Do you remember a time when an accountant used to manage all the paperwork involved in school fee payment? In today’s fast-paced world, people really don’t have enough time to come to the institute, wait in a long queue, make a payment and wait to collect the receipt. This time-taking procedure has a simple solution – a fee management system. A school fee management system reduces 90% of the manual effort. Several boards, including CBSE, have made it mandatory now for schools to include e-payment in their fee management system.
10 benefits of having a paperless school fee management system are as follows –
- User-friendly and secure – It is easier to operate fee management software than maintaining multiple registers for each transaction by every student (think of all the paper you save!) for both the educational institution and the parents or guardians. Moreover, a fee management system ensures secure payment gateways and the privacy of the user (educational institution or parent or guardian or student).
- Account Management – Get rid of those bulky files and paper to store the details of each student of each class and manage the records of all the students and staff at a single place.
- Revenue Management – Not only the details, but the transactions like the fee collected from the students, including the penalties and the salary payment to the teaching and non-teaching staff of the educational institute can be managed with a fee management system.
- Automatic fee calculation – Different specializations require different fee structures because they need different levels of training and facilities. This can be calculated easily and accurately with the help of an automatic fee management software.
- Quick, Flexible and customizable payments – Online transactions with multiple payment gateways including net banking, debit card and credit card makes it easier for students or their parents or guardians to make a payment any time. With a fee management system, fees can be collected in multiple installments and fees collection can also be customized according to the needs of the educational institution. It is a highly time-saving procedure.
- Transparency with Data Backup and Synchronization – Transparency in transactions and fee payments are a must. Customers need to be aware of where and how their data is used in the fee management system. Also, to avoid re-entering data again and again, there is a data backup and that data can be easily synchronized online (on the cloud) or offline (in local devices like computers, laptops, mobile or tablets).
- Reports & Notifications – The conciliated reports help the educational institute to understand how much revenue they are making, which students make a timely payment through which kind of devices and payment modes etc. Such a fee management system is highly useful for the accountant of the educational institute.
Moreover, the institute can also send notifications via SMS or emails to the students or staff regarding any important event like payment delay or payment reminders etc.
- Accessibility – The best thing about having an online fee management system is that it can be accessed from anywhere anytime. It can be accessed during school hours or afterwards from any device that the person has.
- Easy-to-install & scalable – No technical knowledge is required to install a fee management system. Another strikingly impressive feature of the fee management system is that it can be scaled to accommodate a huge number of students and staff and doesn’t limit the scope of the fee management system.
- Free from human errors – Papers can be lost, files can be lost, and records can be edited or deleted. Such human errors are bound to happen, but not in an online fee management system. It saves a lot of manual efforts so that the accountant can utilize his time in what is important: Managing and analyzing the fee management system.
Feesbuzz – Easebuzz’s online payment solution is an API driven software product. So if you don’t have a fees collection platform and you are looking to have an awesome interface to manage fees, then sign-up to have this API integrated into your software and all your educational institutes will have 1 single platform to manage fees. The dashboard reflects installment wise fees collection corresponding to each student and one can easily check which student has paid what fees and what amount is left. There are multiple reports as per institute requirements.