Today schools use the internet and technology to teach students and make education more accessible. But technology doesn’t just stay with the teaching and learning process. Nowadays, schools have started using school ERP, which has modules like fee management software that helps in managing the fees and other financial activities of schools.
Usually, schools do the task of fee collection and recording their transactions manually in registers and files. However, just like the method of learning has changed, the way to handle finances needed to be changed too. But fee management doesn’t have only this use.
Here in this article, you can know why your school must have a fee management system, and how they can use it in various ways.
Online Fee Payments: The use of a fee management system is not only to record the cash payments received for fees. But it also records online fees payment received from students, the fees management system records the e-payments in its system. Just like cash payments are received and recorded against the students’ account, similarly, online payments received are recorded. This way the finance department doesn’t have to worry about recording online and cash payments separately.
Create Fee Proposals: Creating the fees budget and proposal is the finance department’s work. Doing this task manually can be quite hectic and time-consuming. However, the automatic system of fee management software helps them in creating proposals and budgets swiftly and accurately.
Secure Fee Payments: The fee management system of school ERP is secured with firewalls and many other security features like double-authentication and much more. This makes it safe and secure for online payments and for recording sensitive student information like bank details, documents, etc.
Get Notified: It often happens that parents forget to make payments before the due date of fee payment. To make sure that no such thing happens again, the fee management system will send alert messages and notifications to parents before the fee due date. This way they wouldn’t miss paying fees on time.
E-Receipt Generation: Usually when parents make payments at the school fee counter, they get paper receipts in return, which they can use for tax purposes. However, sometimes, these paper receipts get misplaced with other receipts. But if the school uses an online fee system, then parents will get an e-receipt of fees, which will be sent to their email. They can download this receipt and get it printed as many times as they want, and don’t have to worry about losing it.
Fees Categorization: There are different fees and sometimes fines too, which are included in the total fees, i.e; annual fees, extracurricular fees, maintenance fees, or exam fees. In manual fee receipts, all these fees don’t get categorized clearly, which creates confusion among parents and can lead to mistrust toward school authorities. However, the school fee management software auto-categorizes all these fees. It means no worries for parents and schools regarding transparency in fees.
Ease for Students and Parents: Online fee management shows all the details related to student admission and all the fee-related details on every student’s school account. Parents and students can log into their school ERP accounts and check them anytime they want.
Mobile-Friendly App: Yes, today most people have PCs and desktops with themselves, but every person has a smartphone with them. It makes it more important that every app and software should be mobile-friendly for a better user experience. And most school ERPs today are mobile-friendly, which means teachers, students and parents can log into ERP even from their smartphones too.
Scholarship Management: Every school provides scholarships and financial assistance to their economically weak or meritorious students. Scholarship and financial aid amounts need to be adjusted and recorded clearly in students’ accounts. The school fee management system does this work automatically, once the school uploads the scholarship details of a student on the student information system, the fees management software adjusts them itself.
Tax Handling: Schools need to pay taxes accordingly, and school fees management software makes it easier for them to calculate taxes. The system calculates the tax and reminds the school authority to pay it before the due date.