Benefits of School Financial Management System
Financial management is considered to be the key for efficient utilization of finances in schools. Training higher staff of schools like principals in financial matters can help in maintaining the financial health of an organization.
Drawbacks in the present system:
The present paper based financial management system is outdated, and has several potential drawbacks in the system. Here are some of the drawbacks in the traditional paper based system.
- Tedious Tasks:
Finance Personnel usually feel extreme pressure in handling daily chores like
Handling Bills paid ,which is considered to be extremely tedious, as well as resource draining for the staff.
- Scope for Errors:
Manual Processes are most normally viable for errors, resulting in delayed payments, along with redundancy. These errors can’t be afforded by schools.
- Huge Resources:
Manual process usually consumes huge amounts of paperwork, along with desk space , and shelf space. File management on the other hand is also a head-ache for the schools.
Paper based documents face risk of theft, misplacement, or affected by climatic conditions.
How Financial Management Automation can actually benefit schools?
School Financial Management System, an integral part of School ERP System, can help in simplifying the complicated school financial operations, along with effective resource management.
Financial management system is capable of analyzing the huge financial data from the “Accounts Receivable System” , and can help in avoiding tedious tasks like data imports and exports.
Major Benefits of School Financial Management System
- Better Process management:
The system provides a well-built dashboard that can enable access to all the school finances and account details, without hassles.
Integrated with an SMS system, the system is capable of communicating messages like fees, payments to parents anytime.
- Detailed Analytics:
Powerful data analytics tools backed by AI & Machine Learning can help in providing detailed financial analysis of the organization, with just a click of mouse.
- Better Payroll Management:
The system can also help in handling the entire payroll process with ease. Crucial operations like Salary, TDS , and several other operations can be handled with just a simple click.
Contrary to the traditional paper-based system, the system makes the entire payroll process simpler and error-free.
The beauty of the system lies in it’s customization capability , based on the requirement of the institution. For instance the system can be customized to meet school policies like leaves, benefits or any other perks etc…
- Better Fee Management:
Schools offer discounts for some students, based on merit or any other recommendations. The discount can also be applied for transport, hostel or canteen, along with tuition fees.
Financial management system can help in applying the discounts for students during the time of admission itself, and thus avoiding any unnecessary confusion.The system can also help in a pre-designed fee structure for each class/course with breakups, providing a clear and transparent view of fee structure for parents.
In case of reimbursements, or refund management, the system can also help school management in transferring the amount to student/parent’s banck account instantly.
Edecofy’s smart finance management system, powered by AI & Machine Learning can help in providing smarter and efficient finance management, along with improving the accountability of the finance team.
Looking for more details? Please visit our website at https://www.edecofy.com/features/finance-management , you can also reach us at firstname.lastname@example.org