receipts in no time. They can calculate all the dues, adjustments, different category fees and create the receipt. After the receipt is done, the systems can send the notification to both parties. The parents get a notification as well as the school management. In the same way, this capable software files the fees of the teachers as well.
Final fee reports
All the financial data gets safely stored in the cloud. Based on the requirements of the school, an operator can generate diversified reports easily. There are several fee-related data, i.e., fee adjustments, dues, refunds, collected amounts, etc. The solution can keep track of all changes and updates in real-time. These statements are important in the overall fee management procedure.
No cost EMIs
Several financial technology partners collaborate with the fee management ERP software. These financial tech companies give lucrative offers, deductions, and refunds to their customers. In case, a parent tallies their credit score with the system, they can take advantage of the no-charge EMI system for annual payments. These innovative functions make the parent’s life much easier and bring benefits to them as well.
Easy payment options
These solutions come with integrated payment gateways for simplified payment options. The systems come with advanced website and mobile app support. That way all parents can easily make the payments of fees from their phones. The schools don’t need to tackle the huge crowd on payment day anymore. With the option of making payments from credit or debit cards, UPI transfer, mobile wallet, etc.
Instant updates to the parents
Whenever a guardian makes a payment or any kind of transaction, they get instant updates in their registered mobile number and email. Also, the mobile application of the system brings the upgrades and all notifications to parents. In case of due, the apps give reminders also. These notifications help to not miss any installment on time. That way, a parent can easily skip paying extra fines.
One of the main features of these systems is they are extremely secure. The automation system coupled with the cloud technology keeps all backups in time. These fee management solutions have role-based access. The chances of any security breach are significantly low. Also, the backup data is not lost. In the manual system, even a minor fault could wreck the whole system. With the automated system, you don’t have such problems anymore.
The automation system is completely transparent and is in the public domain of both parties. The chances of miscommunication are are very low in these systems.
The payment procedure became much efficient with the fee management software for schools. Constant innovations in the system will bring more ease to the financial system of schools.
If you are looking for one, then Schoolzpro can be an excellent option. It is an all-in-one ERP software that lets you effectively manage your school. The platform includes functionalities necessary for both staff and students, at the most affordable rates.