Reduce Manual Payment Processes With School Finance Software

Recent reporting from Deloitte discovered that switching from manual payment processes to school finance software could save teacher and administration staff 2,000 hours of time each year.

Deloitte’s Payments Practice Leader, Richard Miller said that “If schools in Australia digitized the estimated $2.6 billion worth of payments a year, they could realize efficiencies averaging $84,000 a year per school. More importantly, they could save teachers and admin staff 2,145 hours on average a year to refocus on learning outcomes.”

manual accounting versus software accounting

While each year sees a growing presence of technology within the classrooms, the same cannot be said for the administration side of education institutions. Solutions now exist for all aspects of managing student data, such as school enrolment software and student recruitment management systems. Many administration teams will carry out many menial manual tasks, particularly when it comes to the processing payments for:

  • Excursions
  • Tuition Fees
  • Events
  • School Supplies
  • Uniforms

So why move to a cashless ecosystem? Learn how to improve your workplace operational efficiency in five ways.

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Teachers: Arguably the most important resource when it comes to our students’ education journey and ultimate success, teachers need to maximize the time they can devote to students, and reduce that spent on administration. School finance software offers a solution for collecting payments reduces the time required to communicate, collect, handle, process and track payments.

Administrators: Collecting payments can take up a significant amount of time. An automated, digital solution reduces the need for paperwork, receiving, handling and banking cash payments, freeing up your staff to focus on what counts.

Improved Cash Flow: Digital solutions bring greater flexibility to parents, allowing them to make payments in their own time and left to their own devices. This allows for payments to be made on time and funds to become available almost immediately, improving cash flow rates for schools.

Record Management: Electronic payments allow for greater traceability and accurate recording. Parents don’t need to rely on their children bringing them receipts which can be easily lost, while also taking up the time of administrators.

Convenience: As mentioned, parent’s don’t need to worry about making time to withdraw funds and come into the school to make a payment or rely on their children to handle cash. A digital solution offers convenience and peace of mind to parents.

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