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Technology has transformed the ways schools manage their finances, which is crucial for both accurate planning, reporting and ultimately success. Many software solutions exist that provide greater ease in managing finances, but if you aren’t using a package specifically designed for a school, you may not be maximising your investment.
Schools have a unique range of financial needs: tuition payments, split payments for fees, tuition instalments and teacher to student communication. An off the shelf accounting software package may not be built with these in minds, which means your staff are spending additional time on tasks that could all be managed under one single solution.
If your current software lacks accounts receivable functionality and fails to provide school-specific debtor management by invoicing, receipting and reporting, then you must ask yourself whether you are achieving a return on your investment.
School finance software should allow for specific circumstances which occur more often than you think. Such solutions allow for different parties to pay for different elements of students’ fees, such as tuition and resources. It is imperative for transactions to be tracked, allocated and fed through additional integrated systems while minimising double handing and human error.
Integration is key to streamlining your administrative processes. If your accounts receivable system pairs with your Student Management System (SMS), staff save time as importing and exporting data or double data entry need not occur.
Does your current school finance software contain?
Accounts Payable: Creditor management from all stages such as orders, invoices and payment
General Ledger: A comprehensive summary report of all activity contained within sub-ledgers
Asset Register: Managing assets for insurance, maintenance and depreciation purposes
Managing accounting requirements and school finances in the one cohesive system creates new-found time for administrators to allocate to alternate tasks. A parent portal allows for payments to be made in one’s own time from one’s own home, with all transactions traceable and secure.
With sophisticated school finance software in place, staff can easily implement family discounts, split fees and instalment plans without the hassle. This also allows for greater forecasting and analysis to understand both current and future cash flow and prepare budgets accordingly.
Interested in a solution that will streamline and improve your workplace operational efficiency? Learn more here.