Manage Finances Efficiently, Tailored for Schools

Revenue and expenses never work standalone – they are two sides of the same coin which is known as financial management. While every institute looks at maximizing fee receipts, that alone will not suffice unless the corresponding expenses are optimized (not necessarily minimized).

By providing a single dashboard view for both financial inflow and outflow, School Accounting Software by Eduwonka enhances efficiency in financial management at the top level, while also offering the relevant access down the tiers.

An educational institute incurs a variety of expenses – some of them may be recurring to vendors, some of them may be reimbursable to members of the staff as they incur them for classroom operations and excursions.

Keeping track of a paper trail is not only cumbersome, but payments may be missed out, or bills may be lost in the process. School Accounting Software by Eduwonka automates this process digitally to ease out expense management.

Questions like –
- Has the electricity bill been paid this month?
- My grade 4 teachers purchased snacks for the students on 5 November for their picnic. Have they been reimbursed?
- My grocery vendor had provided me 20 days credit for payment of stocks. When was that due? And has he been paid?

No longer must be kept track of manually. The school accounting software does that for you with regular reminders once the expense has been input in the system.

How do my books compare across different months? Is there a seasonal variation in fee receipts? My revenues appear to be higher during the start of the academic session in July, is the same true for my expenses? Or is there a significant upward trend in expenses over the successive months of the academic session, without a corresponding increase in revenue?

These are some of the questions which an educational institute may have regarding their books. By analysing trends on School Accounting Software by Eduwonka, better strategic planning can be done at the management level to ensure healthier books in the future. This is also handy in examining misuse of funds available to the institute.

Fee receipts and expenses require their separate templates and line items. Create these template flexibly using the school accounting software.

Keeping track of fees receivable and fees paid is an important aspect of revenue management for any educational institute. Reminders must be sent where payment has not been received, and receipts must be generated where it has.

School Accounting Software by Eduwonka takes care of the entire process once a student is part of the system. Invoices once generated are tracked through the process by the system making this a seamless process.

An educational institute often has to incur small expenses outside of recurring payments. Many a times, it falls upon a member of the staff to take a call and incur that expense on the spur of the moment, or the same may have been pre-decided between the staff and management.

These expenses must be reimbursed – School Accounting Software by Eduwonka keeps track of expense reimbursement through the assigned hierarchy for approval and payment.

An educational institute has a fully hierarchy of staff members, each with a different pay structure. Generating payslips is important not only from a tax standpoint, but also to keep track of the institute’s salary expenses.

School Accounting Software by Eduwonka automates this process, while providing access to this data by individual, designation, department, institute, month, and year. Payslips may be generated individually or in bulk, facilitating payroll management at the institute level.

Vendors are an important part of the institute’s family – they facilitate operational efficiency by taking charge of departments linked to operations, but not directly under an institute’s purview. An institute may have a vendor who runs the café, supplies stationary, runs the medical facility, manages the infrastructure, runs the housekeeping and many more.

These vendors, while they are not a part of your direct payrolls, nevertheless form a part of your recurring expenses. Managing vendors and their payments is part of School Accounting Software by Eduwonka – create pre-approved expenses or approve and reject invoices raised by the vendors every now and then, the institute can flexibly manage their vendors.