Along with being the place of education, schools also need to handle their finances well enough to keep all their operations running seamlessly. Traditionally this task was done by the accountants and bookkeepers of the school’s finance department. But in today’s time when everything is being done digitally, then why not fee management? That is why schools nowadays are turning towards using fee management software. And if you are looking for reasons why your school needs school fee management software then read the article till the end.
- Increases Efficiency: The biggest advantage of having a fee management system is that increases the efficiency and productivity of the staff and its users. The biggest problem that the school’s finance department faces is filing thousands of payment received and paid details. The software helps them by automating most of the tasks like sorting fee details and creating individual files for different payments.
- Convenience for Parents: Standing in long lines for hours just to pay school fees, can be frustrating and time-consuming for parents. Schools can make sure that parents don’t face such problems by using the online fee system. The online fee management system allows parents to make fee payments from the comfort of their homes.
- Creates Fee Proposals: Creating fee proposals and estimates of fees is one of the most time-consuming tasks for the finance person of the school. But the student fee management system makes the work easier, by quoting your estimates and feeding a few more details into the software; it will then create the fee proposal for you in a few minutes.
- Categories Fees: There are all different types of payments that the school needs to collect, such as monthly fees, annual fees, exam fees, library fines, transportation fees, etc. In such cases keeping track of all the fee types can seem daunting, that’s where the fee management system comes to the rescue and helps the finance department. It auto-categorizes all the different types of payments and also creates their separate folders. Making it easier to keep track of all payments and check them whenever the school wants.
- Generate E-receipts: How much easier the work will be if the fee receipts could be generated automatically, well the fee management system does this. Using the software school can enable the generation of automatic e-receipts whenever a payment is received or made. So, whenever, the parents make fee payments they will get e-receipts in their mail and when the school makes salary payments to the staff the staff will receive their e-salary slip, automatically.
- Creates Transparency: Having a trustful and transparent relationship with the parents is crucial for every school and being clear about fee-related matters is one way to do this. Using the student fee management system parents can now check how much payment they need to make and how that fee is being used in different ways.
- Set-up Payment Alerts: In today’s busy time when everyone has a task to do every minute of the day, in such case parents might forget about the due dates of fee payments sometimes. This can lead to penalties, to avoid such situations the fee management system sends the alert notification and emails to parents before the due date of the fee payment every month.
- Tracks Fee Payments: The fee tracking feature of the student fee management system is one of the best features for school management. As it happens often that some payments are received delayed or are due from the other party, in such case the tracking feature helps the finance department to keep track of such transactions and take appropriate actions if needed.
- Mobile-Friendly: In today’s time every other person has a smartphone with them, in such cases, it becomes crucial that the online system schools use need to be mobile-friendly. With the help of modern technologies almost every student fee management system has become mobile-friendly; making it easier for the school and parents to keep track of fee payments.
- Scholarship Management: The whole process of scholarship is quite different, the application, short-listing candidates, verifying eligibility and documents and finally making the payment. The fee management system handles it all.
