Top Hidden Features of Fee Management Software

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Tuition fees are the lifeline of any educational institution. The revenue generated through educational fees is channeled towards salaries of teachers, maintenance of facilities and investments into new education technology. Any bottle gaps in fees collection, therefore can have a domino effect on all other activities of an institution. The larger a school or college’s database is, the more complicated its fees collection system becomes. This is when a fees management software can help streamline the entire process and ensure a timely cash flow to institutions.

What is a fees management software?

A fees management software is a single dashboard that can manage the entire fees payment process from beginning to end. It can calculate the required fees for each student taking into account their electives and courses, make deductions depending upon scholarships or other benefits, send reminders to students or parents about fees payment deadlines and help parents make the payment through a secure gateway. Adopting a fee collection software is critical for institutions because it helps improve accuracy of fees payments and frees up valuable time for the admin staff.

 Features of fees management software

Different types of fees management systems for college come with specific in-built features. Here are the top features that you need to look for when choosing one.

1. Customizable modules to calculate total fees

The total fees paid by a student is inclusive of their tuition fees, library fees, hostel fees, club membership fees and any other miscellaneous expenses such as field trips and laboratory fees. The fees management software should, therefore, be able to take into account these different charges and calculate the net total amount to be paid by each student. Edumate’s ERP offers customizable modules that institutions can pick and choose from depending upon which ones are relevant to them. This helps ensure that the fee collection software is tailor-made to their unique needs and is able to accurately calculate the fees payable by each student.

 2. Single SMS notification system