Believe it or not, even in this ‘smart’ era, some schools opt for a lot of paperwork when it comes to managing accounting and finance. The accounts team at such educational institutions remains highly burdened due to unnecessary manual processes.

Thankfully, there are software systems that can help in managing a large chunk of data, records in an orderly manner. With excellent school fee management software, institutions can make things simple for management as well as parents. The school fee software can be deployed as a part of the educational institution’s ERP system or as separate software.

Parents often feel stressed when asked to pay the school fee, donation, or charges for other activities in cash. They insist there should be an online option to pay the dues.

The software reduces human errors and also expedites the overall fee collection and receipt generation procedure. It can be programmed to follow multiple fee structures, installment plans, concessions, scholarships, and issue alerts to parents according to the fee payment due date. The system can be programmed to manage the students’ hostel fee, transport fee, picnic charges, and the cost of study materials. Schools can set the software to send automated fee payment reminder notifications to parents by email, text messages, and via the school app as well.

Helps in reducing accounting frauds

With cashless payment systems for schools, parents can pay their fees or check previous transactions, get receipts as per their convenience. On the other hand, cash transactions are venerable to frauds; timeline bound, and require more human resources. Plus, generating various reports for cash transactions is complicated and time-consuming. Thanks to fee management software, reports about daily cash flow, concessions offered to students as well as overall fee payment can be generated within minutes.

Integration with existing systems

The fee management software can integrate with the school app, school website and other systems that are a part of the organization's ERP. Depending on the payment gateway, the system can be designed to accept debit/credit card payments, as well as bank transfer.

Gone are the days when parents had no other option but to wait in queues for hours to complete their kid's admission procedure and make the fee payment. Majority of the schools in big cities have implemented school ERP system or at least an online school payment system to simplify things. But most of the institutions in tier-2, 3, and small cities are still waiting. If your school lacks an excellent online fee payment solution, you should surely get in touch with Myedu and discuss your requirements.