10 key benefits of using Fee Management Software in your School
Schools are increasingly moving towards an automated age of cloud, mobile, and big data analytics. There are many reasons schools should implement the strategy of collecting payments through cloud and mobile-based fee management systems. It would be desirable for any type of public and private institution to automate billing/fee collection and drive greater revenue while saving 90% of manual work.
A fee management system solves many problems for schools and helps parents to keep track of fee payments in real-time. No more manual records or calculations on sheets of paper. Using the fee accounting and financial management software, students and parents can use the latest technology tools to connect various departments such as admission, finance, transport, hostel, library, and more. This will result in wider engagement and improved efficiency in educational institutions with the synchronization of data on fee collections. Student fee collection and unpaid fee details can be accessed on mobile devices including iPhone and Android from anywhere and anytime, beyond the campus.
Let’s look into some of the key benefits of implementing an automated fee management system:
1. User-friendly
Feel the difference between implementing automated software into your system in a few easy steps. It makes the users feel comfortable with the user-friendly and easy handling of fee processing in a paperless environment.
2. Account Management
Create student profiles with demographic information, contact details, and parent information—track and post fees for admission, hostel, library, and other activities in student accounts.
3. Security
The fee automation system is highly secure with easy account management and role-based access control in a multi-user environment.
4. Quick Payments
Make fee remittances faster from websites and mobile devices using secure payment gateways to provide students and parents with hassle-free processing and automatic generation of fee receipts.
5. Customizable & Flexible
Fee management software allows you to customize fee structure based on your unique needs with the ability to set discounts, add or edit fees, and collect penalties with ease.
6. Transparency
Improves cash management and allows transparency on the payments made and the system will track suspicious and fraudulent transactions.
7. Revenue Management
Increase revenue for the institution by receiving payments from alumni, donors, and other contributors.
8. Data Backup with Synchronization
The cloud-based fee management system provides fast and automatic backup and online/offline synchronization of data for access to academic data.
9. Reports
The advanced reporting system and analytics will generate custom fee payment reports and track outstanding and unpaid student details.
10. Notifications
Keep the students and parents informed on fee payments with real-time notifications, messages, and reminders via emails, SMS alerts, and push notifications from mobile devices.
