Top Challenges to Manage Online Fee Management System in Educational Institutes
In today’s world, technology is growing at a rapid pace, In the current scenario where the employees are working from home, students are attending lectures from home, the educational institutes need to adopt and utilize online school management-based systems. Along with, the parent and even the prominent schools faced hurdles initially when the lockdown was started due to the never-ending COVID-19 pandemic. The online-based school management system came to the rescue where all the educational institute’s related activities are managed in one platform.
Yes, even before the pandemic the school management software was used, but lockdown helped schools to adopt these great inventive systems completely, and now even as school campuses are opening, slowly and gradually the educational institutes are more than happy to use online school management system
One of the best features of an online school management system is the online fees management system, it is primarily used to manage the student’s financial records digitally. This module offers the schools to manage the various fees structures, generate the fees receipts, customize the fees receipt, monitor and audit the fees reports, online fees payment with numerous payment gateways is the top-most column of the fees management system. The number of challenges is there to manage the fees manually which helps it to manage easily in online fees management software.
Let’s find out which are the top challenges to Manage Online Fee Management System in Educational Institutes:
1) Reduces manual effort:
The physical fees- regarding the process is quite time-consuming and hectic work. Because parents need to rush to the schools or bank for paying the fees. With online fees systems, the admin or clerks’ manual efforts are reduced, because the student fees record is automated, from students fees registration to generating the fee receipts everything is managed in the online-based finance management systems only.
2) Automated fees calculation:
The student’s fees record management is a tough task because it includes options like fees amount is dynamic in different standards, online learning, hostel fees, scholarships, library fees, tuition fees, discounts, admission deposits, and transport management. All the things are accomplished in online fees management software because only once fees structure setups are done, and related features like fees invoice, refunds, expenses are achieved with minimum efforts after initial setups.
3) Timely updates and reminders:
Normally the parents need to remember the termly fees dates and have to pay the penalty, but fees management software gives them timely reminders of the end dates, also gives them real-time notifications once the fees are paid, the online receipts generation, fees refunded, discounts and many more circulars on the fees. With these the schools can earn parents positive comments
4) Online Fees payment with secure fees transactions:
The parents without any worries can do the payment with convenient payment gateways like Paytm, PayUmoney, Hdfc, debit cards, credit cards, net banking and can even pay the fees with UPI money transfers using the application like Phonepay, Google pay and many more. Once the transaction is completed the parents get prompt transactions status, in some cases if the transaction is failed they can check the same. This helps the schools as they earn the trust of the parents can along with it manage it digitally.
5) Saves the paper with e-receipts:
In the physical fees paying procedure, the educational institutes provide their standardized receipts copy and keep a copy of the same with them. The online fees management system’s one of the best features is the instant e-receipts. Once the payment of the fee is done online by the parent, they get the same fee copy in the mobile application. Even the schools can publish the invoices for the parents who wish to pay the fees in the banks or the schools.
6) Manage fees in installment:
Nowadays the parents are ready to sacrifice their daily needs to educate their child in the best institutes. So to lessen the burden on the parents with this system the schools can provide the option of fees payment in installments. Hence paying the fees together yearly, the parents can pay the fees in the installment and plan their budget accordingly.
7) Analyse with various reports:
Earlier if the auditors or the management wanted to check the summaries of the termly fees for the status of students’ financial history then they needed to check in the various register. Now the finance team can check it in the online fees management systems of numerous data with customized filters and reports. The management team has been given the customized dashboards where overall summaries of organizations reflect with eye-catching graphics and pie charts
In the current generation educational institutes, online-based fees management is one of the must-have features of an organization, because it helps right from managing students financial registration to, online fees payment, e-receipts, automatic fees calculation, regular alerts in form of SMS, e-mail, or push notifications, secured transaction. So without any questions or hesitations, school management can go for it.