Handling finances is always one of the top challenges any institution or business faces. When it comes to the case of educational institutions, fee management creates a lot of hurdles as the primary focus of the management gets divided among various other operations related to the institution. Mostly the fees management systems are managed by the clerical departments which report to the top management. The higher management usually finds it difficult to dig deep into the transactions. Also, the communication regarding the fee payment to the parents and following them on the same becomes an added responsibility. The best way to overcome this challenge is to introduce a fee management software that can effectively handle the fee payment along with the other financial operations.
In the digital era, millennial parents often find it difficult to deal with the conventional fees management systems that are more or less manual and verbal in nature. Modern parents may not prefer their children's names being called out for any fee-related matter. Also, the management can see the transactions more clearly with the help of fee management software. The advantages of implementing a fee management software are many. Let's take a deep look into a few of those.
Timely fee collection - The major crisis in traditional fees management systems is the lack of effective ways to communicate when to pay the fees. This often results in many defaults in fee payments. It becomes very difficult to communicate the due dates as the only common point of contact between parents and institutions is the student. The student might forget to convey the same to parents or the parents can forget about the same. Instead, with effective fees management software, the communication becomes seamless with the information being transferred with a single click or even automated. Thus the case of missing timelines due to lack of communication can be completely eliminated.
1. Easy payment options - With the number of cash transactions coming down day by day, students and parents prefer better digital payment options. Handing over cash to students to pay the fees might result in mishandling and confusion. Also, it becomes difficult and gives more workload to the clerical staff to receive and transact in cash. Often we can see huge queues in front of the payment desks when the due date is nearby. This will cost the parents or students a lot of their valuable time and energy. Rather with a fees management software, students or parents can make the payments seamlessly in a few minutes using digital payments.
2. Easy reporting - In our typical fee management system, the entries are usually handwritten. Payment acknowledgments are given in slips. Fees will be paid in many installments every academic year. This involves lots of ledger entries, payment slips, and bookkeeping. To address any disparities, the management will have to go through many books and entries. For the parents also, they don't have a proper document of the fees transactions made. With the fees management software, both the management and the parents will have access to neatly prepared reports that exactly points out every transaction. This eliminates a huge load of clerical work as modern fee management software come with advanced tools to automatically generate every set of reports needed for an institution.
3. Better decision-making - Fees are the major income for any educational institution. Having a well-kept data set that can show the income sorted and filtered will help the management to make decisions better. With the fee collection data being constantly added, the software can give predictions on the amounts that the management can expect at the end of every cycle with the help of previous data. The frequent defaulters can be alerted in prior. Any change in the fee structure or amount can be easily made and its implications on the overall institutional income can be seen instantly. Thus it helps a lot in making more accurate decisions without waiting for the projections.
Presently many schools and educational institutions are updating their fee management systems with the help of technology. The resistance to adopting technology in educational institutions has come down a lot in the past couple of years. Thanks to many advanced fees management software that offers greatly advanced features along with easy to use interface that makes the hectic process of fees management easier and more effective. It is nevertheless any late to update the system. Every day the applications and their features are being improved.