Showing 1-20 of 97 products
NetSuite is a business management software suite offered as a service that performs enterprise resource planning (ERP) and customer relationship management (CRM) functions. It is a horizontal package designed for an extensive range... Read more
Recent recommendations: 64 recommendations
For organizations seeking a solution that conforms to their existing operations, Multiview offers a suite of financial solutions. With Multiview, companies gain visibility over corporate data. The solution includes 14 modules that... Read more
Recent recommendations: 43 recommendations
Sage Intacct is a provider of cloud-based financial management and accounting software. Sage Intacct's software solution is suitable for small to midsize accounting firms and can provide financial reporting and operational insights... Read more
Recent recommendations: 39 recommendations
FINSYNC provides multi-user cash flow management in the cloud to US-based small and medium-sized businesses. Businesses can upgrade from payments to invoicing, bill pay, payroll, project tracking, time tracking, expense reimbursement,... Read more
Recent recommendations: 37 recommendations
AccuFund is an online accounting and financial reporting solution designed specifically for the nonprofit industry. Integrated into one, AccuFund's Accounting suite helps nonprofit organizations and government agencies report funding... Read more
Recent recommendations: 18 recommendations
Purpose-built to meet the needs of the modern nonprofit and government agency, MIP Fund Accounting® empowers organizations to track by fund, manage restrictions based on unlimited funding sources, and meet complex reporting requirements.... Read more
Recent recommendations: 9 recommendations
Financial Edge NXT is a cloud accounting solution from Blackbaud that provides transparency across teams, security, compliance, and reduces the need for manual processes. The system is a fund accounting solution that provides a general... Read more
Recent recommendations: 8 recommendations
FinancialForce Financial Management (FM) is a cloud-based system built to provide a complete financial management solution for sales and services-orientated companies of all sizes. FinancialForce FM has several inherent applications,... Read more
Recent recommendations: 4 recommendations
Xledger is a cloud-based enterprise resource planning (ERP) solution that caters to midsize and large businesses that helps them to manage day-to-day operations by automating routines ranging from bank reconciliation to invoice entry.... Read more
Recent recommendations: 3 recommendations
Sage Fixed Assets is a hybrid asset management solution that helps businesses track and manage the fixed assets through different steps of asset lifecycle. The solution offers integrated accounting features and multiple methods to... Read more
Recent recommendations: 1 recommendations
Sparkrock is an all-in-one solution for large and midsize Nonprofit organizations. It offers Finance & Accounting, Workforce Management, Payroll, Employee Scheduling, Case Management and Donor Management. Each module can be purchased... Read more
Recent recommendations: 1 recommendations
zHUB is a Focus Softnet implementation partner. The FOCUS9 ERP Cloud software solution includes Advanced Financial Management, Sales Management, Accounts Receivables & Payables, Inventory Management, Manufacturing & Resource Planning,... Read more
Recent recommendations: 1 recommendations
Deskera ERP is designed as a powerful and intuitive suite of business solutions with one goal in mind – to make digital transformation simple. This transformation has to be simple and economical. It is why Deskera has trusted users... Read more
Recent recommendations: 55 recommendations
QuickBooks Online is a web-based accounting solution that caters to individual accountants and small businesses. The solution helps with bank reconciliation, tracking expenses, drafting invoices and monitoring financial reports, among... Read more
QuickBooks Online Advanced is a cloud-based accounting solution that helps small to large enterprises manage expenses, projects, invoices and more. It comes with a centralized dashboard, which enables users to gain insights into business... Read more
Microsoft Dynamics 365 is a financial management solution that helps businesses track and manage operations related to accounting, costing, budgeting, analysis and more. The platform offers a rule-based chart of accounts and dimensions,... Read more
Wave is an online accounting platform exclusively designed for small business owners, freelancers, and consultants. Wave's software provides features including accounting, invoicing, billing, payment tracking, payroll management, finance... Read more
Happay is a cloud-based expense management solution that helps medium to large businesses manage and track expenses. It uses AI and machine learning technologies to automate processes related to expense claims management, reimbursement,... Read more
QuickBooks Enterprise is an accounting solution designed for SMBs across different industry verticals such as construction, nonprofit distribution, manufacturing, and retail. WIth QB Enterprise solution, any business owner can expand... Read more
TimeSolv is a cloud-based time tracking and billing solution that caters to accountants, consultants, architects, and freelancers, helping them manage daily business operations. TimeSolv integrates project management features such... Read more
A well-run administration is essential to the overall quality of an educational institution. When financial operations are functioning as they should, academic leaders are able to concentrate their efforts on the ultimate goal: providing excellent services for students that help expand their horizons and lead to personal growth.
Buying dedicated software to handle the accounting side of your academic institution can help staff work to their fullest potential by automating error-prone, time-consuming tasks. All kinds of educational organizations can benefit from this software, including:
- Private institutions
- Public schools
- Universities and colleges
- School districts
We wrote this guide to help you better understand how education accounting software works and key considerations for selecting a solution.
Here's what we'll cover
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 systems 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.
In this guide, we'll cover the functionality most important to those in the education industry, as well as best practices for evaluating these solutions.
Common Features of School Accounting Software
In addition to core 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.|
Benefits of Education Accounting Software
Here are just some of the benefits your organization can realize after implementing education accounting software:
- Lower operational costs. Some schools have particularly limited resources and can’t afford for their staff to spend time entering the same data in different systems. By centralizing information in one software, your team can create efficiencies and reduce labor costs.
- More accurate forecasting. Another downside of using disparate software systems is that it can lead to non-standardized data. This makes it more difficult to prepare financial forecasts and may lead to less accurate results.
- Greater accessibility. This benefit is especially clear for educational institutions that are buying software for the first time. If they’ve only been using manual methods up to this point, they’ll realize how much easier it is to enter, share and collaborate on accounting tasks with a dedicated digital solution. School districts that account for multiple locations and higher education academies with more than one campus will also find value in how much more accessible accounting software is compared to paper-based recordkeeping.
- Improved transparency. Since software gives you greater visibility into your organization’s costs and expenditures, it is easier to pass this knowledge along to stakeholders and donors. Many academic centers are nonprofit entities, so this is a particularly important benefit for them. For example, software enables administrators to generate reports that summarize how every cent of a particular grant was used, which builds trust with donors and may encourage them to make future contributions.
Evaluating Education Accounting Software
A special consideration for schools is whether or not this software is necessary. Many educational organizations operate as nonprofits and therefore need solutions for fund accounting. Self-balancing fund ledgers are appropriate for these organizations and should be a priority in their search.
When these systems, buyers should consider the following:
- Will it have fund accounting ledgers for nonprofit organizations?
- Can it 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?
Now that you’ve got a good understanding of what software can do for your organization, it’s time to break down your deployment options. You have two main choices to make:
- Subscription license vs. perpetual license: Perpetual license systems require an upfront lump sum while subscription licenses need you to make periodic payments. The amount of users may affect the system’s pricing.
- Cloud-based vs. on-premise: In cloud-based systems, which are also known as Software-as-a-Service (SaaS), administrators don’t have to buy or maintain servers because the system is hosted remotely. This usually results in lower upfront costs. That said, some institutions may prefer on-premise systems because they are often easier to customize and they already have the IT staff to maintain the servers.
We should note that on-premise software is often licensed under a perpetual model, while cloud-based systems usually require subscription fees.
Your final choice should depend on your budget and needs. You should also take into consideration how much your institution expects to grow in the next few years. For example, if your organization currently serves elementary school students only, but you’re hoping to expand to junior high soon, it’s likely better to go for a more robust solution that can scale with you.