Benefits of School Financial Management System
The Background:
Financial management is the key to efficient handling of finances in educational institutions. The term financial management doesn’t only confine to budget management.
It also covers vendor bill management and asset management of the organization. In a single sentence, it is also responsible for the financial health of the organization
Drawbacks in the present system:
The traditional paper-based financial management system is outdated, as well as flawed. Here are some of the drawbacks of the conventional system.
- Tedious Tasks:
Finance Personnel usually feel extreme pressure in handling daily chores like bill management. The task is 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 be fatal for school management.
- Huge Resources:
The manual process usually consumes bulk paperwork, along with desk space, and shelf space. File management on the other hand is also a headache for the schools.
- Security:
Paper-based documents are vulnerable to risks like theft, misplacement, or adverse climatic conditions.
How Financial Management Automation can actually benefit schools?
Financial Management System aims to simplify the complex school financial operations. along with effective resource management. The system also ensures effective resource management of the organization.
The financial management system can analyze huge financial data from the “Accounts Receivable System”. It can also 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 SMS feature of the system, can help in crucial message communication like fees, payments to parents anytime.
Detailed Analytics:
Robust data analytics tools backed by AI & Machine Learning can provide detailed financial analysis of the organization, with just a click of the mouse.
Better Payroll Management:
The system can also help in handling the entire payroll process with ease. It can also help for efficient management of Crucial operations like Salary, TDS.
The system can also make the entire payroll process simpler and error-free.
Customization:
The beauty of the system lies in its customization feature. This can help in fulfilling the needs of the organization. The customization can help in meeting 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 system also allows adding discounts for fees like transport, hostel or canteen, along with tuition fees.
Discount Management
The financial management system can help in applying the discounts for students during the time of admission itself. This can help in avoiding any unnecessary confusion.
The system also enables a pre-designed fee structure for each class/course with breakups. This can help in providing a clear and transparent view of the fee structure for parents.
In case of reimbursements, or refund management, the system also can help school management in transferring the amount into student/parent’s bank account in a flash.
Edecofy’s finance management system is powered by AI & Machine Learning. It provides smarter and efficient financial management for schools. This can also help in improving the financial accountability of the organization.
Want to Start your journey towards effective financial management of institutions? Please visit our website at https://www.edecofy.com/features/finance-management , you can also reach us at sales@edecofy.com
