Why every school should go cashless in fee collection?
Fee collection and management is a very important part for any educational organizations. As it’s the primary source of income for any school to continue quality operations. Traditionally, it’s a very long and tedious procedure for everyone associated. Parents need to bring cash or cheque at school and accountant need to count the money and then submit to the management or deposit in bank account the next day.
There are chances of mistakes in offline cash collection process. Also management couldn’t keep track of payment collection etc unless they get a report from the accounts department. Moreover, it’s a very time taking process in today’s world where parents are busy in their daily routine so need to take out time during a working day and travel to school to complete due fee. Many times due to this method, fee collection get delayed.
Considering these issues, going cashless with School Management Software integrated payment gateway is the best way to effectively run fee collection operations (Online Fee Payment).
Many times schools tie up with banks and collect fee through web based bank payment platform. In this case collection becomes easy but at the backend process every day accounts team need to do reconciliation for the daily collection report.
Also if it’s not integrated with running School Management Software MyClassCampus , then the accounts team need to do entries of all the fee collection in the software to keep track of real-time day and reports.
To solve this problem, MyClassCampus is providing end to end fee collection solution which makes life very easy for everyone associated. For parents, they can pay the fee from the tap of a button through Mobile App. They get receipts on the app itself with payment history etc. From accounts side, in fee management they can track all the payments and due reports on a click of a button. Even, in MyClassCampus there is payment settlement report which shows how many transactions are settled in bank account and how many remaining. So all the reports get accessed from a single platform without any manual work.
For management, they can access fee collection and due reports with their admin account on Mobile App. Which makes data accessible on the go for top management.
Beyond this, MyClassCampus is having tally integration with the ERP. So any school which is using tally for final accounting purpose can sync all the financial data in tally ledgers on a tap of auto sync button.
We have seen many parents traveling 100s of kilometers and sending 100s of rupees just to pay school fees. In today’s fast growing world where time and experience are the most important part of human life, every school should go cashless in accepting school fee payment. It will not only give convenience to the stakeholders but will create a digital brand identity of the school.