When it comes to Educational institutes, there are many types of fees such as term fees, exam fees, bus fees, and many more, and schools have to deal with and manage these throughout the year. While it was difficult in traditional times, things have become even more complicated when operating remotely. Managing fees effectively and digitally has become a necessity for every educational organization. Every educational institute needs a robust and effective fee and finance management system in today’s time.
A school or a college has only provided convenience but helps improve profitability and financial data accuracy. A school or a college has only one major source of income that’s fees. It was tiresome and restless work for the administrators to collect and manage fees. Educational institutions started implementing school management software that made the method continuous and much easier.
A fee management software is a task management system that automates fee collection and receipt generation. It also automates entries into the school accounts that help in reducing errors and eliminating duplicate data entries. The system supports both private and public schools of all sizes. The school management system software that includes fee management and accounts management modules can assist the school authorities in automating and performing various finance-related tasks, such as include fee collection, customizing fee structure, setting discounts, tracking fraudulent transactions, adding fees, and much more. Using this software, you can easily keep a real-time track of fee payments and other financial records.
Fees management software is a tool to manage your school fees and everything related to it digitally. It clarifies the method of fee collection and structurization. It offers numerous specialties like setting fees structure, discount management, charging student fees, due fees report, paid fees report, and many more.
Why is the fees management system necessary?
For a long time, schools have been collecting fees manually and physically, making parents stand in front of the school office. This process was often draining for both parents and students and the school administration. With the prevailing situation, this has gotten worse as parents are hesitant to stand in long queues.
The fees management system in school ERP software allows you to collect and manage fees online with complete safety and security. Safe Payment Gateway integration will enable parents to pay the necessary fees online without any hassle. They can use online payment methods like UPI, net banking, credit/ debit cards, etc. this helps parents pay their child’s school fees on time without leaving their home. When they pay school fees fast, they avoid paying late fees. This software also helps school administration to keep an accurate tab on every school fee received and fees that are due. They do not have to manage the transaction as with payment integration manually, and they can collect fees online so that they don’t have to go to the bank to deposit money received from parents.
One of the best benefits of school fees management system is the way that they function. They gather all the information linked to students and include extra intel in school policies, installments, concessions, and many more.
The fees management in school ERP has many features and usages such as:
Setting up fee structure:
One would want it to be the best when it comes to fee management systems in school ERP software. At the very basic, the management system should help set up the fee structure based on student category. The fees management system makes it possible to collect fines for the late payment of fees too.
Check for fee defaulters:
The fee management system lets one check the fee defaulter regularly. It also helps send reminders and notifications to both students and parents about the pending feed through SMS, email, or push notifications. This management system also allows collecting various reports based on fees that have been collected or are pending and the receipts of the same.
Calculating the taxes:
One can easily use a fee management system to measure all the taxes that may be relevant in these cases, such as VAT (value-added taxes). This tax feature lets the school impose necessary taxes on all the different fees that the school is collecting. It usually includes general fees, instant fees, and transport and hostel fees.
School administrative staff need to heel separate fee structures for every class or department of their schools. With the school management ERP and fee structure in fee management modules, one can create various fee structures for the school and its students.
Many capable students are eligible for a discount or an external scholarship because their school fees are discounted. The staff in the administration office has to add a reminder to the student file to remember to give a discount on the prices that they charge. But with the fees management system, the administrator can add the details. The software will automatically calculate the discounted amount that the student has to pay every year.
Fee transaction report
Every month, one will need to see the comprehensive income of the school through fee collection. One needs to maintain a ledger book where all the transactions of the school are written down. Keeping these records in a physical register can be a daunting task. With a secured school ERP software and fees management, you need not worry about losing the data or misplacing it. The fees transaction gives you a summary of all the school transactions in one place. One can view the data and print the receipt at any given point in time.
Managing school fees is the need of the hour. Eduwity's fees management feature allows you to manage school fees aspect from a single interface. It is fast, secure, and reliable education management software that quickens your fee management process. It also provides better facilities to your school administration as well as the parents or students.