Simplify Your Accounts With MyClassCampus – Cashless Fee Payment and Multi-campus Financial Dashboards!
Finance is an integral and very important part of running any institution or organisation. The larger the institution, larger the finance involved. It further involves a lot of record keeping and maintenance of accounts. To ensure a hassle free finance management, MyClassCampus School ERP has come with a range of solutions that cater to every school’s finance needs. It’s all in one ERP solutions include online admissions, online fee management, GPS system of tracking, Biometric and RFID (Radio Frequency Identification) solutions, etc.
Some of the problems faced and the solution provided by the MyClassCampus school ERP are detailed below:
Complexity involved in maintaining institutional accounts:
Transparency And Reporting
The school needs to be clear and transparent in all its transactions. It needs to keep all payments and receivables transparent. This is possible with School Accounting Software which includes many features such as managing fees and wallet, view passbook, cheque history and transfer money etc. If a school has many branches, then the finance module of the School Management Software can be used to create and manage multiple accounts of multiple institutes. Finance reports and summary can be provided easily to the accountant/CA.
Reminders And Deadlines
It is vital to install this feature of reminders and deadlines. This is very useful at the time of collection of fees. Regular and timely reminders of fee payments to the parents ensure smooth fee payment. This makes it easier on the administration as well. Payments received and reminders for late payments can be segregated and maintained.
Keeping Track Of Different Fee Levels And Discounts
With fee structure varying with different grades and levels, it is easier to monitor the payments received against payments expected. Timely reminders towards unsettled dues can be sent automatically without cause for confusion. In case discounts are applicable then too it becomes easy to calculate. Discounts can be in the form of Scholarships, Financial Assistance, References, etc.
Challenges faced with multi-campus institution accounts
Frequent Consolidation And Synchronisation
Schools that have more than one campus face more issues concerning maintaining multiple accounts. Due to the digitalisation of the accounting system, it is far easier to handle different accounts of different school campuses. The MyClassCampus School ERP has digitised school fees payment with its Online Payment Gateway. It also has a multi branch support with a single login.
Lack Of A Multi-Campus Dashboard
It is imperative that all the financial statements of all the branches are on a single page to understand and coordinate finance statements, expense statements and balance sheets etc. MyClassCampus School ERP helps generate the financial reports and further summarise all monetary transactions of the various institutes. This makes all the tasks very easy and saves a lot of valuable time, money and resources. The Finance Module helps create and manage multiple accounts of multiple institutes.
Delay In Legal Regulatory And Reporting
When the question of handling multi-institutional accounts arises, there is bound to be delay in submitting reports and financial statements. Getting the records ready for the purpose of audit also becomes cumbersome. The MyClassCampus School ERP has designed smooth cashless fee payment modules to ensure transparency. It thus provides an effective management system which eliminates human errors and dependency on other external sources to handle the Finance and Accounts of the institute.
*What problems does digital cashless fee payment solve? *
Manage Fee Instalments And Reports
Fees paid through cheques on cash are maintained separately and diversified reports are generated. Total fees collected, amount paid so far, amount due to be collected, refund amount if any, discounted fees, etc., are all categorised and accessed easily. Status of the cheques such as received, deposited, cleared, bounced/cancelled , etc., can easily be tracked. A consolidated report of the fees to be received by the institute can also be prepared and further action can be taken.
Immediate Fee Receipts And Tax Reports
With school’s cashless fee payment system, it becomes easy to generate fee receipts instantly. Customised fee receipts are generated automatically. Apart from reminders for the fee payment, notifications too are sent via sms on the status. The Online Payment Gateway System of the MyClassCampus School ERP makes it easy to make payments through credit/debit cards, internet banking, etc. This makes it convenient for the parents to pay the fees even if they are out of town. So the school is no longer hassled over the enormity of collecting and maintaining fee details of thousands of students. Digitising the payment of fees leaves little scope for error.
Manage Fee Categories, Discounts And Late Fines
Parents invest a lot in schools to ensure a secure future for their child. The Schools also have provisions to pay the fees in instalments. This enables parents to pay the fees over a longer period of time. Thus managing these scenarios can be tricky for the school. The Fees Management Software helps in managing the fee instalments in best possible ways.Apart from managing the instalments, it can also set reminders and impose fines in case of a delayed payments.