Besides from educating the little ones, any academic institute also has to make sure that the school maintains a proper accounts management system. Whenever there is revenue and expense involved, the admin cannot trust manual book keeping or various other accounts related transactions. Even the largest of all institutes can and have experienced fraud, theft and misleading transactions.
It’s always healthy to use traditional ways when it comes to schooling pupils but it gets way more risky when the same approach is applied for various accounts related procedures. The success of any school or college depends on its accounts department. One single mistake or error may lead to a heavy loss or sometimes even bankruptcy.
Educational institutes have to entertain thousands of students and parents on a daily basis. Besides from helping them out regarding various issues, there is always an accounts related process on the go. The cloud-based technology has taken the market by storm and in even developing countries like Pakistan; schools have begun to make the best use of it.
Relying on paper was never the smartest approach and science has come up with the best replacement for that particular area. Any academic institute is not only responsible for recording accounts related data, but it also has to keep track of every single ledger from time to time. Maintaining the accuracy and authenticity of cashbooks, fee vouchers, employee accounts and expenses, has to be done in the most efficient way or the school may have to suffer the consequences.
Thanks to the developers of the online school management system for making it easier for even the small scale schools to efficiently organize their accounts department. Now, the question may arise as to how does the software work and what are its benefits? Following are the areas that can easily be covered after shifting to the web-based solution:
- Multiple types of vouchers such as cash payment voucher, journal voucher and cash receiving vouchers are just a few clicks away from the user
- Various other departments such as student admission and fee collections are auto linked with the accounts system so that any entry could be added or replaced without delaying
- Assets, liabilities, equity and all types of expenses are automatically maintained throughout the academic years
- The high-tech double entry accounts system makes all transactions error-free
- Detailed expense reports, cashbook and bank statement can be created quickly and efficiently
- Even the slightest of all expenses and incomes are tracked on a daily basis for future reference
- Most of the accounts related fields ranging from profit and loss accounts to balance sheets and trial balances are automatically updated
When every single detail is being maintained in the most organized way via the cloud-based technology, then why would any academic institute still stick to the traditional methods of school management? Either they still aren’t aware about the benefits that come with it or think that the automated system might be very costly or complicated. There is a very plain and simple justification for this. Any academic institute with the lowest of all revenue ratios can still use the next-gen solution.
There is still a huge margin for change for all schools and colleges across the world. More than 100 institutes and 25 countries are already using Archivist Pakistan. Technology has not just increased the annual income ratio for schools and colleges, but has also completely transformed the way things work.