Effective Finance Management
Introducing a school finance management software to your school would be one of the best decisions you will ever make. Effective finance management requires much day-to-day, monthly, and annual tasks ranging from balancing budgets to managing contracts, paying vendors, maintaining asset all geared towards aligning the company’s expenses with the available resources.
School finances are tied to the population of students in the school, the cost of their fees and the resources expunged in purchasing materials for the pupils, paying the staff and other expenses that the school would incur from the use of light, water, etc.
Most schools are used to the tiring way of managing finances, a system filled with errors, and in our opinion, not a smart way to manage your finances. On that note, we would be giving you three reasons why you would need effective finance management and hope that when you’re done with this article, you will sign up for one.
1. Accurately Control, Manage & Report
Having a solution/ software which is fully customizable with charts of accounts and options that allow you to present your schools work with ease. All reports and information are recorded as you need them. You can manage transactions, payments, receipts, and reconciliation accurately and quickly, saving you that consistent trip to the bank. There would also be transaction warnings and profiles of parents, staff, suppliers, who have any financial relationship with the school. Roles can also be assigned to your admin personnel or teachers to manage task all with the help of an effective finance management software.
2. Manage budget and cashflow
An effective management software would help you manage your yearly budgets. You would know what item or resource or activity has a high financial impact, and this would inform your decision when planning your next budget. You can manage all cash inflow and outflow for all items, school fees, to mention a few, which would help you prevent all forms of financial leakages.
3. Access Real-time Information
With effective management software, you would have access to the school’s dashboard at the click of a button; you can create a detailed report which is easy to understand when presented at a board meeting. This boosts the productivity of your school as you can manage and track your records accurately.