Running an academic institute is not easy no matter how well-established a school is. The admin has to keep track of every single department on a daily basis in order to locate any irregularities. The most important to thing to any school or college is its fee structure because it is the only source of income. A school depends on its fee collections therefore, it is extremely important to go with efficient methods of administration.
Institutes suffer from a variety of fee related problems such as fraud, accuracy, speed and billing errors. Most of these issues end up costing a school a fortune. A fee management tool is much needed in order to provide admins and parents with the best experience. In order to stay away from all sorts of inconveniences, a few good software developing companies have kept the fee management module separate from the accounts module. This helps avoid any finance related misconceptions in the future.
The most common problem faced by many schools and colleges is fee billing errors. Now, there are several different reasons for this to happen. In some small scale schools, all fee related transactions are recorded on registers. A team of (usually unskilled) employees is responsible for going through piles of registers in order to locate multiple student records and so on. The moment one of the employees is tired, they’ll start making mistakes and costing a school or a parent a lot of money.
Some schools have started using offline spreadsheets on computers for maintaining all fee related records. This process is just like keeping registers but the only difference is that the user has to go through digital pages this time. Once the information starts to increase, it becomes difficult to handle. Offline spreadsheets are not interconnected with other modules such as student enrollment, attendance and other accounts.
A number of online school management software such as Archivist Online has limited most of the fee related problems. Such type of a software solution allows the user to have deep insight into the school’s revenue base. It helps define multiple fee heads and groups and allows the admin to manage multiple fee structures with ease. With just a few clicks of mouse, schools can issue fee receipts to students and generate fee vouchers as well. Any academic institute can devise custom fee collection rules according to the changing requirements.
Besides that, multiple fee discount rules and policies including value wise discounts, balance adjustments, fine policies, fee right off and concessions can be maintained allowing any academic institute to manage the fee collection process with ease. After all sorts of conditions have been applied, the school admin can have access to multiple fee related reports right after a certain transaction has been made. When the entire fee collection process is carried in a systematic way, schools and colleges can easily stay away from all sorts of billing errors and enjoy a prosperous future ahead.