School is not only a place of education for students, it’s an institution which gives employment to people too. The teachers and all the other staff of the school play an important role in the proper functioning of the school, they work all day so that students can study well. And as compensation they need salaries, and this comes from the fee payments done by the students.
Fees play an important role, with fees, school authorities pay teachers and staff salaries, they use fees for the maintenance and upgradation of the school building etc.
However, just collecting fees is not enough, it needs to be managed in the right way so that it can be utilized for the development of schools and studies. That is why, to manage fees easily and safely, schools are using fee management software.
Fee management software is a web application, which is used to digitally manage all the fees related work. From collecting fees to maintaining records, the fee management system does it all automatically, it makes all the accounting-related tasks of the school manageable. Here are some elements of the fee management systems that make this work possible and schools should look out for these before buying any fee management system.
Setting Student’s Account: One of the basic features that every fee management software must have is the automatic organisation of a student’s account. Instead of creating files for every student’s fee details on the computer, the software should create separate accounts with login IDs and passwords. This way every student of different grades, and sections will have their unique IDs, using which parents can make fee payments. And schools will find it easier to maintain records in their system.
Module to Calculate all Fees: Schools don’t just have to calculate the tuition fees of students, there are other necessary charges too. Transport fees, library fees, annual charges, examination fees, practical fees etc. all these fees need to be calculated separately and then added to the tuition fee. The fees management software should have this feature that can calculate all these fees separately and then include them in the tuition fee. So, the accountant or receptionist doesn’t have to do this task manually.
Fees Due Alert: Schools often face the problem that some of the students forget to pay fees within the due date. To solve this problem, the fee management software should have the feature of sending alert SMS or email to the parent’s number and mail. This way parents will remember to pay their child’s fees on time and teachers don’t have to write any due fees notice in the student’s school diary.
24*7 Payment Option: In this time of digital era when groceries can be purchased through online payments and UPI payments. It becomes crucial that the schools also start accepting online fees payment and for that, the online payment system of fee management software should be there. Using this, parents can make online fees payment from anywhere and anytime, this will save their time and make it done swiftly.
Scholarship Fee Payment: Today, several schools provide some exemptions or provide scholarships to some students. These are students from weaker financial backgrounds or communities, to support such students and make their dreams true, these expectations are important. The fees management software allows making exempted payments to such students, of discounts a certain amount as an exemption from the amount of their fee.
Easy Tax Calculation: Schools have to pay taxes at the end of the year and calculating so many payments can become challenging. In such cases, the fees management software can help in doing so by calculating taxes on the payments like transport fees, tuition fees and other payments. So that schools can make accurate tax payments and can take advantage of tax deductions.
E-Receipts: Unlike manual receipts, the fee management software generates an e-receipt of the payment made. The benefit of this e-receipt is not only that it’s paperless, but it also shows every detail of students. Just like in the student or attendance management system. So that, parents get full disclosure of payments made and can use it for financial records.