To impart education to the students, the fee is what serves the funding purpose. Collecting fees manually can be annoying for parents, students as well as educational institutes. Parents and students have to stand in long queues to deposit fees. Even the accounting department has to face a lot of problems as doing work manually is time-consuming. In comparison to this, an online fee management system is the need of the hour as parents and students can make payments with just a click of a button, and the accounts department can save all the information online safely and securely.

Drawbacks of using the Traditional Method of Fees Payment:

Apart from being time-consuming, the limitations of the manual method of fees payment and collection are –

1. The high tendency of Human Errors.
2. Error in fee calculation and its reconciliation.
3. Wastage of paper.
4. No timely reports.
5. Data analysis is not possible.
6. Assistance is available only for limited hours.

Reasons to use online Fee Management System:

School fee management solutions provide an easy and convenient way for schools to manage the fee collection process. The reasons to use an online fee management system are –

1. Digital Student Management Profile

Managing the fees of all students from different departments can be a tedious and daunting job. However, with Fee Accounting Software or simply Fee Management System, the admin members can create digital profiles of all students by adding the details of each student remotely just by logging in to their portals and tracking their fees history.

2. Secured Transactions

Parents are usually not comfortable when they hear the word ‘online fee system’.

• But, these online Fee Management Systems provide a secure way to pay school or college fees.
• Also, it gives anytime, anywhere access which saves time for both parents and students.
• Data of students is already secured through known payment gateways and the account details are not stored in school ERP.

3. Quick Fee Collection

The fee collection software calculates fees for every student which are highly accurate and reliable. Factors considered while calculating fees are-

• Education scholarships
• E-learning classes
• Hostel fees
• Discounts
• Extra-curricular activities fees
• Library fees etc.

4. Timely Reminders

Often parents are busy with their hectic schedules or jobs and they forget the deadline by which the student fees are to be paid.

• These online fee management systems send reminders to them via mail or their registered contact number.

5. Highly Transparent

Due to increasing fraudulent activities, parents have a fear that their account details and other personal information will get leaked. But online system ensures accuracy, reliability, transparency, and precision so parents don’t need to worry about anything.

6. Backup of Data

Sometimes, the parents are so busy that they forget where the paper receipts of the student fees are. So, to make parents and the school authorities tension free, this online system automatically creates a data backup for every student.

7. Timely Reports

Fee systems have an inbuilt feature of creating reports of each student separately at the end of a month or a quarter (as the fee structure time may vary according to different educational institutes) which makes it more efficient and effective as compared to the traditional one.

8. Integrated Solution

Fees management is a hectic job for both schools and colleges. This system helps the authorities to maintain all their digital payments in one place which helps them in keeping an easy track record of all student fees structure. It also includes:

• Course or tuition fees
• Examination fees
• Hostel fees
• Bus fees
• Scholarships etc.

9. 24×7 Support Provider

The online fee system is available 24×7 to the parents which saves them a lot of time and is hectic. Whether they are in their workplace or come to think of their child’s fee in the mid of the night, they have system access anytime, anywhere to process the fees.

10. A Shift to Paperless Technology

Fee management technology has made every detail regarding the student digital as compared to the traditional method which used bundles of paper to do the same task. Not only it is helpful for students but it is a great tool for administration as well as all the processes like –

• Attendance management
• HR management
• Fee management
• Admission processes are well-maintained

11. Cost-Effective Tool

Online fee management systems act as a cost saver tool for educational institutes. Moreover, the staff is not required to maintain any registers, ledgers, and other related documents. It ultimately saves a lot of money on paper.

To Conclude:

Online fee management system like our SmartStudent App is more convenient and offers multiple payment options as compared to traditional one. Also, it is easy to use, helps in tracking the data anytime and anywhere remotely and is a better tool as it makes use of technology. It has a low operational cost and provides more precise data. It is a great tool to help schools and colleges to transform their fee management structure digitally.