Today, there is no doubt that investing in technology is investing in simplifying processes. In the context of educational institutions, a strategic area for implementing technological tools is definitely the economic-financial one. Therefore, it is not surprising that more and more schools are making inroads into the digital transformation hand in hand with an academic management software that, among its many benefits, helps them avoid complications in the management of their finances.
Academic management software: A tool for managing financial resources
In fact, the absence of technology in the financial management of a school can lead to an increase in operating costs, decreasing the accuracy in the details and generating situations such as:
Account mismatch and reconciliation problems
Delays in collection or collection control
Slow delivery of invoices
Setbacks to comply with tax requirements
The solution? Having an academic management software that helps reduce these types of inconveniences (and the costs associated with them) through the following benefits:
Centralized and updated information
One of the main advantages of an academic management system is to have all the financial information in the same platform, where any data can be consulted in a practical way by reflecting any movement made automatically.
This allows for greater economic control, as it facilitates the management of billing, collection and portfolio data, all from a single place.
Increased process efficiency
In addition, the use of technology reduces the time required for administrative management, achieving greater efficiency in all economic and financial operations.
Furthermore, this process optimization favors a better relationship with users, since the school offers shorter response times to parents in terms of billing and payment, as well as more efficient times to the administrative area, increasing the satisfaction of the institution's employees.
In addition, academic management systems also function as tools to increase collection channels by allowing online payments with different payment methods. This aspect is essential to reduce the accounts receivable portfolio, but also to ensure greater satisfaction of parents, who have more possibilities to carry out their transactions without going to school or to a banking institution.
Finally, an academic management software is an element that aids decision making. This is thanks to the ease with which it is possible to consult information in customized reports, lists, dashboards and other tools that streamline administrative management and allow greater visibility of financial control.
Why choose academic management software over billing and collection software?
Although it could be thought that any accounting or billing software has the capacity to solve the financial problems of any kind of institution, the reality is that, for a school, having an academic management system that has a module to handle billing, collection and portfolio/collection, implies two great advantages that make a big difference:
System specially designed for school processes
Today, technological advances have allowed for a higher level of personalization and specialization in all services. And schools are no exception. The economic-financial processes of educational centers require a system specifically designed to meet their needs, since their billing and collection dynamics are very different from those of other institutions. Therefore, academic management software is ideal for this purpose.
On the other hand, we know that the link between the administrative areas and the families is fundamental when measuring their level of satisfaction with the educational institution. This can greatly influence parents to maintain a long-term relationship with the school.
That is why it is crucial to offer them a fluid attention, where they can find a timely response for any economic-financial or administrative matter in general. Once again, this can only be achieved with a system designed specifically for the dynamics of schools.
In short, more efficient processes have been the cornerstone for transforming educational institutions into much more profitable businesses that can transcend the common problems of overdue portfolios, cost overruns and deficient collection systems. This is the key to achieving an adequate cash flow, whose economic impact is reflected in all areas of the school.
At Phidias, we have more than 17 years of experience helping schools to optimize all aspects related to their school management, through a state-of-the-art system that offers solutions tailored to each school.
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