However, the increased number of private Business people and organisations opening up Small private schools, Colleges, universities and international schools prove to the contrary that running a school is a good business.
My focus in this post is to try and help any private school owner, or even government schools to identify the school Accounting needs and know how best those needs can be managed by the use of either a free School Accounting Software or buy one to improve the Management of the School.
1. A School, like any other Business collects and pays out cash. It has debtors as well creditors. The student fees collected need to be receipted correctly and proper records of students owing maintained.
2. Some Schools sale School items and other necessities through a school shop and this means that the sales and purchases and all trading activities have to be tracked.
3. Other Schools are privileged to receive donations from other organisations and from other Fund raising ventures. At the end of it all, the funds need to be accounted for.
4. A School as a Business will have various stakeholders such as parents, teachers and the owners who will need detailed reports about the operations of the school business.
5. Most privately owned Schools now provide more convenient payment options for their students which are only possible with the right Software Solutions in place. From the outlined needs its clear that the accounting needs of a school business are more that just payables and receivables accounting but require a tailored school management Software.
It really matters what area of you business you focus on because in any business or organisation there are only two extremes to be attained growth and decline most entrepreneurs fail to isolate factors that are critical to the success and eventual growth of any business such as a School Accounting software.
Some of the available School Accounting Software to choose from includes Active Educate. You can also find Various School Accounting Software on Softwarenetwork.com and Capterra.com
About the Author:
Fixed Asset Consultant at Prosperity Agencies Limited with over 10 years practical experience in physical verification, bar-coding of assets and fixed asset software implementation +260 211 239859
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Schools maintain various registers like new registrations, record of students, attendance record, teachers record, exams record etc. It's never easy for schools to maintain these registers and these are expensive too. Software can resolve all issues.
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Technology has advanced and so should schools and colleges. These days, academic institutes can’t rely on manual labor especially when it comes to accounts management. If you want to stay away from all kinds of risks, try using Archivist Online . It worked for me and may help you achieve your goals as well.
I totally agree with your post and managing the accounts department is among the most risky and difficult procedures as it requires lots of rotating money and confidential ledgers. In situations like these, the software solution can be a great helping tool. I have personally been using Archivist Online for quite a while and would recommend it to everyone finding newer and efficient ways of administration. A complete accounts management module also comes with it for all those struggling with accounts issues.
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