Key Features of School Accounting Software That Will Make Your Life Easier
Accounting, auditing, finance operations are some of the stressful words for the staff and administration of any organization. Before the involvement of technology, the school offices used to be filled with large folders and files. The entire accounting staff was buried under the papers and there was a significant delay to get some desired information. But this scenario has been changed in the last few years with the invention of school accounting software. The software is really a bliss for the education sector as the complex accounting operations are managed by it with ease.
What is school accounting software?
Every school needs to operate on some basic accounting operations on daily basis. School Admission operations are different from an organization’s accounting operations in fee management, payroll, fund-raising, and other aspects. So, there is a need for a domain-specific accounting system that is specifically designed to meet all the requirements of the educational institute.
Benefits of using school accounting software
A school accounting software comes with a bundle of benefits that will reduce the burden of the school staff and resulting in an increase in productivity and efficiency. Some of the striking benefits are mentioned below:
- Real-time expense tracking
- Quick payments
- Remote data accessibility
- Data import facility
- Better security to the data
- Better collaboration
- Easy reporting
- Notifications and reminders
Working of School accounting software
School accounting software collects information from the central database and processes the accounting operations like:
- Fee payment
- Fee collection due dates
- School policies
With the provision of digital payment options, the school provides advanced options for fee payment that eliminates the risk of cash handling. The flexibility, rapid processing features of this multitude of payment options provide ease to the parents. Parents are no more required to stand in the long-stranded queues for paying fees and taking receipts. With the help of the integration of online accounting software and online fee management, parents can pay fees without stepping out of their comfort zones. Advanced options like demand draft, cheque, credit card, direct bank transfer, debit cards are accessed by parents for quick fee payment.
Features of school accounting software
Online school accounting software is enriched with advanced features that are helpful in streamlining the accounting process. So, the key features of a school accounting software are important to take into consideration that will make your life easier than before:
Setting up a fee structure is a complex process that every educational institute undergoes more than once. The best school accounting software focuses on this aspect as fees are the main source of revenue for the educational institute. Efficient management of fees will facilitate the school management staff to set up the fee structure for different courses. Also, the fee structure is different for students from different categories, so enabling staff to set up different fee structures is a must-have feature of the school accounting system. The accounting department also concerns with a collection of fine for late payment of fees. The provision of discounts in both instant and fixed forms enables flexibility to the front-desk staff.
Keep a tab on Fee Defaulters
Keeping a tab on fee defaulters is necessary as the significant amount will hamper the financial condition of the educational institute. The provision of hinting about defaulter list will help the staff to take further action for them. The system sends notifications to the parents’ registered contact details through SMS and Email. The online school accounting software will thus help the management to come up with the real-time status of the fee management process.
Payment Gateway syncing
The payment gateway integration with the online accounting software will enable the stakeholders to process the online transactions securely. Parents are now preferred to pay the fees online and payment gateways ensure the transaction details to be safe and creating account-based maps. The live syncing will also help the management to retrieve desired data in form of various reports.
Tax calculations made easy
School accounting operations come under various taxes like VAT. The relevant tax calculations will give relief to the staff from complex tax calculations. The different fees like general fees, transport and hostel fees need tax calculations. The accounting system should perform other relevant operations like refund and reversion of fees, statutory deduction.
Involvement of school financers
School financers are also key persons of any educational institutes, but generally accounting and finance operation data access is restricted for them. The importance of financers is really high so the school accounting software provides limited and controlled access to them for finance data. This will help them to know the facts that they need to know.
Generation of invoice reports
Reports are essential as they form a firm foundation for making strategic decisions. The leading school accounting software will make a provision for creating custom categories so that the common transactions are recorded. These transactions are done for the institution’s expenses so payment is done generally on an immediate basis. The integration with other accounting systems like Tally will help the institutes to make the best use of them. The facility to export financial transactions from the school ERP system so that the migration of data is a cakewalk.
Understanding the complexity of accounting operations of an educational institute, the need for Online Accounting Software is inevitable. Vidyalaya is one of the leading school management software that has impeccable accounting modules. The fascinating features aforementioned possessed by the Vidyalaya attracts educational providers from worldwide. The large clientele itself is proof of exemplary performance by the software.
If you are really looking out for a better alternative for your educational institute that will fit for today and tomorrow, Vidyalaya is the one-stop solution for you!!