Benefits of Using A College Management Software for Financial Management

It is common knowledge that a college management software has made it easier, for administrators and faculty alike, to manage ongoing campus activities which include admissions, examinations, library management, etc.

What makes a competent college ERP different is that the administrators can map and perform all the financial activities from a single system itself. Be it Fee management, Payroll management or Inventory management, all these operations can be carried out and tracked with a single ERP.

Additionally, the institute administrator can monitor and keep track of every single transaction in real-time with unparalleled speed and simplicity, which in itself is a huge advantage.

Integration

Fee management, payroll management, hostel management, stores/Inventory management and all the other modules related to or involved in financial transactions are integrated with the ERP. In other words, the data and information can be transferred or shared from one system to the other easily and smoothly.

The data of every fee collected, written-off or refunded is stored in the ERP. This data reflects in the accounts module in real-time. Similarly, every financial transaction carried out in payroll management system, hostel management system, etc. get reflected in the software.

Hence, all the financial details can be monitored from a single platform, which is the Accounts Module. This largely eliminates the hassle involved due to disjointed systems that are unable to communicate with one another.

Furthermore, all kinds of reports can be generated in merely a few clicks and in the Institute terminology, which is a huge requirement, especially for UGC colleges. Compilation of financial reports requires weeks even with 4-5 staff members working daily. With an education erp system, the man-hours can easily be saved.

Security

Financial data is perhaps one of the most sensitive data, and hence must be kept secure. Financial data security is increasingly becoming a challenge for Principals and Administrators because of increased cyber crimes as well as higher risk of data theft.

Financial data stored on paper is the most vulnerable and so is the data stored in excel files. Right from data corruption, data loss to data manipulation, a lot of data security issues are to be dealt with, on a daily basis.

The one-stop solution for all these problems is a highly secure ERP system. Cloud based ERP provides role-based access to each and every user. And the information a particular person or authority can view is solely based on the rights given to him by the administrator.

For instance, a clerical person can only view and manage a certain portion of the data, whereas, an administrator can view and manage all the information stored in the system. This ensures zero data manipulation and loss.

With a cloud-hosted college management system, the data is stored in the cloud, which makes it all the more secure as multiple backups are taken automatically. It ensures financial-data security in every possible manner.

Business Intelligence

Who doesn’t want to eliminate issues, problems, and hassle and improve productivity, processes, and outcomes?

Well, everyone does!

In order to achieve the most out of the least, you have to deploy smart tools and workflow-based systems which support your goals in the best possible manner. A college management system software integrated with analytics-powered BI tools in the form of dashboards is what you need!

The Dashboards are a real-time graphical reflection of the data stored in the ERP. The Dashboards provide the Institute administrator with crucial information regarding the smallest as well as the biggest details.

Information regarding collected fees from a particular state or region, total outstanding fee, the purchase made in a month or department-wise purchase expenditure, etc. can be viewed by the admin in a few clicks or even on a smartphone (If the ERP supports integration with mobile apps.)

Having such important information so readily available gives the management the facility to make well-timed decisions with the help of actionable data. The management can plan expenses, allot budgets or even stop or halt a financial transaction from taking place.

Benefits of using a college management software for financial
management in a nutshell -

• Keep track of each and every financial transaction from a single place (a single login)
• Plan yearly/monthly budgets
• Allot budgets to departments
• Get integrated financial data at any time from anywhere within a few clicks
• Make urgent decisions with real-time data available readily
• Deploy Business Intelligence with the help of analytics-enabled Dashboards
• Integrate different and disjointed systems to bring all your financial data on a centralized platform
• Keep your sensitive financial data secure from cyber threats and thefts
• Ensure privacy of the crucial data with role-based access and high security
• Reduce the cost of manpower by reducing the workload via efficient automation.

Conclusion

There are numerous benefits of using a college management software for financial management provided the ERP is integrable, intelligent and analytics-enabled.

Contact us to schedule a free demo for your Institution!