Future Scope of Student Fee Management System
The manual method of collecting and recording student fee records has become outmoded, today schools and educational organizations are using student fee management system to do all the tasks. The fee management system is a part of the whole school ERP system, which is being used nowadays to manage and complete every task related to school and students virtually.
The fee management system is the software used to collect fees, record student data, and automate the whole fee-related process. But is this the only use of a fee management system? The answer is no. There are a lot of uses for the software and it has several features that open a lot of scope for this software in the educational sector in the future.
So, let’s know about these features that make the fee management system useful for every school management system.
Table of Contents
Ease in Accounts Management
The fee management system has made it quite easier for schools to manage their finances. There is no need for any paperwork or manual bookkeeping to record fees and other payments. It also helps the school maintain easy and clear records of payments like partial payments, overdue payments, petty expenses, etc. in different categories.
Integrated Online Payment System
This is the best feature of the fee management system that it allows the parents and schools to send and receive the payment digitally. Not only digital payments are widely accepted but are safer modes of transaction than carrying cash. Most online fee management systems have integrated payment platforms like Paytm, PhonePe, PayPal, UPI, and Google Pay, this makes it much easier for parents to make fee payments from the comfort of their homes.
Instant Fee Receipt Generation
Fee receipt generation was another problem in the traditional fee collection method, traditionally the fee collector makes receipts on paper after payment. Now, it has a few disadvantages like creating manual fee receipts takes time, and second, they could get damaged. But with the help of a fee management system, an e-receipt gets generated automatically after fee payment. This e-receipt is mailed to the parent’s email id, from there they can view the detailed version of the fees, which will include all the charges that are included in the school fees.
Automation of Fee Process
The fee management software makes the whole fee process automated, tasks like fee reminders, fee collections, fine collection, and receipt generation are all done automatically. This ensures that minimum human mistakes are made and lessens the burden of the finance department.
Tracking Payment Status
When payments are made it sometimes takes time especially if they are made using a cheque or NEFT. In such cases, the fee management system of the school will help the finance department to keep track of such payments. And not just these payments any online or offline payment can be tracked using the tracking system of the software. This way parents will also make sure that the payment gets resolved as soon as possible.
Mobile Integration
In today’s time, every other person has a smartphone with themselves, teens or teachers, everyone uses mobile to learn and communicate. It makes it very obvious that something like a fee management system also has a mobile integration app. The mobile integrated app of fee management makes it possible for parents to make fee payments anytime from their mobile and also keep track of the payment, in just a few slides and swipes.
Customizable
What is the use of technology that can’t meet your personalized needs, right? Don’t worry you don’t have to face any such problem with the fee management software. Most fee management systems have the feature to make major changes in the interface and dashboard and other elements according to the needs of the individual organizations. It means whether your school is small or big you can use the fee system after customizing it as per your organization’s need.
Analytics and Reporting
Having a detailed report of any data makes it much easier to track the developments, progress, mistakes, or any other things. The analytics and reporting feature of the fee management system helps in this, by creating financial reports and analytics.