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September 9, 2022

Fee Management Software Benefits In Your School

Schools are increasingly moving towards an automated age of fee collection through management software. Fee management software has gained a lot of popularity in the recent years as its easy to deploy and use with quick results. Fee management software solves many problems for schools and drives greater revenue by saving manual work and time. Manual collection of fees involves a lot of work like entering records, counting the cash and delivering receipts. Fee management system helps to reduce staff workload and increases the level of efficiency.

This software helps school management and parents to keep a track of fee payments in real time. Implementation of fee management system helps in wider engagement with synchronization of data on fee collections. The fee structures are created and fee collection is done based on various combinations and dependencies for every student. Auto calculation of various fees for various categories is done without any manual effort. It helps in easy handling of fee processing in a paperless environment. Fee management system can prevent fraud activities and maintain privacy with secrecy. This software enables administrators to track fee payments and unpaid fee details of various accounts on any devices from anywhere and anytime. It Improves the cash management and makes fee remittances faster from devices using secure payment gateways to provide automatic generation of fee receipts.

To use such an application no technical knowledge is required which makes the users feel comfortable to use. It controls the functions and calculations of fees in a time-consuming manner. Fee collection when done manually is prone to human error. Compared to human work, a software will give an error-free result with less time and effort. The software perfectly manages the fees management by promoting the paperless environment with complete automation. The manual management system can sometimes lead to data loss, whereas the cloud-based fee management system provides a fast and automatic backup of data. In the olden days either parents physically got to school or sends the money through students for fee payments, but now with fees, management system payment has become easier from anywhere.

By automating the fee collection process, it has become easier to manage the data efficiently. It can also help in sending computerized reminders for fee payments or pending charges. All the details of a payment can be fetched anytime like mode of payment, balance information, fee details etc. Even time and type of fees to be collected can be defined in this management system. Timely notifications can also be set to different user profiles at a different time as required. Thus the implementation of fee management software is a step moving forward in the right and smart direction.

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1. Ease of access

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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

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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 fees 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


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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


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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


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Just a few clicks and the fee gets paid! This smooth way is ensured via the customized classification of the fee module. Few categories are:

  • Classes
  • House
  • 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

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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

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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 in time. Inquiry management, inventory management, target management and ratings, hostel management with the mess, human resources, 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

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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

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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.

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
Conclusion

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!

Blog by:

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Ramesh Krishnan
Graphic Designer | Ksoft Technologies

For more details:
Pooja
Business Analyst
+91 9745275487
pooja@ksofttechnologies.com

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