7 Benefits Of Using A Student Fee Management System
Fee and bill payment is one of the most crucial tasks in any organization. In school and colleges, it starts with admissions and ends with graduation or course completion. If your institute also provides hostel facility, transport facility, and other services as well, then managing fee and bill payment can take you to a higher level of stress.
Apart from pressure, fee and bill payment system require 100% error free result, you are not allowed to make even a tiny mistake as that can change the complete balance sheet and can ruin the reputation of your school or college.
Fee management along with various types of fee submissions, it also includes tasks like generating receipts, canceling of the transaction, generating bills and creating receipts for backdate.
What is student fees management system?
Here we are talking about an education technology that can handle all the earlier discussed tasks. A student fee management system simplifies trivial tasks like fee submission, generate and issue receipts, online transaction, record maintenance and many more. In short, it simplifies day to day task in fee and bill payment and makes your easier irrespective of which task you are handling.
Here are the important benefits of using a student fee management system and how they impact the fee process.
Integrate Complete Fee Management
If you are using a best in class student management system, you will get to integrate complete fee management system with this module. It gives you the facility to set up a complete fee structure according to student category, course or service requirement. The system also gives you the power to collect a late payment, fines and provide required function as well.
Easy online transaction
It is important that your student management system has a preferred payment gateway. With payment integration, students submit their fees online without any hassle. This way you would be able to collect fees online and it is easier to make records of it. The reports generated via online payment includes all the important details of the transaction which you can access any time you need.
Generate Invoice /Bill Reports
Whatever is the type of payment, nowadays people want to have an invoice or bill for the record. An education ERP system to help you to generate invoice/bill of all the transactions. Some education ERP solution also provides customized invoice/ bill generation with various categories. You can also download record in pdf or excel format in bulk. Education ERP also comes with accounting software like tally or sage integration to manage ledger account as well.
It saves you from tedious manual tasks which in turn save your time.
Handle Multiple Finance
In school/ college you deal with various of payment. You collect fees for form, admission, exams, registration fee, maintaining caution money, scholarship & sponsorship, etc. An education ERP can handle all these tasks in one platform. It makes fee management operation simplified, smooth and fast.
Calculate Tax and GST
You can use this system to calculate all type tax including GST whenever it is applicable. It also lets you do important transaction such as refunding fees. The best thing is it is all user controlled and the privilege to control this function can be given to specific employees as per the requirement.
Calculate Necessary Discount
There are different types of discount an educational institute provides such as fixed, percentage, ad-hoc or standalone. A student management system enables you to set up all such discount type. It also generates separate reports on the basis of the category of discount.
Control Finances of Your Institute
With a fee management system, you have the power to control finance of your institute. As we discussed before you can also give access to other departments if you need specifically from them. You can view and generate a report from the financial database.
Some student management system also comes up with a feature of finance hold in which you can hold documents of a student if he or she has outstanding fees in his account. Moreover, it also provides to look at the fee and bill payment records of students, course wise, category wise and with other filters.
An easy and safe fee payment system for parents
You can have all kinds of parents who prefer different types of payment methods, such as cash, challan, cheque, online payment, credit card, debit card, demand draft, etc. A fee management system is suitable for all types of payment. This provides a safe and easy service for payments.
This customized fee management system enables parents and students both to submit their fees, settle their bills easily and with a short interval of time.
Fee management is one of the complex and tedious tasks to handle among multiple academic operations which actually requires automation. An education technology designed to hit the pain areas of the institutions, resolve them and strengthen institution to reach new heights. Fee management solution in a student management system is one essence of one such realistic technology.