These days, both students and their parents work from home. Hardly any child gets to leave home if it is not about going to school to pay the school fees. Whether it is the student or the parent, they have to wait in a long line to make sure that their or their child’s school fee is paid. However, this process can be simplified by implementing a fees management system in their educational institution. While you can purchase a separate fees management system, it is often also a part of top school ERP software. Implementing a school ERP software provides a digital solution to every stakeholder of your school.
But what is fees management software and how is it helpful to your educational institution? This blog will discuss that and more. So, keep reading to find out.
What is a fees management system?
Fees management software or system is a tool to digitally manage your school fees and everything related to it. It simplifies the process of fee collection and structurization.
It offers various features like setting fees structure, discount management, setting student fees, due fees reports, paid fees report, fees transaction report, and many more.
Once the administrator sets up the fee structure, the software automatically calculates the total fees of any students. It allows you to manage due and paid fees so that you can send a notification message to the parents reminding them to pay the fees before the due date.
After the due date, the software will automatically add the penalty fees to the total and update the parents via the school management mobile application for parents.
Why is the fees management system necessary?
For a long time now, schools have been collecting fees manually and physically which made parents stand in a long line in front of the school office. This process was often draining for both the parents/students and the school administration. With the prevailing situation, this got worse as parents are hesitant to stand in long queues and are currently working from home.
The fees management system in school ERP software allows you to collect and manage fees online with complete safety and security. With the Payment Gateway integration, it also allows parents to pay school fees online without any hassle. They can simply use online payment methods like UPI, net banking, credit/debit card, etc.
This helps parents to pay their child’s school fees on time without leaving their home. When they can pay school fees so fast, parents can also avoid late fees.
The fees management software helps school administration to keep an accurate tab on every school fee received and due. They do not have to manually manage the transaction. With Payment Integration, they can also collect fees online so that they do not have to go to the bank to deposit money received from parents.
Benefits of using fees management system
The fees management in school ERP software offers many benefits to the school administration as well as the students & parents. These benefits are what make school management software and its fees management function so desirable among the users of the school ERP.
Some of the beneficial features that the fees management system has to offer include:
School administrative staff need to keep separate fees structure for every class or department of their schools. For example, fees for the primary section will be different from fees for the secondary or pre-primary section of your school. And accordingly, you have to create different fee structures.
With school management ERP and online Fees management modules, you can create various fees structures for your school and its students.
Certain students are eligible for discounts or have an external scholarship because of which their school fees are discounted. Manually, the staff at the administration office has to add a reminder to the student file to remember to give a concession in the fees they charge.
But with the fees management system, the administrator can simply add the details once and the software will automatically calculate the total fees that the student has to pay every month or year.
No longer does the admin need to calculate the difference every time they need to change the fee structure of the student.
Student Fees Detail
Get a complete fee payment history of any student in your school with just one click. The student fees detail allows the school administrator to see the complete academic fee payment profile of any particular student of your school so you know how much of their fees have been paid, how much is remaining, sort it on a monthly basis and print the receipt.
Managing singular student fees and sharing a physical receipt is easier with the fees management module in school ERP software.
Paid Fees Report
School fee is the income of any school that is necessary to provide better education facilities to the students of their school. Hence, keeping an accurate tab of the fees paid by students/parents is very important.
However, keeping the records in a spreadsheet manually takes up a lot of time.
With the software, you can easily gather the report of every student’s paid fees in one tab. This can include the regular fee, late fee, hostel fee, transportation fee, and any other applicable charges.
Moreover, you can export this data to excel if you want.
Due Fees Report
Similar to paid fees report, the due fees report tab shows you the overall due fees of all the students in your school. With this, you will know how much fees are remaining to be paid for the month or year.
After your set date, the software automatically adds the late fee to the total fees that the student has to pay.
You can choose to send a reminder SMS to the parent’s phone so that they can pay the fees on time and avoid the late fees.
Fees Transaction Report
Every month, you will need to see the complete income of your school through fee collection. For that, you need to maintain a ledger where all the transactions of your school are written down. However, maintaining these records in a physical register can be a task as it is prone to damage due to external forces like the weather.
With the secure cloud server of the school ERP software and fees management, you do not have to worry about damage or data loss.
The fees transaction report gives you a summary of all the school fees-related transactions in one place. You can view the data and print the receipt if you want.
Online Fee Payment
With the new technologies coming in, almost every business takes their transactions online. However, many schools in India still ask parents to come to the school to pay the fees.
The online fee payment tool allows parents to pay school fees online through UPI, internet banking, and credit/debit card. This gives parents the freedom to pay their child’s school fees from anywhere without standing in a long line.
Moreover, offering an option to pay school fees online shows parents how the school is taking steps towards providing better services to the students and parents.
Managing school fees smartly is the need of the hour. With the fees management system in school management software, you can manage various school fees-related aspects from a single interface.
It is fast, secure, and reliable software that quickens your fee management process. It also provides better facilities to your school administration as well as the parents/students.
You can try the fees management system for free in the SWEEDU school ERP software. Once you understand it and implement it in your educational institution, you will see the difference in your efficiency to manage school fees and several other school-related tasks.
What are your thoughts on fees management software? Let us know in the comments section below and be sure to share the blog with your peers who may find it beneficial.