Strategies to Manage School Account Effectively using School Management Software

Accounting is an act of keeping track of every transaction related to any organization or business. School accounting is not an easy task as it involves different types of complex transactions dealing with different stakeholders. As school accounting is different from any other business, there is a need for a tailor-made school accounting management system that is capable of handling school financial transactions. Different software is available in the market that can help you to create a next-gen education environment by enabling the stakeholders to work efficiently in both contemporary and online learning setups.

Vidyalaya’s school accounting management software is capable of handling all aspects efficiently so that the school’s financial transactions can be smooth and error-free. School accounting mainly contains the accounts receivable and payable along with donations or funds collected. Every educational institute has a budget that manages all financial transactions. Vidyalaya helps to create a budget and perform further accounting activities efficiently.

Here is the list of features that Vidyalaya’s accounting management software offers:

• Cloud-based ERP software can be accessed from anywhere, anytime.
• Easy and free mapping of different accounts and generation of receipts
• Successful collaboration with Tally 7.2 and higher versions.
• Integration of payroll and attendance module for payment calculations.
• Creating vouchers with a single click.
• The facility of auto-posting in corresponding ledgers based on fee or students.

If you are also thinking of adopting a dedicated school accounting management system, then form a thoughtful strategy to manage the school accounting effectively. Here are some of the important tick points you must consider before any adoption:

Generally, transactions of any commercial organization deal with suppliers and consumers but school financial transactions turn around three key segments:

• School fees management
• Staff payroll management
• School account management

School fees management

Fees collected from students are one of the core parts of school finance transactions. The software must streamline and organize the fee-related activities to overcome the flaws of the manual system. Read the following sections to learn how Vidyalaya’s accounting management software efficiently manages school fees management:

Create fee structure

Creating a school fee structure for students involves multiple factors like standard wise fee, transport fee, sibling discounts, scholarships, and hostel fees which makes the process complicated and lengthy if done manually. Vidyalaya’s school accounting management system eases your work by doing all these calculations automatically. Even the refunds can be calculated accurately based on the applicable criteria for the students.

Fee scheduler

Scheduling fees and sending the fee reminders are now a few clicks away. Manual conduction of this involves resource engagement and not many fruitful results. Vidyalaya implements the new strategy of reminding parents without disturbing parents’ schedules through its accounting management software. The software accomplishes this through push messages or app notifications.

Keep a tab on fee defaulters

School administrators can have a glance at fee defaulters through this form. The organized view will give detailed information about pending fees, and other remaining fees and enables to set reminders for the same. Administrators can have a report of fee defaulters based on various filters.

Payment Management

A school has different levels of staff right from school administrators to support staff. They are on the payroll of the school; every month payment slip is generated for their payment. Different payment terms decide the salary of the month. Vidyalaya’s school accounting management system understands the diverse structure of the salary calculations and other related factors like a tax deduction, allowances, net pay, etc.

Creating payroll group

The staff of a school divides into different payroll groups like contractual, permanent, hour-basis, fixed salary, and others. The salary calculation also depends upon the paid or unpaid leaves taken in the month and other factors like advance taken, tax deduction, and allowances. Vidyalaya helps clerical staff to create payroll groups so that staff salary calculation can be a piece of cake.

Payslip generation

Vidyalaya’s accounting management software easily generates payslips for each employee at the end of every month. As the salary structure is different for each employee, the payslip is also different. Also, the software enables the staff to view and accept or reject the payslip generated from their own profile. This differs from the manual method, where staff used to receive a hard copy of the payment slip after the salary gets credited to the bank.

Report generation

School management needs different payroll reports for getting an idea of expenses on salary. These reports are comprehensive and can help as evidence in the annual audits. Cloud storage of reports and faster retrieval of data help to manage the report generation easily.

School account management

Any school needs to maintain different accounts for different financial transactions. Potential school accounting management software enables school administrators to manage the school accounts more effectively.

Transaction management

Vidyalaya understands the need for an educational institute to have records of common transactions by creating custom categories like new expenses, and net incomes. This can help to revert donations taxes for every asset and liability. So, the school accounting management system is enriched with the features that will help the management to have a detailed and comprehensive view of financial transactions.

Financial reports

Vidyalaya school accounting management software provides filters for fetching data for a specific group, or period of time. This will help management to view desired data in a presentable manner. Reporting module includes various reports for existing categories of income and expenses.

Financial management is an essential task that every business needs to look into. There are different accounting software available in the market for effective accounting but school accounting doesn’t fit generic accounting methods. Vidyalaya recognizes the need for a dedicated school accounting management software. Educational institutes of any scale can avail of the features of the software and keep the financial accounting system sorted. Vidyalaya is bound to bring digitalization to the education sector so that the stakeholders can have an extraordinary experience.