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School Accounting Software
Multiview Enterprise .NET n10
Multiview Enterprise brings it experience in over 40 industries to schools and colleges. The flexible system integrates seamlessly with industry-leading applications for payroll, human resources, budgeting, and more.
NetSuite Financials
Netsuite Financials can aid both K-12 and higher ed institutions that need to manage finances at several different locations. It is also a smart option for schools facing budget cuts and needing a solution with fewer upfront costs
FinancialForce Accounting
Educational institutions will find that FinancialForce supports needs for managing student records, online registration and more. The system is Cloud-based so users can access it from anywhere with an Internet connection.
Infor Office of the CFO
Infor Office of the CFO is a comprehensive solution offering features to measure enterprise performance, manage core finances, ensure that government risk & compliance requirements are met, and overall cost control.
SAP - Accounting
This easily implemented system streamlines accounting and finance functions, and offers highly customizable modules that enable users to tailor SAP ERP Financials to meet the needs of their organization.
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Sage Fixed Assets
Sage Fixed Assets is a valuable asset management solution for educational institutions of any size. This system is designed to help guarantee more accurate funding and budgeting across your educational organization.
SAP Business One
SAP acquired Business One to expand their portfolio with financial management solutions that can cater to the small to medium sized business market. Available as a web-based or on-premise system, it is flexible and reliable.
Cougar Mountain DENALI
Denali Accounting is a good option for schools that need robust budget management tools with inventory monitoring functionality. The barcode software is an especially good solution for textbook tracking.
Fishbowl Enterprise
Centralizing and optimizing all critical operational processes into a single solution, Fishbowl Enterprise's affordable ERP/MRP system offers solid accounting and financial management functionality at a seriously affordable price.
SAP Business One
Because SAP Business One can perform tasks like keeping student and financial profiles together in a single database, it is a strong choice for school management needs.
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What is Education Accounting Software?
Since the students are the benefactors of the educational system, it’s not surprising that integrating student records should be a top priority of educational institution accounting software. Consolidating these records into one centralized database minimizes confusion and allows for improvements in efficiency, avoiding cumbersome duplicates in data entry. Along with this database, education accounting software can track funds for school-specific procedures and considerations such as online student fee processing and registration, textbook tracking, retention rates, and educational budgeting and forecasting.
School-Specific Functionality
In addition to core accounting modules, education accounting software typically includes the following:
| Student Records | The crucial and extensive data associated with student records requires a robust solution that integrates that information with the accounting. Grades, extra-curricular activities, and class schedule can be managed within the system. |
| Online Registration & Payment | A robust educational software solution will allow students and their payments to register and pay for classes online and then have registration tie directly to the student record. |
| Inventory & Facility Management | Schools deal with many different kinds of inventory - from classroom, supplies, and textbooks to desks, computers, and sports equipment. In addition to physical assets, school buildings and property also need ongoing repairs and maintenance. Being able to track and manage all of these details helps keep tabs on school assets and prevent loss. |
| Fund Accounting | Funds are self-balancing accounts designed to record cash, related assets/balances, and liabilities. Fund accounting helps educational entities track all expenditures back to specific sources, so that donations and other funds can be used for the designated purpose. |
| Point of Sale System | For items being sold on campus (i.e., meals in the cafeteria), a point of sale system can help you manage cash operations, improve speed and accuracy service, and track sales. |
Evaluating Education Accounting Software
A special consideration for schools is whether or not fund accounting software is necessary. Many educational organizations operate as nonprofits and therefore need software for fund accounting. Self-balancing fund ledgers are appropriate for these organizations and should be a priority in their search for accounting software.
When evaluating school accounting software, buyers should consider the following:
- Will the software have fund accounting ledgers for nonprofit organizations?
- Can the software effectively maintain a large centralized database of student records?
- Are there convenient tools for course registration and student fee processing?
- Are there other helpful tools, such as logging check-out of fixed assets?
Have an opinion on this guide? Email the authors. We appreciate the feedback.
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Guide to Understanding and Comparing Accounting Software Price Quotes
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Ten Steps Guide to Selecting the Right Accounting Software
