Benefits of Using Fee Management Software in School
Key benefits of using fees management software in schools will help you to plan, publish, send reminders, and collect all fees on a single platform.
Digitalized 21st century is not just about digital platforms and online presence but more about convenience, comfort, access, and reach. The School Fee Management Software Systems are one such example.
They are comprehensive modules and one end spot for transferring, managing, keeping track of dues, calculating school fees, and sending reminders to parents to make payments on time. These Software tools are effective in reducing costs and time with increased efficiency. Also, these system programs are great queue cutters!
What is making these Software programs widespread is their flexible and accommodating nature. It encompasses diverse fee payments and allows schools to categorize, accordingly. School fee Software systems provide a consolidated fee data with the time range, making it easier for the school management to keep financial records.
What Are School Management Software and its cost?
School management software is a single solution to many problems. It is an integrated School Enterprise resource planning (ERP) solution to assimilate, simplify, and enhance school administration and management. It encapsulates everything from home assignments, library management, exam management and schedule, time-table co-ordination, student attendance, extra-curricular activities, online e-learning modules, health care and home assignments to payroll, fee accounting, finance, and miscellaneous expenditure management.
The software's cost depends on factors such as student strength, number of modules, features, implementation cost, etc. The average monthly cost ranges from 120-250 INR per student. School ERP Software has a vast module to pick from and enhances not just the administrative performance but drives the overall performance of the school.
Why choose School Fee Management Systems?
Fee management and collection are crucial for a school administration. The current existing fee collection system is a very long and tiring manual process. Since to err is to human, even a minor miscalculation or wrong data entry leads to more work and wastage of more time.
Due to School Management Software Solutions, administration in schools has become handy and more efficient. Parents can make payments at their ease without disturbing their schedules. Data backup with Synchronization coupled with increased convenience, reduced redundancy, transparency, and customizable modules make a win-win situation for these programs.
Let us discuss the top benefits of using fee management software in school:
1. Ease of access -
Online School ERP gives parents and students leverage to:
- Access data remotely 24/7
- The hassle of standing and waiting in long queues is taken care of with minimal manual work.
- No documentation
- Avoiding processing fees
- 100% Transparency
- Electronic receipts generation
2. Account Management -
Student and teacher profiles can be made with customizable sections. For instance, demographics and contact details of parents. All notifications, fee reminders, outstanding balance, house competitions, hostel, and mess fee can be easily tracked in the student's account. Also, home-assignments and notes uploaded by teachers can be accessed from the virtual dashboard.
3. Transparency -
Since all the details of the fee and other transactions are online, the date, day, and time are stamped on the receipts. This ensures a safe and secure payment and increases transparency. Fraudulent or faulty transactions are taken care of by the system, and any outstanding amount is reflected. This improves cash management and gives parents a better experience.
4. Notifications -
Everything is well synchronized and interconnected. Hence, email/SMS alerts for updates, fee payment reminders, and push notifications in android or iOS applications in mobiles are sent automatically. This way, parents and students are well informed and do not miss out on any important information.
5. New Admissions and Fees module categorization -
Just a few clicks and fee gets paid! This smooth way is ensured via the customized classification of the fee module. Few categories are:
- Fee Type
- Medium of Instruction
Similarly, get enrolled in a school is not tiresome, like the old traditional ways. No queues, not gathering multiple forms and the problematic acts of filling and submitting them. With remote access, it has become smooth and convenient.
6. Revenue Management -
Payroll, finances, miscellaneous expenses, and fees collected at the counter can be managed on the enterprise resource planning (EPR). Recording and accounting donations from varied sources become easy. Receiving donations from alumni can add up to the revenue of the institution. Administering the refunds, penalty fee, concessions, and discounts become handy.
7. Integrated Mobile Apps -
These refer to cloud-based integrated mobile applications with bio-metric, GPS tracking, and smart card. This allows multiple users to interact with the application at a single point of time. Inquiry management, inventory management, target management and ratings, hostel management with the mess, human resource, profile scan via QR code, etc. make it user-friendly.
The biggest hit is that laptops or computers are not a necessity. Hence, the reach of the facility is maximized.
8. Data Backup and Synchronization -
The system is Cloud-based, which means it is processed and stored on remote servers on the internet. Due to this, the chances of missing records and losing data are canceled out. It provides fast, smooth, and automated backup. It also ensures the Synchronization of online and offline data and resources.
9. Eco-friendly -
Another very good feature of management software is that they are eco-friendly. Since everything is automated and online, keeping a physical record, submitting hand filled applications, fee receipts, fee cards, and other information documentation on paper has reduced to a very large extent. It is a user, friendly and sustainable method.
Best school management software in India:
Institutes and universities have switched to these software systems ditching the old-traditional ways of administering their management. Few top preferred names are:
2) Skyzone - School Management Software
3) Chanakya - School ERP Management Software
4) Qmarksoft School Management System
Common in all these programs is the ease of handling management by cloud and mobile data analytics and statistics. Schools were opting for these due to the reduced laborious work and increased efficiency. School fees management systems help in avoiding processing fee and documenting records.
What makes Fee Management Software 'must have' for a school?
- Ease of fee collection
- Payment via, Online and offline modes
- View fee collection by date, time or a date range
- Month to month Collection Report
- Reduces cost and increases efficiency
- Day to day Fee collection particulars
- Due Fee reminders
- Outstanding fee details
- Easy access to View the cash, cheque, bank transfer, card and Advance amount
- Student wise fee particulars
- Email/SMS alerts and fee receipts
- Facility to adjust penalty and concession amounts, if applicable
- Reports in various formats
Due to the unprecedented pandemic, everything is becoming digital. Schools have been closed for months now, and learning has moved online. It has made managing school finances and administering it difficult. The School fees management software systems have thus become a boon in disguise for the management teams.
Remote access of data, ease of viewing reports, and finding everything at one spot make these software tools handy and useful. Apart from that, the widespread usage of digital payment gateways in India, like Gpay, PayPal, Netbanking, instant money transfer, etc., have boosted the claim of this software. As mentioned above, the school fee management software systems are eco-friendly. Hence they are here to stay!