Payments received by any educational institution in terms of tuition fees are the lifeline of that institute as the money raised is further used to pay teachers' wages, keep buildings in good repair, and invest in innovative educational technologies. Any bottlenecks in fee collecting might have a cascading effect on an institution's other operations. The larger a school's database, the more difficult it is to collect fees. This is where a fee management system like Campus 365 can assist in streamlining the process and ensuring timely payment flow to institutions. Campus 365 is an education software system for schools that can be a boon for schools and parents for online fee payment.
Not just about the online presence and digital platforms, the 21st century is more about convenience, comfort, access, and reach. The fee management system of school ERP is one such example to pay the fee online.
What is a School ERP System?
School ERP, also known as School Enterprise Resource Planning System, is a student management system software that takes care of various activities such as student information and data management, attendance management, fee management, automated communication updates, classroom management, and various other school activities. School ERP software like Campus 365 is a one-stop solution to the many problems of schools.
It's an ERP software solution for the integration, streamlining, and advancement of school administration and management processes. It covers everything from student attendance, fee management, extracurricular activities, online e-learning modules, student mental health care, and home assignments to payroll, fee accounting, finance, and miscellaneous inventory management.
The need of Fee management system in Schools
All educational institutions are responsible for fee collection and management. Fee collecting and handling have previously been a time-consuming and difficult job for administration. In today's world, however, educational institutions have begun to adopt cloud and mobile-based School Fees Management systems, which has made the process more efficient and simple.
Now, with a user-friendly mobile app of school ERP, parents can make instant online fee payments whenever it is convenient for them, without disrupting their schedules. The fee management system of education software benefits schools from data backup with synchronization because it provides enhanced convenience, decreased redundancy, transparency, and customized modules.
Benefits of using a Fee Management System in schools
The fees management system in school ERP software has numerous advantages for all the stakeholders like school administration, students, and parents. These advantages are what make school management software and its fees management system so appealing to all the school ERP users. Let’s discuss now the advantages of a school fee management system:
1. Easy to use and access
Parents, teachers, students, and other participants in the process of online fee payment have access to the relevant data. With the exclusive fee management module of school ERP, parents and students can pay fees online instead of waiting in line at school fee counters. All documentation is available online through the school fee management software, which is a paperless process. Transparency of all transactions is ensured by the electronic generation and dissemination of receipts.
2. Eco-friendly system
The digital fee management system ensures to keep fee receipts and payment records in a digital format, allowing your institution to build a paperless system. This eliminates the trouble of dealing with reams of documents and receipts while also being more environmentally friendly. Keeping a tangible record of fee receipts and other documents on paper has been greatly decreased since everything is automated and online. It is a user-friendly, long-lasting approach.
The school fee management system provides comprehensive transparency and visibility into the fee transactions. All receipts are generated, recorded, and documented in a digital format in a central database. Modern state-of-the-art security techniques encrypt and safeguard data. All of this provides transactional transparency in the student management system. There is no room for mistakes, misapplication, or human error. Administrators can get all records management information for reporting purposes.
4. Online Fee payments
Parents can pay school fees online using the online fee payment facility available on the mobile app of the school ERP. This allows parents to pay their children's school tuition from anywhere without having to queue.
Furthermore, allowing parents to pay school fees online demonstrates how the school is working to improve services for kids and parents.
5. Reports Generation
The school can quickly get the report of every student's paid fees in one tab with the fee management module. This can include generating reports on the usual fee, late fee, lodging fee, transit price, and any additional charges that may be applicable. Automatic fee calculation is also done as after the set date, the software automatically adds the late fee to the total fees that the student has to pay.
6. Timely updates
With the online fee payment feature of the school ERP software system, students and parents can be notified of upcoming online fee payments by SMS or email. They may be reminded of payments for taking specific classes in addition to tuition expenses. Guest teachers or visiting subject matter experts can also alert them to supplementary virtual classes. Students and parents do not miss critical payments because of notifications. Campus 365 school ERP education software has launched an exclusive instant messaging service called as iNotify to send real-time notifications to all stakeholders.
The Next Steps
Everything is becoming digitized as a result of the unprecedented pandemic. For months, schools have been shuttered, and learning has shifted digitally. It has made controlling and overseeing school funding challenges. Student management systems like Campus 365 have thus turned out to be a blessing in disguise for the school management teams and parents as well. School owners will have peace of mind accessing payment transactions made by parents/students and all the stakeholders will also get notified through SMS and App notification for the same. Data in the ERP software system is highly secure on the cloud and cannot be tampered with by anyone. The self-explanatory user interface makes this education software user-friendly. Above all, the software ensures that students’ fees are paid on time so the school can save money, time, effort, and resources on online fee payment tracking.