If you are struggling to manage your school finance effectively, then here is how IntelSchool can help you. Any enterprise or business, including schools and other educational institutions, consider finance management as the most fundamental and imperative practices of their organization. IntelSchool plans organize, directs and controls all the financial activities of a school so that the resources are used efficiently and effectively. Make informed decisions about your school’s budget with our financial management modules to ensure that both the administration and the management team can handle the school’s budgetary requirements competently and operatively.
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.