Are tables getting swamped with receipts, due notices, and cash invoices? Lessen your school’s paper waste by automating your fee collection. Migrate your financial records online and use an automated school fee collection software.
Why YOU Should Automate Your School’s Fee Collection
Automating your school’s fee collection presents more benefits than you consider. Here are some of the prominent advantages it offers.
- Lesser Paper Waste
- On-time Fee Collection
- Available Online Payment Option
- Easy Payment Tracking
- Secured Database Backup
Bask in the benefits of automated fee collection by investing in a fee collection software suite. But, for schools, it’s ideal to invest in a versatile school management system.
GoSchooler, an all-in-one school management software, offers these fee collection features and more. It has specific fee management and collection tabs that let school administrations be on top of their fee collection tasks.
Let’s look into each benefit closely.
Lesser Paper Waste
Lesser use of paper is the immediate benefit of going digital. Once your institution starts using automated fee collection software, you don’t need to write or print out payment requests.
Under GoSchooler’s Finance Tab, it has a Fee Collection tab. All tasks related to fee collection have corresponding command tabs. Using this system, you can quickly request payment and keep track of the students’ payment records.
Say goodbye to the days when you need to open several books and records to ensure that a particular student completely paid off their dues.
It’s also high time for all institutions to go green. Going digital and paperless is the beginning of your school’s eco journey.
On-time Fee Collection
GoSchooler makes on-time fee collection by making the notice distribution quick and easy.
Under the Finance tab, this software has a specific Collect Fee command. Clicking on this tab directs to a page where you can choose which cluster to send the notice to. Once you input the class and section, a list containing those who have due fees will appear.
Each row of the table has a corresponding Action tab that states “Collect Fees.” Once the action is pushed through, the collection is immediate. Multiple collections of fees are also possible.
In the screenshot from the GoSchooler site below, the highlighted row shows all the details and corresponding action to collect all outstanding fees.
The beauty of this action lies in its simplicity. Imagine clicking on a single button to collect the due fees of an entire class. You don’t need to spend hours double-checking on who was able to pay what fee.
Easy Payment Tracking
Manual payment tracking requires a whole lot of effort. You need to check the account they’re paying for, record how much they paid, change their existing balance, and keep the proof of payment.
It’s too much work for the handful of staff that needs to track the financial transactions of the entire student population.
GoSchooler has an automated system that deducts the paid amount from the student’s unpaid balance. Once you pull up a student’s payment record, it generates a table with a list of all paid and outstanding fees. Each item is labeled accordingly.
As shown in the screenshot from GoSchooler, the status of the student’s payables are labelled accordingly. The colors that highlight the status also help in determining which items need more attention than the others.
As a user, you can simply search the student’s name to generate the table. You can then check their record. Easy as breeze.
And if you want to keep a separate manual record, GoSchooler offers an option to print a receipt. You can choose from printing a receipt of the consolidated paid fees or a receipt of a single payment.
Secured Database Backup
Automation, in general, uses cloud-based systems that provide a large storage expanse. On top of that, the system’s nature allows it to duplicate the data to serve as backup or reserve data.
As digital automation continues to rise, attacks towards the system are also becoming more common. Hacking, phishing, and online identity theft are happening left and right. Companies and institutions are wary of these attacks. Thus, they are investing in varied methods to prevent them.
Using automated school fee collection software protects all the students’ sensitive data. It covers personal data down to their credit information.
How to Automate School Fee Collection?
There are several options on how to automate school fee collection. Depending on your school’s resources and budget allocation, you can choose from these available options.
Most of the time, resourcefulness pays off by using readily available free software.
Microsoft Excel and Google Sheets are available software where you can organize your financial data properly.
Even the free suites of these applications have advanced settings where you can automatically compute each student’s payables. It also makes use of formulas that will make the computation easier and quicker.
School fee collection software in Excel can be quite taxing and time-consuming, but it saves time compared to manually recording each transaction.
If your school has a budget allocation for automation, you can look into different accounting software. Accounting software is specialized in financial management, tracking, and collection.
It works well for business entities that have a constant flow of cash. It is an excellent tool to keep track of each expense and additional income. Accounting software also produces financial reports that present all vital information about the organization’s budget.
Some software suites also include possible strategies for better financial management.
For small-scale to midsize businesses, their first choice is one of the top accounting software in the market today. However, it’s better for schools that receive bulk payments at scheduled times to invest in an all-in-one school management software and their corresponding mobile applications.
School Management Software
All-in-one school management software takes care of fundamental processes, most especially finances. It consolidates the students’ personal records and pairs them up with their current financial standing.
GoSchooler is a prime example of how automated fee collection is an integral extension of a management system. It works seamlessly with other school functions to provide a better experience for the portal’s users.
This management software can also provide a detailed record of where the payment is used. The transparency is well-appreciated, especially by the parents who want to ensure that their child’s tuition fee is used well.
Are there any limitations to fee collection automation?
As long as you have sufficient funds in your account to pay the fee, there wouldn’t be any problem. However, some banks impose limitations on how much an account can transfer in a day. It’s better to check with your bank’s rules to be safe.
School fee collection automation provides convenience. It lessens the school’s paper waste and requires lesser time to collect payment from each student. Most of all, school automation software serves other processes aside from collection.
Regardless of the method of how you automate, it aids better financial management among schools.