School fee is an all inclusive term that refers to all those expenses those parents/guardians or students themselves might be expected to pay.
Collecting school fees from thousands of students and making their entry in cash register with accurately is tedious, time consuming & daunting task which is prone to human error but something that can be very important and cannot be avoided. To ease the process many institution has now implemented fee software for handling the complete fee management. It has several advantages that help administration to overcome with the limitation of traditional manual processing.
Fast, Accurate & Easy:-It is an easy way of fee collection resulting in complete cut down of pen-paper work, saving time, energy and resources thus making the task easier for accounting staff and school administration.
Easy tracking of Fee defaulters:- Fee defaulters are the big headache of every school administration. It is very difficult to track them manually which is big lapse in fee management and causes huge loss to school revenue. But Fee software enables accounting staff an easy track of fee defaulters as month/class/section/stream-wise etc. which result in huge fall in the numbers of fee defaulters thus increases school revenue.
Clear transparency:- The entire processing of fee collection is done on software; every bit of transaction can be reviewed and revised any time of a day so any possibility of fraud or false reporting or non-transparency in the billing system is not possible at all.
Customized Reporting:- Reports can be generated at any time under different heads like fee due, fee collected, fee defaulters, concession, month/year-wise reports etc., entirely depend on the need of the accounting or administrative staff. It helps in financial analysis and growth assessment of the school on the basis of the report studies.
Safe Database storage:- Entire database of students & fee accounts is controlled and managed on software which is kept secure and safe for future records.
Improve cash management:- It facilitates clear visibility and transparency in entire fee management process and provides clear insight picture of finance under different heads like sum collected, sum due, fee defaulters etc., thus helps administration to take necessary steps to improve their financial statistical figure and hence improved cash flow.
Error free fee management:- Fee management is a complex task involving different types of fees and different denominations, waivers, parameters governing the fee collection and reporting. In such case the possibility of manual error cannot be denied at all if handled manually. But with the help of technology, the complexity of this task and the error can be reduced manifold and the effort required can be diminished to a few clicks.
Synchronization of data:- Database can be synchronization with external application or software like school accounting, transport, hostel & mess software etc. for better management and effective planning & decision making.
Alerts & Notification:- Fee software has added features of sending sms, alerts or notification on the parents mobile or email id as a fee reminder. It reminds parent about fee due date, late fines, additional charges if any etc. thus saving management time on sending notices or tracking fee defaulters.
Save Valuable time:- It save countless hours over the school year by eliminating manual calculations and manual postings to accounts.
Automation of fee is the best thing happened in recent years. It captures every penny in collections and revenue with automated fee assessment and ensures that school funds do not slip through the cracks. With no doubt it has unlimited advantages to school but it success is entirely depend on it's utilization which demand cooperation from working staff, willingness to learn, improve and excel in its field, bit of training and a user friendly customize software which can be run or modified as per needs or requirement.