Fee collection is one of the most important responsibilities of the school administration team. Can this time-consuming task, however, be made easier? We have the answers for you.
Fee management and collection are critical functions of a school administration. Fees are collected on time, which allows the school to run smoothly. However, when fees are collected manually, human errors and miscalculations are unavoidable. Furthermore, calculating fees for each student on a monthly basis is a time-consuming and labor-intensive process.
Introducing digital payment systems
The use of a school management system has transformed the school fee collection system. The software employs technology to automate routine tasks such as sending payment reminders to parents, managing fee submission, generating receipts, managing online transactions, maintaining records, and much more.
It simplifies manual tasks, eliminates the possibility of errors, and improves the fee management structure, making it easier for both the school and the parents paying the fees.
The good news is that it's easy to move away from excel based or file-based systems to digital fee management. Schools who have already adopted technology in their operations can also work with the same service providers, such as LittleLives, to take on their digital payment services.
What are the advantages of digital payment systems?
1. Error-free calculation
Manually calculating fees for each student is a time-consuming task with a high risk of errors and mistakes. This time-consuming and labor-intensive task necessitates a great deal of effort, focus, and manual calculation. The entire process, on the other hand, is automated with school ERP software. This improves accuracy and eliminates the possibility of errors occurring during the process.
2. More Secure Payments
Digital payment system takes the responsibility of handling, processing and tracking payments out of teachers' hands. It also can include things like permission slips within the transaction to track receipts and avoid the risk of data loss. All of that teacher time can be focused on more important educational activities.
Digital payment also eliminates the risk of cash transactions. With digital payments, we won't have to trust children to safely transport cash from home to their teachers. Cashless payments rely on banking infrastructure that is tried, tested and highly secure.
3. More Time-Efficient
Administrators save time on processing payments by eliminating manual steps such as:
- Initiating direct credit and debit transactions
- Handling and delivering physical cash
4. Fewer Late Payments
Sending automatic reminders to parents through a digital fee system means fewer late payments (and fewer awkward face-to-face reminders).
5. Safer Data
Schools can effectively remove any risks associated with keeping credit/debit card details. They do not have to constantly update the database when card details become outdated too.
6. Organised Financial Records
Payment transaction activity and related information (permission slips and invoices) are securely stored online. This ensures that records are consistent, easily accessible and at very low risk of being lost. The digitization of such transactions allows admin staff to easily track and trace transactions that have been made. Reports can also be generated anytime for auditing purposes.
Parents will be able to make payment on their own time and at their own convenience. This is especially important to working parents, who would greatly benefit from being able to get it done on the go.
8. Easier User Experience
Digital payment streamlines parent payments, making it easier to make payment punctually by removing as many friction points as possible. It makes for a more pleasant experience all around.
To sum it up
Having a dynamic school management system with real-time updates and precise data reports can render your school with next-level quickness in decision making by the management. Through its dynamic access rights mechanism the management of the staff, teachers, and students becomes extremely convenient and fast.
The academic & non-academic staff and activities are kept in sync and reduce the burden the management has to endeavor thus encouraging speed in communication hence, better productivity.
If you are still looking for a system that will work well for your school's operations, you can contact LittleLives to see how we can help!