Manual processes and data silos tend to lead to mistakes and inadequate financial oversight. However, when all of a school system’s data is integrated in one location, there is improved data accuracy and less room for error. Integrating accounting requirements into other departments in the school district helps make sure activity fees are accurately recorded and collected. Fees arrive in the bank account faster, as parents can pay directly from a mobile phone, and money is directed to a designated bank account determined by the accounting team. Eliminating cash payments means teachers and administrators no longer need to worry about collecting payments, learning accounting codes, or navigating the general ledger.
These are just a few key benefits of integrated fee management software for school accounting departments. Below are five more reasons why an integrated fee management solution is beneficial for school districts.
1. Automated fee collection eliminates manual work
With fee management software, teachers and administrators are able to collect fees without involving the financial team in the process and maintain standard accounting processes without the need for anyone to micromanage across departments or pick up the slack when procedures are not followed. Automated fee collection eliminates the need to manually chase down, verify, and keep track of student payments, reducing manual data entry and saving staff time.
2. Integration improves system-wide fee collection
Integration with existing systems, such as the student information system (SIS) and accounting software, improves fee collection by syncing with student rosters, recording, and allocating payments. Debit and credit card payments integrate with accounting software, with automated receipts and historical records to provide a financial audit trail. Integrated reporting tracks which students have paid back-to-school fees and field trip expenses, as well as those who have yet to submit payments.
3. Online payments are safer and more secure than cash
Schools can avoid the risk of cash misappropriation by collecting safe, secure online payments. Fee management software integrates with school accounting systems and provides a historical record and fully auditable trail, reducing the opportunity for cash to be lost, stolen, or spent—and reducing the risk to school districts in the process. Many schools recognize that going cashless helps improve fee collection processes with automated workflows and approvals, allowing the accounting team to remain hands-off knowing that school-generated funds will be correctly allocated with an integrated fee management software.
4. Reporting provides increased financial visibility
School accounting departments can gain increased financial visibility with the automated reporting features offered by integrated fee management software. Automated reporting allows administrators to allocate school-generated funds directly to the appropriate accounting codes to ensure accuracy. Real-time updates provide administrators with the most up-to-date financial data available.
5. Parents prefer mobile and digital payment options
Consumers want and expect digital payment options, parents included. According to the Speak Up Research Project, 95% of parents have smartphones and prefer mobile-friendly payment and communication options. Digital payment options allow schools to align with modern preferences by offering parents the ability to pay school fees in a convenient, mobile-friendly format.
Schools can benefit in many ways from investing in fee management software that integrates with existing student information and accounting systems. ActivityRight offers one centralized place for fee collection, form management, and parent communication across school districts. ActivityRight integrates with existing systems, allowing school administrators to process, collect, and reconcile fees with more accuracy, and in significantly less time. Schedule a demo to see ActivityRight in action.