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
One of the main benefits of fees management software is that it saves admin staff from the hassle of reminding and following up with parents on the fees payment. All you need to do is upload a database of parents with their contact details and set dates for reminders. After this, the software will be able to send out automated alerts to parents and ensure that the payment is done on time. Edumate’s ERP also allows you to set up pre-configured parameters so that you can send out more customized reminders to parents.
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3. Secure payment gateways
Security is the prime concern of most parents who choose to pay fees online. An efficient fees management system for college offers secure payment gateways to ensure that parents have a safe and easy way to pay fees online. Edumate’s ERP goes one step further by providing multiple payment options to parents. This offers them greater convenience because they are able to choose the option that they are most comfortable with. Through the fees management software, parents can choose to pay through debit cards, credit cards, netbanking or e-wallets. This helps ensure that schools receive a student’s fees by the given deadline.
Also read: Why educational institutions should quickly move to an online admission system
4. Detailed and customized receipts
Fees receipts are the next step of fees payment. The fees receipt needs to be a detailed record of the various components of the total fees, including tuition, accommodation, extra-curriculars, etc. Some parents might even require different formats of the receipts for their own financial records and tax purposes. Including these customizations using manual methods can be very time-consuming. Due to the volume of receipts that need to be processed, it might also not always be 100 percent accurate. A fees management software automates the entire process and can therefore ensure speed and accuracy. Any customizations that need to be incorporated can be added to the student profile as a one-time effort for all future fees receipts.
5.Individual student profiles
It can be very difficult for admin staff to keep track of which students have paid their fees and which ones haven’t. A fee collection software offers a single dashboard where you can get this information at one glance. Edumate’s ERP creates customized profiles for every student enrolled which has detailed insights into their courses, fees amount, financial aid and status of fees payment. This makes it easy to generate a list of students who have not paid their fees by a certain date and follow up with them on it. These reminders can also be automated through the software, thus eliminating the need for any human intervention.
6. Helps create a financial record
Generating a financial statement at the end of the financial year is a very complicated and time-consuming process. It requires institutions to take into account outstanding payments, net deductions and total fees received. When there are a large number of students and smaller institutions within a larger umbrella group, this becomes very complex to calculate and leaves open the possibility of inaccuracies. A fees management software simplifies the entire process by auto-generating a statement taking into account all the required data. Edumate’s ERP offers in-depth analytics and reports that can help institutions create a comprehensive and accurate financial statement in a fraction of the time it would require to do it manually.
A fees management system for college is thus a critical component of an institution’s overall ERP platform. It is entirely customizable and scalable, allowing it to adapt to the needs of your institution. Edumate’s fees management feature can provide your institution with detailed insights, accurate reporting and timely collection of fees to help improve its overall efficiency.
Tech India has been providing customized software solutions since 2003. We specialize in Education ERP with a product portfolio built on best practices. We have distinct product offerings for different segments for schools, colleges and coaching institutes. With a large team of technically qualified professionals and mentored by educational experts and technology architects, we are recognized for our cutting-edge ERP solutions. Message us here, today, to know more about how our solutions can fit your needs.