Accurate fee generation and fee collection is one of the most important department in every school and college because this is major source of income. Currently fee management has following key challenges making the process full of hassle and a lot of paper work demanding a lot of manual work.
1- Delays in Revenue Collection
School success is largely dependant on revenue cycle from their student fees. Parent’s socio-economic background is important role player here. We can expect delays in some cases. But without anticipating the delays in advance and without planning financial effects due to those delays in advance, makes it challenging for Schools
2- Hectic Fee Generation process
Most schools have a hectic fee generation and collection process, largely making them dependant on Finance staff and financial institutions. Not to forget the pain and hustle and bustle in process. Generating Challans and making payments over paper work is never accurate without immense hard work when you have more than one branches in multiple geographies.
3- Increasing Bad Debts
Payment cycles often get disturbed due to bad debts. Teachers could identify the bad eggs in their classes for class work but what about bad debts? How could one identify and take corrective measures in time without affecting student’s track. Bad debt handling is one of the painful tasks schools have to deal with day in day out.
4- Lack of Outstanding Fee Management
Your administration and finance staff has a lot on their plate already due to which they could hardly focus on resolving outstanding fees. Reminding parents and answering their queries and incorporating delays is demanding. Schools often end up sending circulars and notifications to parents in Paper form. Challaans are often misplaced by students due to which delays occur in most of cases. Parents consider it a crime to be reminded about fee. Schools end up in less revenue and ultimately delayed staff salaries.
5- Cash Book Transparency
Gone are days when old cash books like these were in use and Schools considered them to be accurate. ith advancement of your academics, your finance is also getting complex. Decisions demand you to be aware of numbers and incidents. Day to day finance control is only possible when you would have holistic view of all your financial records in one place. Cash books make people accountable, but its hard to make people accountable who manage these cash books. Bringing transparecny in your cash books is not easy without use of technology.
Our ERP helps you to resolve all these challenges listed above. Schedule a demo with us to know more about how you can handle the fees using our system.