9 Benefits Of Implementing A Fee Management System
Student Fee Collection and Management are very vital as well as a critical task for any Educational body. The higher management of institutes invests a lot of time and manpower to handle fee management. Fee Management System is one of the key mechanism in running Universities, Educational Institutes, Coaching/Training centers, and Schools. FMS is one of the most computerized fee calculation components of any ERP system. Other than being computerized at the same time it is sufficiently flexible to accommodate the changeable nature of fee expenditures that most of the educational institutions face day to day. Fee calculation is done on different parameters depending on individual Educational body.
Fee module robotically calculates the entire fee cycle like of individual student like; pending fees, previous fee payment information, deductions, concessions, etc. The calculation of fee for each student varies from student to student depending upon the category they fall in. Adding up to the above, the user (Student / Parent) is also given different options of fee payment like; per month fee, per quarter fee or depending on the monthly cycle fixed by the institute.
User-specified fee configuration and grouping can be maintained easily along with the computerized bill generation option which helps in enhancing the system reliability. Acceptance of fee in the form of “Fee Receipt” can be printed or generated by the system with few mouse clicks. At any point of time, if a user wants to verify his / her collections made and outstanding, this can easily be possible with such kind of system.
By implementing the Fee Management System institute can be benefited in the following ways:
- Creation of Fee Plan: With the help of FMS we can create a different kind of fee plans depending on different parameters and categories. Fees plans can also be precisely divided into categories like Academic (Admission, Program, Exam, Courses) and Services (Transport, Hostel).
- Auto bill generation: In such kind of system Fee bills are automatically generated as per the defined time like; Monthly, Quarterly, Yearly, etc..
- Voucher & Receipt creation: FMS generates and issues a receipt for each transaction made with adjustments. Once a student pays the fees system creates individual vouchers along with the receipt which is to be handed over to the individual. It generates and print receipts of fees along with fee receipt no.
- Discounts Management: FMS helps in managing discounts till individual student level depending upon different category decided by the management. And the system helps in auto settling the generated bill with the applied discount.
- Auto settlements: This feature of FMS helps the student to get entire details about the fees paid. For example, if a student paid x amount of fee for Admission process he/she can get the entire bifurcation of the amount paid for the admission by settling the bill against the receipt.
- Fee Due Alerts: This feature is very helpful for both parents and Management. It generates fees due statement with the exact net due-fees of each student. It also displays backlog payment of each fee head like Tuition, Services etc.
- Online Payment: In today’s scenario mostly both the parents are working and it is very difficult for them to visit the school/ institution for fee payment as it is a time-consuming process from parent’s point of view. Here comes in picture Online payment through FMS, this helps parents to pay the fee from their home or office at their convenient time.
- Productivity: A massive lumber of educational management process related to fee management is moped out with the help of the Fee Management System. It also helps in reducing the dependency of each individual for the manual process.
- Accessible 24/7: There is no fixed time for accepting fees as the software works 24/7 which means fee management transactions can be made from anywhere at any time.
Hence, Fee Management System plays a vital role in education system. With the help of our award-winning education management software Academia ERP, we help automate the Fee Management for all higher-Ed educational bodies. Click on the link below for an online demonstration: Click Here