School admins & finance teams are often under the constant stress of managing ‘fee payment deadlines’ effectively and making sure the ‘fee schedule’ is followed by all parents. The workload further increases when fees are not paid on time, and computing ‘late fee’ is another task in itself. This manual process may cause errors, accounts may not tally, and there are chances of misplacing invoices. Thus, the only other feasible option that makes sense, is to automate the process by opting for a ‘Fee Management System’ and customizing the parameters as per your school’s requirement. These days most IB schools and many local institutes in Dubai and other regions of the Middle East, have found it utmost beneficial to automate the entire ‘fee process’, thereby saving costs, unnecessary wastage of time, and reducing error to nearly a nil percentage.
As the end-to-end fee payment process is automated, there is no chance of fraud or misrepresentation of information. Parents who falsely claim to have made the tuition fee payment or deny paying the late fee, are immediately identified so that school authorities can take necessary action in time. You can even track the past fee payment records and history, as every child is allocated a ‘unique ID’ through which all data can be retrieved.
#2 User-Friendly Process
Digital payment systems integrated with the school management software are absolutely user-friendly. One can login and make fee payments at any time of the day or night via credit/debit cards or even through digital wallets. No need to write cheques, no visiting banks, and no issues with cheque bouncing as well. This saves time and effort manifold for both parties involved. Some schools even have a dedicated fee-payment app with an auto-deduct facility from time to time, thereby further reducing hassles.
#3 Clear Overview of Accounts
The school accountant has a huge responsibility to ensure all fees are collected on time and even account for salary payments to staff, teachers, and other stakeholders associated with the school. If proper records are not showcased, one might not get a clear picture of ‘cash inflows’ and ‘cash outflows’. The digital payment system creates buckets such as; sum collected, sum due, and list of defaulters so that there is no ambiguity and proper financial planning can be undertaken.
#4 Timely Notifications
A fee payment software sends automatic notifications to parents before the deadline, so that they can make necessary arrangements and avoid any delay. It is no more a hassle for the admin staff to send individual SMS/emails to parents as reminders. The ERP system is capable of sending customized reminders to the phone numbers fed into the system, on an advanced date as per the quarterly or half-yearly fee schedule structure. Also, if students avail for special classes arranged by the school; such as; guitar or coding classes; parents can securely pay the fee online by logging into their child’s Fee ID account.
5 Easy Invoice Generation
Once the fee payment is complete, parents often seek an invoice for record and it also serves as proof. An educational ERP auto-generates the invoices for all transactions in a real-time manner and passes on a copy to the registered email address. An option is available to download the invoice in .pdf or excel format, thereby offering convenience.
NLP is a comprehensive ERP platform adopted by over 1,200+ schools across the globe, including UAE and other GCC regions in the Middle East. This all-in-one platform offers integration of LMS, ERP, and other Digital Add-Ons, in an endeavor to progress towards paperless education and administration.
NLP’s Fee Payment Module Has the Following Benefits;
- Convenience in creating ‘Student Fee Categories’ gives the flexibility to create different fee structures for a different set of students across various grades
- Seamlessly review the Free Structure Overview and filter class-wise to quickly check the status of late payments, defaulters, etc.
- Any ad-hoc fines, concessions, or scholarships, can be mapped to the individual student Fee ID and the calculation is computed automatically, such that there is no error in the amount of fee needed to be paid in that particular installment.
- Admin can select a Fee Receipt template in three sizes: A4, A5, or A6 format, as per convenience.
- It is easy to enter details of the Bank to which the fee money should be credited and track whether the transaction has been successful.