School 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.

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Showing 1 - 20 of 95 products
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Showing 1 - 20 of 95 products

FINSYNC

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<p>FINSYNC provides multi-user cash f...Read more

4.57 (7 reviews)

41 recommendations

NetSuite

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 r...Read more

41 recommendations

Multiview

Multiview Financials is the flagship ERP system developed, sold, implemented, and supported by Multiview Financial Software. Multiview is designed for organizations ranging in size from rapidly growing small businesses to large...Read more

4.40 (10 reviews)

37 recommendations

Sage Intacct

Sage Intacct is a provider of cloud-based financial management and accounting software. Sage Intacct&#39;s software solution is suitable for small to midsize accounting firms and can provide finan...Read more

29 recommendations

AccuFund Accounting Suite

AccuFund is an online accounting and financial reporting solution designed specifically for the nonprofit industry. Integrated into one, AccuFund&#39;s Accounting suite helps nonprofit organizations and government agencies report f...Read more

4.33 (43 reviews)

18 recommendations

Deltek Costpoint

Deltek Costpoint is an enterprise resource planning (ERP) and management solution designed to meet the requirements of midsize and large enterprise businesses. The solution primarily assists government contractors, professional...Read more

13 recommendations

Blackbaud Financial Edge NXT

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...Read more

7 recommendations

Sage Fixed Assets

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...Read more

4.04 (40 reviews)

6 recommendations

Xledger

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...Read more

4.67 (6 reviews)

5 recommendations

FinancialForce Financial Management

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...Read more

3.89 (42 reviews)

3 recommendations

Software pricing tips

Read our School Accounting Software Buyers Guide

Subscription models

  • Per employee/per month: This model allows you to pay a monthly fee for each of your employees.
  • Per user/per month: Users pay a monthly fee for users—normally administrative users—rather than all employees.

Perpetual license

  • This involves paying an upfront sum for the license to own the software and use it indefinitely.
  • This is the more traditional model and is most common with on-premise applications and with larger businesses.

Rated best value for money

Invoice Meister

Invoice Meister is a cloud-based accounting solution designed to help businesses streamline processes related to invoicing, quoting, expense management and more. The platform offers white-label capabilities, which allows manage...Read more

5.00 (1 reviews)

AcuSheet

<p>AcuSheet is a cloud-based accounting and bookkeeping solution that is suitable for organizations of all sizes. It streamlines accounting operations with features such as invoicing &amp; billing, credit/debit notes, contact manaAcuSheet is a cloud-based ...Read more

5.00 (1 reviews)

Holded

Holded is an enterprise resource planning (ERP) software designed to help businesses manage inventory, projects, human resource (HR) processes, accounting operations and more. Professionals can utilize the dashboard to gain an ...Read more

5.00 (4 reviews)

FundingGates Collections Management Platform

FundingGates to optimize collections workflows with powerful, easy-to-use, integrated features. Create effective workflows, collaborate with teams, follow up better, get paid sooner, and increase cash flows.  Bring...Read more

5.00 (10 reviews)

AccountsIQ

AccountsIQ is a cloud accounting software that simplifies the capture, process, and reporting of financial data. It offers intuitive tools to automate consolidation, manage budget, audit, digital VAT returns, and cash flow. It ...Read more

4.92 (12 reviews)

InvoiceBerry

InvoiceBerry is a cloud-based accounting solution designed for small businesses in a variety of industries. Key features include invoice creation, expense and payment tracking, client management and report creation. Inv...Read more

4.92 (13 reviews)

ALTO Accounts Payable

<p>ALTO Accounts Payable is a cloud-based invoice approval solution for companies of all sizes, and is typically used by the oil and gas industry. Users can establish workflows to monitor budgets, create accruals, approve, reject ALTO Accounts Payable is a...Read more

4.91 (11 reviews)

BizAutomation Cloud ERP

Bizautomation offers cloud-based ERP for smaller SMBs. Functionality includes accounting, order management, inventory, customer relationship management (CRM), sales commissions, e-commerce (including a business portal), purchas<p>Bizautomation offers cloud...Read more

4.87 (23 reviews)

SapphireOne

SapphireOne is an accounting solution built for any size enterprise. The system integrates information from all relevant business departments. Key features include asset management, account management, payroll and reporting....Read more

4.83 (6 reviews)

Elorus

Elorus is an online invoicing, time-tracking, billing and expense management platform. At heart, it is the ideal professional solution for every freelancer, small business and creative agency. Since 2014, Elorus has been workin<p>Elorus is an online invoic...Read more

4.79 (47 reviews)

Popular School Accounting Software Comparisons

Buyers Guide

Last Updated: February 25, 2021

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?
Common Features of School Accounting Software
Benefits of Education Accounting Software
Evaluating Education Accounting Software
Deployment Options

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.
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  • 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.
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  • 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.
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  • 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?

Deployment Options

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.
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  • 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.