Much like large corporations, schools need thorough financial checks regularly. However, partnering with accounting firms can be too much for smaller-scale schools. Hiring a bookkeeper is another option, but it won’t be enough during peak season.
The school admin can help the bookkeeper get their hands on school accounting software to make their tasks easier.
A school accounting software is an effective and efficient tool to keep track of the cash inflow and outflow. Every expense and income is accounted for in a single cloud-based system.
Let’s look into the best school accounting software in the market today.
Best School Accounting Software
GoSchooler is an all-in-one school management software that has a primary feature focused on financial accounting. As shown in the screenshot from the official GoSchooler site below, the software’s finances tab has both income and expense managers—these tabs for tracking each transaction by inputting the specific details of the transaction.
Each financial transaction is noted of its serial number, nature and description of the product or service, and details of the income head. Users can also easily upload the necessary supporting documents in invoices, vouchers, and official receipts.
Aside from the income and expense managers, GoSchooler has separate tabs for fee billing collection and management. Each fee transaction is fully accounted for in the income-expense system, but its specifics are managed under a different command.
With the availability of these features, GoSchooler serves as an effective school management accounting software.
Another all-in-one school management software that provides emphasis on financial management is MyClassCampus.
As a primary ERP platform, this management software has a comprehensive billing feature. It has separate tabs for receiving and sending packages to track the flow of resources properly. To support its comprehensive billing feature, it has an equally exhaustive financial manager tracker that lists down every financial transaction of the school management.
The tracker keeps track of both product and service transactions. Aside from that, it also records various fees. Whether these fees need to be collected from students or third-party concessionaires, the school admin needs to input their specifics into the financial manager.
3. QuickBooks Desktop Pro
Quickbooks is one of the top accounting software today. The software’s primary target demographic is small to medium-sized enterprises, which many primary and secondary schools classify as. At present, it is one of the best accounting software for small private schools.
It caters to essential accounting functions such as cash flow tracking, billing, and balancing of accounts. Aside from that, it provides a comprehensive cloud-based book that is reminiscent of accounting ledgers where accountants and bookkeepers handwrite all reports. In the same manner, these cloud-based books collate and organize all the needed data.
Quickbooks Desktop Pro is also a tax-efficient tool. As long as the user remains diligent in inputting all the necessary data into the software, filing for year-end tax invoices will go by like a breeze.
Although Quickbooks is stand-alone accounting software, it is an excellent supplementary software to your school management software suites. On the downside, however, you need to spend more time learning these software suites.
4. Sage Intacct
Sage Intacct is another accounting software ideal for small and medium-scale businesses. In addition, its scalability is an ideal feature as accounting software for schools.
As a financial management and accounting software, Sage Intacct produces extensive financial reports using the inputted data. And much to the benefit of the users, the report comes with operational insights on how to manage finances in a business properly.
Aside from the basic features of managing cash receivables and payables, Sage Intacct also has a dashboard that presents real-time updates. Every increase or decrease of the current capital is accounted for and recorded on the dot.
A feature that sets this feature apart from others is its capacity for global consolidations for multiple entities. This feature is a necessity for academic institutions with numerous branches or extension campuses. Global consolidations can keep track of the financial transactions of all units using a single system.
Blackline provides easy solutions for both accounting and financial problems. This software system takes into account the stark struggles in these two fields.
The system, per se, provides a dashboard that has its primary functions. It has separate tabs for Account Reconciliation, Journal Entry, Cash Application, and various others. Each feature complements another in piecing together comprehensive financial reports.
As a cloud-based system, BlackLine supports heavy files of data. So, transitioning from offline to online accounting using this system doesn’t pose a challenge. This feature is essential for midsize to large institutions, such as secondary and tertiary schools.
However, there is a prominent learning curve in navigating this software. Dedicating more time and effort to learning is worth it once you see how organized your financial ledgers are.
Why is a school accounting software important?
An efficient school accounting software provides accurate insight into how the school is managing its finances. It presents the data needed to make and support future financial decisions.
What are the advantages of using school accounting software?
One of the primary advantages of using school accounting software is that it ensures the fast processing of any finance-related tasks. For example, digital bookkeeping is more manageable and bearable than the manual handwritten method.
What are the features of an excellent school accounting software?
An excellent school accounting software must have most if not all of the following features.
1. Billing and invoicing features
3. Secures sensitive data
4. identifies and corrects human errors
Accounting may not seem to be under the responsibilities of the school admin, but keeping track of each expense and income is a necessity. Careful tracking of the school’s budget is tied with its progress. Thus, each institution must invest in school accounting software.
Most accounting software is standalone and serves a larger target market. But, for streamlined features, highly capable school management software suites have specific finance functions.
Go through this list as much as you need to decide on the best school accounting software for you.