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Best School Accounting software

Finding the best School Accounting Software for your business is now faster and easier! Compare prices, reviews, features, and get free consultation to find the perfect software.

What is School Accounting Software?

Accounting software is a type of application that keeps a record of all financial transactions. However, educational institutes such as schools or colleges should use an accounting system that is especially curated for such establishments. If your school uses a default general software, you will face multiple limitations, since they cannot be customized to meet school-specific requirements, which can include a collection of student fees, online storefront accounting, and communication between teachers and parents or guardians.

The administration of any school needs to keep a real-time track of fund allocation, which is then integrated with student records. When you ditch a centralized platform and instead, opt for multiple software applications to perform different functions, you increase the chances of human errors. Additionally, it also introduces several steps to the functions, which can otherwise be carried out using a single application. And this is where a school accounting system comes in.

Best accounting software for schools helps you address the budget issues at your institute. It automates processes such as accounting, financial operations, and other related back-office functions. School accounting systems are specifically designed to address the budgetary needs of school management and include tools such as accounting, billing, accounts payable, purchasing and payroll. All these features are incorporated within a single administrative tool, making school management an easy, seamless process.

Features of School Accounting Software

Best accounting software for schools promotes efficient management of the establishment. In fact, you can use this single module to execute and keep track of all types of accounting transactions so that they are automatically recorded in books of accounts. Reliable and powerful, it removes the need for using additional applications. A private school accounting software allows you to import data from other software into its ERP.

Some of the basic functions included with premium school accounting systems include ledgers, bank books, cash books, trial balance, income and expenditure accounts, and balance sheets. It traces each and every expense incurred by your school. You can use it to generate and print vouchers, one of the most important documents in accounting. A comprehensive school accounting system can be used even in colleges, universities, other educational institutes, and coaching academies. This application forms an inevitable part of the school management system, college management software and institute management software.

Below, we have listed some of the common features that arrive with almost all best accounting software for schools:

Easy-to-use interface

The best school accounting systems should feature an interface that is easy to use, comprehend, and implement. You should be able to view all the transactions and reports just within the click of a button.

Budget considerations

Leading vendors of accounting software for schools shall offer you a gamut of functions at an affordable price. It should be versatile enough to be integrated into small schools as well as large institutes so that when your establishment grows, you do not need to invest in another application again. The provider should assure you that the application can be used to maintain your accounts at a reasonable price.

Records across multiple years

In order to keep track of your annual expenses, a good private school accounting software must come with the option to maintain the records for different fiscal years. It should also ensure that the data is accurate and secure.

Automated reports

After you enter your data into the school accounting system, the application should be able to create reports from entries related to receipts and payments into trial balance and balance sheets.

Seamless workflow

Usually, the best accounting software for schools follow a uniform workflow, which includes the following steps:

Creating ledgers: It generates ledger accounts for all your related suppliers and vendors

Posting account entries: The following account transactions are generated by school accounting systems:

  • Accounts vouchers, which include receipt, payment, journal, contra, and debit or credit notes
  • Detail payments and receipts
  • Bank reconciliation statements

Creating reports: School accounting systems generate the following records automatically

  • Ledger
  • Trial balance
  • Final books, such as profit and loss statement, balance sheet, and income and expenditure statement
  • Books of accounts, which comprise ledger for multiple accounts, cash or bank book, daybook, journal, sale register, purchase register, bank reconciliation statement
  • Records of collection of outstanding dues, like receivable amount, payable amount, collection sheet, outstanding aging analysis, and cash receipt report
  • Depreciation chart as per Income Tax Act

Additional features

Additional features which you should check for before investing in a school accounting system are: collection of student fees, keeping track of inventory and equipment, integration with online storefront, creation of custom receipts and reports, separate module for donation/fundraising, online credit card payments, management of payroll, tuition, and student profiles, options for multiple currencies, ACH bank transfers, printing of checks, among others.

Benefits of School Accounting Software

It is important that schools do not spend considerable amounts while investing in costly school accounting systems. They should also ensure that they do not spend vital hours in generating complex, detailed reports. The ideal private school accounting software offers the option to store and access finance and accounting data through a centralized dashboard, where stakeholders can track data and perform required actions even from remote locations. Hence, with the right accounting software for schools, you can organize all your accounting transactions while using minimum resources. Below are the key benefits of an accounting system for private schools:

Centralized platform to carry out multiple functions

The best school accounting systems organize the accounting module of your establishment, which is the most complicated task in any institute. You can manage all the various day to day expenses through one application. It will store data and manage information related to bank transactions, student fee collection, and related expenditures

Apart from managing expenses and incomes, school accounting software ensures that your data is safe. A complete day book keeps a count of daily transactions. You can even import data from other applications that are integrated with your system. It is a reliable, affordable and user-friendly option

Access data from remote locations and a gamut of devices

Best accounting software for schools ensures efficient, transparent and accurate financial and accounting records. This not only minimizes errors that arise from manual calculations but also cuts down costs, increases productivity and enhances revenue. What’s more? You can access all this data from any location off-site. Additionally, you can also track real-time financial data on smartphones and tablets. This data can be related to financial, accounting, procurement, and budgeting enabling you to keep count of compliance requirements and financial status on the go.

No requirement of hardware or software installation

An efficient and cost-effective option, cloud-based school accounting systems do not need to undergo hefty costs in installing hardware, software or deploying IT staff. You do not need to spend extra by paying software license fees, especially when you pick the cloud-based applications.

Import and track data

The data import feature of private school accounting software enables institutes to easily import vital information concerning staff and students from connected systems. This data can then be mapped into relevant fields as and when required. When you have all the data related to your staff in a single platform, you can easily track and share workflows and approvals. Such an automated process promotes better collaboration between students, departments, staff members, and parents.

Another obstacle faced by schools is to trace expenditures and reduce costs. A premium school accounting system enables you to capture financial data and accurately monitor it in real-time, thereby helping you to stay organized at all times.

This tool generates snapshots of your financial performance through comprehensive reports such as bills payments, receivables, balance sheets, taxation reports, budgeting, and inventory. Hence, you can make quick, better, and informed decisions. Accurate and actionable reports will ensure that you can effortlessly analyze, measure and forecast academic performance.

Quick payments

Accounting software for schools takes care of all functions, including fee payments during admission, enrollment, library, hostel, transport, among others. Fast, simple, and safe online or mobile payments help you ditch errors that arise during manual transactions.

Integration with third-party applications

The best school accounting systems have the ability to integrate easily with third-party applications. These applications are fully customizable, versatile and flexible and you can scale them as per the requirements of your institute.

Real-time notifications

Whenever your institute does bill payments or cash collections, a school accounting software will send automatic notifications to students and parents through email, SMS and push notifications.

Benefits to stakeholders

School accounting systems, as we mentioned above, promotes complete automation of operations, leaving more time to focus on strategic tasks. They help the management in taking informed decisions and give access to parents so that they can have all the information about their wards online. So, these tools offer multiple benefits to different stakeholders. Let’s see how:

  • Management

    The administrative department of educational institutes can reap multiple benefits from school accounting software by being up-to-date about different aspects of the establishment. They can use a single, centralized dashboard and manage records with zero redundancy. They can monitor effective communication between teachers, parents, and students and also promote the technological advancement of their schools. The management has full control over automated operations, can ensure optimal resource allocation, generate automatic timetables for teachers, have microscopic and macroscopic views of the entire operations. Additionally, the management saves costs without investing in different hardware, software, and management modules.

    The administration can easily track individual modules, effortlessly detect errors, and create automated and quick reports within minimal turnaround times. With effortless data access from a single repository, they can check related profiles instantly in the accounting system for private schools. The department also does not require extra learning and IT skills to understand how to use the school financial management software. They can ensure high-level security of their data, design scalability when required, employ a minimal workforce, leading to huge cost-cuts

  • Parents

    Even working parents who do not have time to frequently visit schools can use the reporting system of school accounting software enables to keep track of their kids’ academic performance. They can maintain regular communication with the school and have frequent interactions with teachers, all from a remote location, using only the internet. Parents can additionally participate in school activities, get updates about their wards’ attendance, progress reports, and fee payments, and get updates on events and vacations. Regular updates through articles, discussion forums, image gallery, and messaging systems are also other benefits of school accounting systems for parents.

  • Teachers

    Teachers, with the help of school accounting software, can use the advantages of automated student attendance, and computerized management of marks and grades in exams. They can create prior timetables, give more time to their pupils, and frequently communicate with parents. Moreover, teachers can assess students and parents through common online forums, organize activities, keep track of class information and analytical reports, and use online email and SMS systems.

  • Students

    Not only the management, but even students gain a lot from school accounting systems. They can regularly interact with their parents and teachers can access their attendance records, timetables, marks, grades, and examination schedules, and can easily publish articles and write-ups showcasing their talent. They have the liberty to take part in discussion forums, easily browse through books in the library and get them issued online, and get updates in advance about school events and holidays.

    So yes, a private school accounting software comes with multiple benefits. It includes several features and you can choose a package that is tailored according to your requirements. And in the tech-driven world, it is time for you to ditch traditional accounting systems and embrace a faster, more efficient, automated, and centralized module to manage all your school-specific accounting transactions.

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Payal PatilBy Payal Patil | Last Updated: October 22, 2020

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