School Fee Management and Online School Fee Payment
An essential part of the operations of K-12 Schools, Colleges or Classroom Training Centres is the correct and actual visibility into the status of fees and online school fee payment. While this is possible to a certain extent from backend accounting systems, which most of you rely on, challenges begin when confronted with certain regular scenarios, let me bullet them, while you try to answer.
- You have sent notices to all students and their parents to pay school fees by a certain date. Every student may have certain variation in the fees amount depending on the activities chosen, hence you are unable to mention the exact amount in the general notice.
- Parents start enquiring with your school administrator, coordinator, teacher, and accountant on what is the amount to be paid; which adds to serious overheads during the early session days since it takes digging to calculate the amount.
- Subsequently, tracking fees paid and the outstanding estimate is another time taking and often inaccurate exercise imposed upon the accountant. Payments are dynamic, it can change every hour, so reports generated today may not be valid when seen by authorities a day after.
- You don’t get to know exactly who has paid and who has not, so you start sending general reminders to all students and parents to pay their fees and ignore if already paid. Some parents and students get offended upon receipt of such notices since they might have already paid.
- The Accountant has to frequently do bank reconciliation of payments against invoices, and matching records based only on remitter’s name, which sometimes leads to mismatch while recording manually into accounting systems. (Remember accounting systems are not built for your school and are generic in nature. They are good for recording income and expense only).
- All these complications compound with the increase in your number of students.
Automation is the key to solve these problems, inaccuracies, and overheads. While you are using automation at most of these stages, you might argue – Automated accounting system with manual entry, automated communication of notices with manual choice of recipients, automated financial reporting with manual report generation, are but some of the automation used. The point of serious concern here is the “manual intervention” which completely diminishes the use of automation at all. Any process which is half automated is not automated. If you start understanding this, you have begun the design and acceptance of Global Best Practices for process and automation.
To map the process of School Fee Management and Online School Fee Payments as a complete end to end automation is possible in SchoolTime, this is how:
- Create Fee Structures once, and map them to an entire school, entire class, only a section, a group of students, or one particular student.
- Based on your preference, generate invoices with a single click to all those mapped to the fee.
- Send the invoice over email again with a single click after you have verified that the invoice generated is correct.
- Students and their parents receive the invoice with a “Payment” button inside the email itself, which when clicked by them, takes them directly to make the payment online (since you have already integrated your choice of payment gateway in SchoolTime).
- Post payment, the gateway automatically send a response code to SchoolTime by which the invoice status is updated to “Paid” without any manual intervention.
- Your SchoolTime dashboard automatically shows you paid versus outstanding fee details, no need for generating reports manually.
- Send reminders with a single click to only those whose fees are outstanding, without having to manually search for who has paid and who has not.
Was that difficult? Not at all. what you did was transfer your manual work of payment recording, bank reconciliation, report generation, notification and everything else to SchoolTime automation. SchoolTime fits perfectly for Classroom Training Centres as well, like Private Coaching classes, Entrance Exam preparation classes, Fitness Gyms, and possibly any kind of training institute you are running.
School Fee Management and Online Payments