There are three key financial management segments within a school setting, unlike a business organization.

Fees management

Student fees from a large part of a school’s finance management and IntelSchool’s tools help simplify the process in several ways.

Creation

• Manual calculation and creation of school fees can be extremely tedious. The students’ class, transportation, hostel, sibling discounts, and many other such elements are involved. With IntelSchool’s financial management systems, you should be able to calculate, and eliminate human errors through automation thus making the entire process, error-free.
• Set up critical fee management functions applicable across departments within the school with the help of our system. You also have the flexibility to set up fee structures and heads for all departments inclusive of scholarships, concessions and much more.
  Collect fees from the students through several payment modes other than the on-campus fee collection window, with IntelSchool.
• Integrate your payment gateway to enable students to pay their fees, conveniently, online.
  There is an elaborate reporting engine for late fee fines, fee revenue forecasts. Shortfalls, fee payments, and others.
• Fee structures for various classes can be addressed through the application including collections and much more.

Scheduling

IntelSchool sends automatic reminders to parents after scheduling the fees for a particular time frame. Alongside, the fee invoicing process is also automated, and reports are generated about fees due when required.

Identifying

While the software does help consolidate all fees while automatically making entries, there also is a module that allows the finance team to get an update about the pending fees, very easily. Set up the system to send reminders to parents or the concerned payer about pending fees and any other payment, related to the school. A reminder about the pending fees is sent through an email or the SMS.

Fee structures and refunds

School fees might vary from student to student. This also depends upon the number of variables such as discounts, and facilities such as canteen, transport, and others. The school finance app from IntelSchool helps you check the structure of the fees accurately, and give refunds, where applicable.

Reports

MIS is a big part of any organization and schools are not any different. The administrative team can create and edit fee-related reports with the help of IntelSchool. Extract batch-wise, students’-wise or apply any other filter that you wish to create and edit reports that are customized as per the requirements of the school.

Payroll Management

IntelSchool implements premier payroll management for all staffs ranging from teachers to department heads to both untrained and trained support workforce. The system helps the school manage the entire human resources including specialists, counselors, etc. while dealing with the financial aspects of their salary, Tax Deducted at Source (TDS), gross pay and much more. Get easy salary computation and employee attendance management modules at any time of the month. The software also allows variables, besides attendance data, and provides information about mid-year salary revisions. Additionally, the software can be customized to suit the school’s policies depending upon leave and benefits, pay, attendance calculation, etc. to derive the final pay or salary of any employee at the end of the month.

Activities under Payroll

Payslip generation

IntelSchool allows the school’s administration to generate payslips for every employee towards the end of the month. Each of these is personalized, by addressing the employees by their name, designation, and salary. A manual payslip generation can be extremely tedious, which is why IntelSchool simplifies the process.

Payslip MIS

Get a complete report on the payslips that you have generated through the staff payroll system besides generating physical payslips. Customize each of the reports to augment ease of comprehension and minimize manual efforts.

Approval and Rejection

Another benefit of IntelSchool’s staff payroll management system is employee payslips can be either approved or rejected depending upon the situation. When employees log into their profile, they will be able to visualize the approval or rejection of their payslips with the relevant comments against the action. The versions are also downloadable as PDFs.

Payroll groups

Based on payroll categories, groups can be created, which defines the payroll structure of the employees. When a single payroll schedule does not fit the requirements of an educational institution, IntelSchool provides you with the option of a common payroll structure that contains LOP calculations, payment frequency, and others. The creation and processing of each of these payroll groups are separate.

Accounts management

A broad selection of features is available on IntelSchool, for the institution. The software empowers you with the ability to manage and control all of your accounts effectively. Extract financial reports to view various transactions carried out within a specific timeframe. Customize your reports to derive date-wise, month-wise or yearly data. Providing you with an ability to view and generate reports in absolute detail, the report will feature all the existing categories of income and expenditure along with details of fines, discounts, and others.

Manage all common transactions done in the school, efficiently with IntelSchool. Create custom categories and generate newer classifications of income and expenditure as well. Manage donations, taxations, assets, and liabilities, very easily with the software.

IntelSchool uses a combination of artificial intelligence along with machine learning to provide you with a futuristic, scalable system. Create newer modules or upgrade your existing systems to get the latest in software technology for your school. Speak to our consultants for more information about the IntelSchool app.

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Understanding The Role of Finance

Certainly, financial sustainability and long-term objectives have to be achieved through a strategy that begins with understanding the role of finance in support of the school. Fiscal perspectives warrant the delivery of educational objectives effectively and efficiently.

Funding, by itself, has graduated from its conventional back-office roots. Today there is more partnering, and networking alongside managers that support in crucial decision making. Finance also addresses the challenges the schools are facing. Whilst accounting and compliance are largely transaction-based activities, these have to be controlled well because the information generated and analyzed from this help evaluate future financial implications and foster directional decision-making. It is only by looking into the future that management accounting activities can attain solid foundations through constructive analysis of scenarios and implement long term financial planning. Then there are also other accounting activities such as budgetary planning, resource allocation, data insight, financial modeling, etc., that help face future financial uncertainties.

The Need For Automation

Rigorous financial management revolves around accountability and efficiency. With reservations over funding, even at its most basic level, it is extremely important to competently manage the flow of money in and out of an institution.

An effective financial management software system can precisely measure cash flows, optimize profitability and ensure compliance while maintaining lasting sustainability. Precision, speed, and reliability can be obtained only with the help of a technology that fortifies the foundation of financial management within an educational organization regardless of the pressures around it.

An Ideal Financial Management System

While the need for a strong financial management system is already established, off-the-shelf products can do little to contribute to accounting flow. These systems though easily available, are not tailored to suit a school’s administrative requirements. There are several tasks involved within an institution such as a collection of student fees, proffering installment plans and fostering parent-teacher communication, to name a few. Every school needs to assess its current administrative requirements before initiating a solution. For example, check if your system does have an Accounts Receivable function capable of providing comprehensive invoicing, receipting and reporting. An appropriate financial system will allow access to different people responsible for paying a child’s educational costs and will revolve around a student-centric billing system where the child is the driver in its entirety. Additionally, school administrators should also be able to track fund allocations and map it with student records. This way, the schools will be able to achieve their goal through multiple options and can avoid unnecessary human errors that can occur through manual work.

Smart School Management System

The Accounts Receivable function should be able to obtain the data that is stored within a student management system. This means the School Management Software should be fully integrated with the Accounts Receivable system to eliminate the time-consuming task of performing manual imports and exports of data. The system should be able to dissipate the contacts and the students associated with them into the accounts receivable system. In essence, the accounting system is seamlessly integrated into the smart school management system.

Features of a good financial smart school management system will include Accounts Payable, General Ledger and Asset Register that complement the accounts receivable system.

Ordering invoices through to payment and creditor management is accomplished through accounts payable
A comprehensive summary of all integrated ledgers and sub-ledgers can be obtained from the general ledger
Finally, the asset register maintains depreciation and insurance information.

IntelSchool Management System

Overall, IntelSchool proffers exhaustive school management software that deals with every accounting, financial reporting, and related complexities. It helps the institution operate efficiently while being able to elicit sophisticated reports for every module including Bank Reconciliation, Income & Expenditure A/C, Budget, and Cash/Bank Receipts and much more besides the usual Accounts Receivable/Payables.

Our automated financial management system integrates student billing with online enrollment. Office operations of an educational institution can be optimized through customized online enrollment contracts that are supported by tuition rates that vary according to grades, level and boarding criteria of the student.

Besides, automated credit facilities are applied for students with grants or those who have been awarded financial aid
Flexible payment options, including online payment deposits with credit cards and even e-check options, are made available.

Once contracts have been submitted, the invoices are generated automatically. The system also facilitates the generation of online statements, a school store, and even conveniently processes application fees. Additionally, the staff is empowered with an electronic approval system where teachers can submit purchase orders and other supporting documents through an intuitive interface. This order request is automatically transmitted to the general ledger account that receives a notification for pending order approvals. Once considered, approval is immediately conveyed to the teacher for purchases. All items can be easily marked as received and an email is triggered by notifying relevant offices about the purchase.

Furthermore, paper reports are eliminated, and key personnel is provided with access to a customized dashboard that provides an overview of all purchase orders and accounts. An intuitive reviewing and approving process with an easily navigable interface provides information about budgets for the subsequent fiscal year along with real-time general ledger activity.

Users can accordingly generate financial reports on the fly and leverage the power of the IntelSchool Management system that is also equipped with a set of predefined reporting modules comprising of the Balance Sheet, Income Statement, Statement of Fixed Assets, Trial Balance, Cash Flow Forecast and much more.

With our School Management System, institutions can enjoy and experience a customized accounting and financial management structure built particularly for your school, with comprehensive security access and automated updates and processing. We engineer online systems to deliver the highest levels of quality along with transparent communication and a completely cloud-based solution that can be accessed anywhere and at any time.

Furthermore, paper reports are eliminated, and key personnel is provided with access to a customized dashboard that provides an overview of all purchase orders and accounts. An intuitive reviewing and approving process with an easily navigable interface provides information about budgets for the subsequent fiscal year along with real-time general ledger activity.

Users can accordingly generate financial reports on the fly and leverage the power of the IntelSchool Management system that is also equipped with a set of predefined reporting modules comprising of the Balance Sheet, Income Statement, Statement of Fixed Assets, Trial Balance, Cash Flow Forecast and much more.

With our School Management System, institutions can enjoy and experience a customized accounting and financial management structure built particularly for your school, with comprehensive security access and automated updates and processing. We engineer online systems to deliver the highest levels of quality along with transparent communication and a completely cloud-based solution that can be accessed anywhere and at any time.

As one of the fastest-growing platforms, IntelSchool makes paperless classrooms an absolute reality.

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