The greatest source of income for an educational institution is the fees collected from students, funding from government bodies and alumni fundraising are other prominent sources. The main concern from administrative point of view is the lengthy process of student fee collection as the tasks involved are complex and hence consume much of time, resources, energy and patience. Yes, with long queues of hundreds of fee payers the ones collecting fees have to have a lot of patience for the monumental task. But kudos to technology, a fee management software has been a huge asset to all kinds of institutions as it -
- Streamlines all the tasks related to fee collection
- Processes information many times faster than humans
- Eases out the whole procedure of fees collection for the management
- Helps the parents save their time by facilitating online fee payment
- Contributes to overall efficiency
- Saves a lot of expense along with space
- Assists the institution in being a step ahead
- Easy Operations
The troublesome operations of fees collection such as, calculation of fees including installments, due amount, category or caste wise exemptions, fees according to norms of economically backward class, etc. Calculation of the fee amount for each student is in itself a huge and time consuming task. But a student fee payment software makes it extremely easy. All that is to be done is the information regarding students is to be fed in the system. And the system will automatically apply all filters and calculate the fees in accordance with the rules and norms. Computerization of such complicated process makes it considerably easy and undemanding. Also, auto generated SMS or email alerts can be sent to parents or students for late fee or dues.
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Speedy Processes:
Be it the staff or student or parent, undoubtedly fee collection as well as fee payment consumes a lot of time. With the help of online fee collection system everyone saves a lot of time. Parents have the facility to pay fee online from anytime anywhere as per their own convenience. There’s no need to stand in queues for hours and sometimes even a day or two. Also, they don’t have to be physically present there which means no queues on cash counters. This is an added benefit to the administration since managing so many people eagerly waiting to clear their dues requires additional resources and extra space. However, digitalization of fee collection has made all the processes exceptionally fast. Computerized fee collection in cash on counters take only a minute as compared to 10-15 minutes otherwise.
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Analytics Tools:
What is the use of technology if it can't provide its users with business intelligence? A proficient fee management system has tools which help in understanding and analyzing the scenario in any given point of time. This proves remarkably beneficial to the management as quicker, convenient and opportune decisions can be made. These analytics tools have various filters which give a concise idea of only that information which is needed. For instance, fees collected in one day, overall fees collection up till a particular day, amount which is to be collected, etc.
5 Reasons Why Fee Management System Is Proving An Asset For Education Leaders
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Accurate Reports:
The reports generated by the system is precise and accurate. There is no place for errors in a system generated report as all the computing is done by the computer. Hence checking and rechecking can very conveniently be avoided. This again saves time and increases efficiency.
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Dashboard Graphics:
All the data is presented appealingly in a graphical format which is easy to understand in as short as a glance. Colour coding can be done to enhance the utility of these dashboards. Any type of information is made available in a click hence there is no need of spending hours to analyze a single report.
5 Reasons Educational Institutions Should Invest In Fee Management Software
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Prevention of fraud and faults:
Even a small error, whether intentional or not, can lead to a huge loss which may be irreparable. This leads to a negative impact on the whole organization and they may have to incur financial or reputational losses. There is no place for errors, mistakes or violations in a completely digitized process. Any type of mistakes can be avoided and the performance can be enhanced which in turn leads to better outputs with minimum efforts.
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Timely reminders to parents/students:
In today's world where everyone is involved in multiple tasks on a daily basis, it's difficult to remember everything which is to be done. So, sending a notification on the mobile phones of the concerned person can act as a reminder which will make them clear the dues well before time. This process can again be automated, notifications can be sent automatically to the registered mobile numbers of the persons whose dues are not paid. Once the payment is made a notification of payment acknowledgement is sent in real time which makes the process transparent.
Online fee collection via Feepayr enables the staff as well as the upper level management to manage all the operations efficiently, since it makes analysing of such a comprehensive amount of data effortless. Many different types of reports can be generated with the use of various kinds of filters. The data that appears is in a graphical format which makes it easier to read, understand and examine it instantly. This proves helpful in better and timely decision making, thereby guaranteeing success at a fast rate.