What is Fee Management?
Fee management refers to the systematic overview of the entire edifice that encompasses fee collection, monitoring, and structuring. It is one of the most important aspects of running and managing an educational institution because an error here can cascade into a disastrous array of consequences that can potentially threaten the everyday operations of the institution. So, fee management is an area of educational administration that needs to be treated with professionalism and proper planning. This is where the concept of a fee management system comes in.
What is a Fee Management System?
A fee management system is a software tool that allows educational institutions to keep track of, monitor, and calculate payments made to the institution and how much is pending on the part of each and every student. It is an automated system that enables the user to determine fee structure, categorization, discounts available (if any), and so much more from the pivot of a single platform. This is instrumental from the point of view of an educational institution because it gives them full access to the details of the student which includes everything from fee payment status to the installment method and payment gateway they prefer. Now, even though a fee management system might seem like a tool useful solely to the administrators of an institution, it is also quite useful to other stakeholders of the institution. However, this brings us to the question of who the other stakeholders of an educational institution are.
Stakeholders of an Institution
A stakeholder is a person who, as the name suggests, has a stake in the educational institution. The nature of the stake depends on the involvement of the stakeholder at any particular level of the institution. For example, a student holds almost the same relative stake in an institution irrespective of whether it is a school, college, or private tuition center. Along with the stake, another thing that changes is the responsibility of the stakeholder. This is especially the case when the stakes are quite high.
The stakeholders in an educational institution can be broadly classified into two distinct categories:
Internal stakeholders are the people who have a direct stake in the functioning of the institution. Their involvement with the same is directly linked to its day-to-day operations and their presence is necessary for its smooth functioning. The internal stakeholders of an educational institution are:
- The students and by extension, their parents or guardians
- The teaching staff, which includes teachers and teaching assistants
- The non-teaching staff, which includes the bulk of the administrative staff as well as all the other staff involved in the transport sector, finance sector, infirmary, and so on.
External stakeholders, on the other hand, are groups of people or organizations that do not have a direct stake in the operations of the institution, but work towards the betterment of the same. They can also be responsible for actions that actively ncourage school improvement. The external stakeholders of an educational institution include (but are not limited to):
- Community members who are active with the institution (typically a school)
- Government bodies that most likely have a direct stake in the school
- Different local authorities that are active with the institute
- Social workers who work with the administration
- Trainers that consult with the institution and offer their services
- School/college store suppliers
How Fee Management Systems Help Stakeholders
Now that you have an idea regarding what is being dealt with here, let us get into the nuances of fee management systems and who they benefit. It is clear from the distinctions given above that a fee management system will only benefit the internal stakeholders of the institution, as only they will have access to the personal information of the students, which is essential for fee management purposes. Given below are some of the benefits that different stakeholders have in an educational institution.
Parents and Students
- Fee management software can really help parents and students in terms of managing their ward’s expenses in the following ways:
- Parents & students can make online payments to the respective institute directly through the Teachmint app by using any of the methods available such as debit card, credit card, UPI, and and so on. Teachmint offers a safe and simple method for making payments. The app also offers them the liberty to track their payment status whenever they want.
- Teachmint provides timely automatic reminders specifying the due date and money to be paid to the institute. This helps students and parents by helping them remember the due date and pay the amount before the due date, hence avoiding extra charges in the form of fines.
- A proper fee management system like the one Teachmint offers helps parents and students make online payments at any time anywhere.
- The fee receipts are automatically generated upon fee payment, following which it is instantly shared with the parents/students. This allows for easy seamless communication and eliminates any errors in the process.
Suggested Read - Top 8 Benefits of Using A Fee Management System
- A fee management system offers several benefits to educational institutions and their administrators.
- A fee management system helps manage each and every fee related activity from a singular focal point.
- The administrator can decide and set access options and permissions to each user.
- Teachmint allows for easy effective communication between the administration and the other internal stakeholders of the institutions (namely the parents, teachers and students). The admins can hence be in constant touch with the staff and students.
- Since all the major work is taken care of by the fee management system, it greatly reduces the strain on the administration to keep track of and maintain physical records. All the tasks are automated and all the bills are generated automatically.
Fee management is an integral part of a smooth functioning institution, and the better the system is, the better the lives of all the stakeholders. Each stakeholder will receive the trickle-down effect of having a well-optimized fee management system in their own way, making their involvement in the system all the more effective and efficient.