Robust fees management software, such as provided by InventtEd, automates the entire fee process for parents and school administration. They virtually automate and digitize existing processes in order to reduce the educational institution’s time and labour burden. However, there are many hidden features that, while not as intuitive as the pen and paper process, make the fee process more useful to stakeholders.
What is a Fees management system?
Fees management software is a tool, platform, or application that assists educational institutions such as schools and colleges in planning and managing all fee payment-related processes. A good fee management software handles the entire fee payment cycle, including fee calculation, accounting for additions and deductions, fee due notices, fee payment portals, and fee receipt generation. Fee management software ensures that parents and management’s fee payment and collection processes are safe, secure, and easy. It also ensures that the administration keeps a continuous record of these sensitive financial transactions.
Essential features of a Fees management system
The seemingly innocuous feature can assist you in streamlining fee collection. Tuition and transportation fees, as well as late payment penalties, are commonly collected by schools. Following are the key features of the system-
Single SMS notification system
Once you’ve defined the fee schedule, you can configure the school fees management system to send notifications via email and SMS. Users can access the payment link within the message or use the school management app to pay their fees.
Parents may put off reading emails, but they are more likely to be read immediately and respond quickly when you use SMS notifications. The rate of on-time payments rises, especially when the app for parents is available. It is simple to use and gets the job done quickly.
Customizable modules to calculate total fees.
By using InventtEd’s ERP software, you can easily access data on fees collected in various categories via various modes of payment and generate a variety of reports. Fee reports can be generated for the total amount to be collected, the amount paid so far, the amount due, the amount refunded, or the amount provided as a discount.
The simplest way to manage cheque payments and learn about the current or previous status of the cheque. Cheque processing stages such as Received, Deposited, Cleared, and Bounced/Canceled can be generated as a report for current and previous dates. Fee reports can help you determine how much money is still owed to your institute and how to better channel future payments from students so that you do not miss any payments from parents.
Secure payment gateways
Online fee payment software accepts a variety of payment methods. Parents are free to pay the online fees using the payment gateway that they are already familiar with. Paying the fee online can save time and effort for both parents and the educational institution.
The first and most difficult situation for parents is to come to school to pay the fee in any season or situation, whether summer, winter, monsoon, or Covid-19. The Online School Fee Management System allows you to pay your school fees from anywhere, at any time, with just one click. Parents can access various fee details, such as Paid Fee, Pending Fee, and so on, directly from the mobile application. The parents can pay the pending fee from the mobile application based on the fee status.
InventtEd’s ERP solutions provide secure payment options. Following options are available which can be used for payment of fees:
PayTM \PhonePe, PayUmoney, Net Banking, UPI etc.
Individual student profiles
With a single click, you can obtain a complete fee payment history for any student in your school. The student fees detail allows the school administrator to view the complete academic fee payment profile of any particular student at your school, allowing you to see how much of their fees have been paid, how much is still owed, sort it monthly, and print the receipt. They create individual student profiles in this manner, which aids them in keeping track of a specific student and the status of their fee payment.
Detailed and customized receipts
A fee management system allows users to automate fee collection and generate receipts easily. Most applications offer simple invoice management, allowing you to generate and print receipts for all transactions. Cloud-based software makes it possible to synchronize real-time data and send notifications to parents via e-receipts or other means.
Helps create a financial record
Every month, you will need to see your school’s total income from fee collection. To do so, you must keep a ledger in which all of your school’s transactions are recorded. However, keeping these records in a physical register can be difficult because it is susceptible to damage from external forces such as weather.
You don’t have to worry about damage or data loss with the school ERP software and fees management’s secure cloud server. The fees transaction report compiles all school fee-related transactions into a single report. If you want, you can view the data and print the receipt. In this way, it can help create a financial record for every student.
Fee management software makes it simple and easy for schools to manage the fee collection process. InventtEd’s ERP solution has a user-friendly interface that allows parents to track their children’s daily activities. You can easily automate reminders, receipts, and announcements with this system. It helps you simplify the fee management process and speed up the fee collection process. The application integrates all school-parent communication into a single system.
It might not be easy to find a system with all these features. InventtEd has developed an ERP solution that provides these features at a reasonable price. To know more about InventtEd’s ERP, get in touch with us!