How does the Student Fee Management System help schools?
How does the Student Fee Management System help schools?
In earlier days, the school management collected fees manually from parents and students, by providing receipts to each after the collection of fees. This was hectic work for parents and the school administration. Later, schools started to implement mobile-based and cloud-based student fee management systems, which made the process easier and smoother.
This global solution is capable of automating the fee collection process and the reporting process. It allows hassle-free and error-free work, through which we can save 95% of manual work.
This fee management system automatically calculates fee dues, payment history, and discounts if applicable. It also tracks fraudulent transactions.
AINRAEd is one of the best campus management software in Hyderabad, the system helps school authorities to automate fee management and account management modules to perform finance-related tasks easily.
Before, the fee management software used by institutions and organizations was offline. This offline software has many drawbacks.
The main drawback is dependency; the system was fully dependent on the accountant and a person who operates the computer. For any information, we solely need to rely on the accountant and get the information.
In cases of disasters or system corruption, failures the data saved was lost. The offline software is only restricted to be accessed by some people i.e, the person who accesses it can only use it. As technology improved with the spread of the internet, online software came into existence, which was beneficial to everyone.
Advantages of using student fee management system:
Simple and safe
Payment online is easy for parents to pay the school fees of children through a single click, they can track the payment details and get receipts of payment immediately. Depositing fees through secure payment gateways can be done using mobile apps or PC. This helps in the real-time tracking of fee details.
Easy accounting
School fee management software helps in saving time and managing finance effectively, it can generate student-wise and class-wise fee collection reports that help the administration to handle accounts smoothly.
Remote data access
Data can be accessed from anywhere using any device. Many departments can share and import the data of students from multiple devices at multiple locations. This helps in eliminating errors and automates reports which increase the efficiency of the institution.
No processing fees
Nowadays, some banks charge processing fees from schools and institutions when paying fees. This software helps avoid charging such fees and other charges for online transactions.
Bill and invoice generation
The school management involves many types of payment systems, these systems require an invoice or bill to maintain the record. Therefore, this software helps in generating instant bills and invoices for any type of transaction.
You can view invoices in many formats like pdf, excel, and other formats. The ERP system comes with accounting integrations that help in managing ledger accounts, which helps in saving time for accountants.
Tax handling
The student fee management software helps in calculating any tax that a school needs to pay fees. The latest Indian tax system GST, and can also handle operations like refunds, processing, and filing.
Some key functionalities:
Fee report:-This software helps administrators in generating fee reports for each section of payment like admission fees, tuition fees, transport fees, etc. It provides daily, monthly, and yearly reports, records of paid and dues, and receipts of fees collected.
Daily fee collection:- It may be exam fees or tuition fees, fare for bus, or penalty, this system can facilitate daily collection of fees and record the same. You can view fee reports that include dues, paid amounts, and other reports.
Pending fee reports:- Earlier days manual calculation for fees was there, which led to many errors in calculations. The system generates pending fee reports that can help you in finding the students who have not paid the dues.
Summary report:– This system provides features to admins, to maintain fee details and generate summary reports for each student which they can download or export into different formats like pdf doc and excel doc.
Fee register:-Fee register is used to store the fee payment details of all students, and it offers the option to keep a record of all payment details, which eliminates the effort of manual record keeping and avoids duplicate data.
Adding concession fees or scholarships:- The fee management software helps you create fee structure and reports for students with concession or scholarship details, you can also add details of students of those who are eligible for concession.
This blog has detailed you with fee management software, its benefits, and some functionalities. Hope you will find it useful in your search for the best school management software in Hyderabad. We, at AINRATech, provide you with the best software for all your school needs. Do not forget to contact us for a demo!!
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