7 Benefits Of Using A Student Fee Management System
Fee and bill payment is some of the most crucial tasks in any organization. In schools and colleges, it starts with admissions and ends with graduation or course completion. If your institute also provides a hostel facility, transport facility, and other services as well, then managing fees and bill payments can take you to a higher level of stress.
Apart from pressure, fee, and bill payment system require 100% error-free results, 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 also includes tasks like generating receipts, canceling the transaction, generating bills, and creating receipts for backdating.
What is the 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 transactions, record maintenance, and many more. In short, it simplifies the day-to-day tasks 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 ManagementHigher Education Technology Report
If you are using a best-in-class student management system, you will get to integrate a 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 late payments, fines and provide the required function as well.
Easy online transaction
Your student management system must have 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 include 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 invoices/bills of all the transactions. Some education ERP solution also provides customized invoice/ bill generation with various categories. You can also download records 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 saves your time.
Handle Multiple Finance
In school/ college you deal with various modes of payments. 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 operations simplified, smooth and fast.
Calculate Tax and GST
You can use this system to calculate all types of tax including GST whenever it is applicable. It also lets you do important transactions 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 discounts an educational institute provides such as fixed, percentage, ad-hoc or standalone. A student management system enables you to set up all such discount types. It also generates separate reports based on the category of discount.
Control Finances of Your Institute
With a fee management system, you have the power to control the 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.
Why online fee management software is beneficial for institutions?
A fee management process of an educational institution involves various things such as education scholarships, e-learning classes, hostel fees, discounts, extra-curricular activities, fees, library fees, and more. It needs to be managed systematically and properly. The best, easy, and efficient online fee management software like Academia can help institutions to manage, calculate, and control all the operations related to a fee of any student with high precision and effectiveness.
It automates the complete process of managing and filtering out department-wise data & generates accurate & insightful reports depicting the exact count of fee collection from each department. Various other reasons indicate that online fee management software can help educational institutions some of them are:
- Digital and remote account management
- Systematic management of all the departments
- Complete, systematic, and secured transactions
Fee management is one of the complex and tedious tasks to handle among multiple academic operations which require automation. An education technology designed to hit the pain areas of the institutions, resolve them and strengthen institutions to reach new heights. Fee management solution in a student management system is one essence of one such realistic technology.