Educational institutes such as Schools / Colleges / Universities are usually recognized as charitable organization. Thus the purpose of Genius Education management is to help in promoting, developing and enhancing the quality of educational services. Mostly the educational institutes are managed as non-profit organization, which leads to negligence in financial aspects. Also it need to have persistent growth with adequate funds for the development and infrastructure needs. Thus, there should be standardized and smooth Financial Management in every educational institute whether it is profit or for non-profit. It have very different point of view for finance management, as they believe that its mainly to manage funds and other basic activities for the development and handling of the institutes.
Following are the main traits of Finance Management in Genus Education management :
- More focused and centralized in systematic way for development and acquisition of funds.
- Finance management is used to stabilize the financial position of the organization.
- There is restriction for source funding because of government regulatory framework in educational institutes.
- The main source of income for educational institute comes from fees, donations and charitable trusts.
- Due to low dimension and limited scope the financial information required by the institutes is very limited.
Educational institutes wants to have proper financial information and survival tactics in a competitive environment. Major success depends on ability to collect and use financial information in true sense. Institutes that are maintained well, contains right set of required financial information. Certain rules, laws and procedures are very well defined in educational institute with the help of financial decision making.
KEY FEATURES OF Finance Management
Admin can add the account master list, with Account name, Balance and group name, it will handle all the accounts related activities and also helps to view the account master list. It can manage Bank / Cash transaction, Expense and General voucher for the Institutional activities.
Admin can handle and manage all the fee related institutional activities, he/she can add the type of fee payment, with different mode of payment like cash, Cheque or visa cards, Fee Setting list will give all the details of the students who already paid there fees or of those students who haven't paid which will make late fees payment penalty, it will also show in which stream students are studying. It will provide high accuracy in professional accounting in terms of School fees, Issuing fee receipts and fee register update.
Admin can also assign the fees head for different sections, the most important feature of the finance management is fees collection, when the student will give the fees to the school admin, it will add all the details like : Admission number or mobile number, with other details like stream, class, section and student name. After receiving and filling up the fees collection form it will show the fees paid status for the particular student.
Different types of reports can be created by the user in finance management through Genius Education management like : to handle and Manage Journal Book, Cash / Bank Book, GST Reports, Profit and loss, Balance sheet and trial balance reports and all the other reports which will help the institute in analysing and recording the total available funds and total profit and expense of the institutes.
Finance management can operate and handle different types of Masters like : Account Master, Expense Master, Bank/Cash Master, Tax Master and admin / principal can also assign rights to other users/departments upon requirements. It will also be used for Bank related transaction and details, having bank name, branch, opening balance etc to handle the bank transactions, tax master will help in knowing the tax rate for different tax imposed on the Institute related activities.
Likewise it can manage all the expense related activities of the Institute. This module will help in handling the financial budget of the Institute. they can add the expense master which will have to fill the details like : Expense master name, contact number, Email, GST details, PAN number, Opening balance, Bank Name, Branch Name, Country, State, city, pin code etc. all this details will create the expense master.
Benefits of Finance Management
- It is helpful in capital budgeting so as to decide long term requirements of the funds.
- Administration can get Accounting and Financial Reports.
- Complete Integrated modules with Finance management.
- Create, manage and maintain different Time-tables.
- Working on master data files with different rights to different users.
- Get all the Accounting Features on single platform.
- Customized direction with reporting of the Educational Departments.
- It also provides you an opportunity to follow through on your policies and plans.
Genius Education management is designed with the tagline "Enhancing Education System". It is a user-interactive, flexible, robust, easy-to-access and diversified software platform, which can be embedded in all the generation devices.