Page 86 - EW JAN 2022

EW SPOTLIGHT FEATURE

3 Steps to Building Efficient School

Fee Management Systems

i! I am Danish, co- match the amounts with your
founder of SchoolPad. internal reports and bank
HIn the past eight statements. This process is so
years since inception, I have powerful it will help you identify
been majorly involved with all inconsistencies and fix them
schools in helping build their quickly.
fee management processes
and systems to make fee 3. Monitoring: Monitoring
collections more consistent and builds reliability and trust in the
error-free. entire fee collection process,
During this journey, I a significant area of concern
came across many common of school managements
problems. Among them: school and owners. Therefore, it’s
fee records don’t match with pertinent to develop a daily
bank account statements; reporting system for school
timely reminders aren’t sent; managements and owners.
parents don’t remember the These reports must highlight
exact fee amount and pay the critical elements of fee
incorrectly... and the list goes Danish Kundra collection such as receipts
on and on. Co-founder at SchoolPad cancelled or re-generated,
By working closely with concessions awarded with
the staff members of various details, backdated receipts,
reputed schools, I identified these issues that clearly explains all the steps and the etc. This data will make the system more
and along with my SchoolPad team, role of individuals concerned with fees transparent making it more reliable. Now,
addressed them accordingly by building collection. A concerted effort is required to these could be a set of manual reports
solutions. build clarity on this issue through proper being presented daily to management
Following is a consolidation of all training and documentation. The result at the end of day or automated reports
these learnings and a simple 3-step will be a system that will automatically generated and mailed through the fee
process that will help your school build take care of the accuracy of your fee collection software to key management
an efficient, error-free, and reliable fee collections and improve the payment personnel.
management system. experience for parents. Building systems and processes are
time consuming yet essential to build and
1. Build Clarity: This, in my opinion, 2. Reconcile Regularly: This is the grow a school. Once strong processes
is the most crucial step which takes second most important step, especially and systems are in place, school
care of most problems during the fee when you have multiple fee collection managements and owners can focus
collection process. Some issues of modes (online, bank deposit, cheque, entirely on the school’s overall growth
concern are: Who collects fees? What is cash etc.). Keeping a record of receipts rather than spend precious time to fix
the application process for concessions? is only one part. It is essential to have a daily operational issues.
Who approves concessions and who can process in place to reconcile the records I hope you found this article helpful. In
apply for it? Who exempts fines? What is of the previous week, once every week. case you are facing similar issues in your
the fine exemption process? Who assigns Select a day according to your school, do reach out to me at danish@
the transport fee? What is the process to settlement dates, considering cheque schoolpad.in. Would love to chat with you
opt for transport fee? And so on. or online fee payments, so you can and work with you to resolve these issues
Basically, all one needs is a flow chart reconcile the entire previous week and and make your life easier.

EDUCATIONWORLD JANUARY 2022