Regulating financial transactions and keeping a systematic record are vital for streamlining resource allocation and managing budgets and costs. However, educational institutes require a modern system beyond basic computerized systems and applications. That is why a financial management system proves to be an ideal tool that helps institutes automate all administrative processes related to financial activities.
Integrated modules enable a single platform for each activity while combining different departments- admission, hostel, library, transport, etc. Simplify every day activities by planning, allocating, organizing, and having complete control of the financial activities in colleges and universities with centralized software.
Get access to detailed data analytic tools backed by AI, offering detailed financial information about the institute and coming with built-in reports.
Get configurable solutions where the universities can make changes in the system as per their scalability and accounting needs.
Easy integration with the student information system, online gateways, HR payroll system, etc. for gathering data and maintaining a smooth budgeting process.
A financial management system (FMS) is a comprehensive software solution that enables organizations to manage their income, expenditure, and financial assets. It not only performs basic accounting activities but also provides tools for budget allocation, forecasting, risk management, etc.
Most modern FMS software has modules for the general ledger, cash management, accounts payable and receivable, and financial reporting. These features work effectively to automate administrative tasks and provide real-time visibility into the organization’s financial status.
Moreover, the system centralizes the financial information, enabling institute leaders to get accurate reports, control costs, and make informed decisions.
Although most institutes have adopted digitalized systems for tackling accounts or financial activities, some still rely on manual bookkeeping. Outdated or basic applications and manual processes are ineffective as they are prone to errors and inconsistencies. In contrast, FMS facilitates automated transaction tracking, digitalized and accurate bookkeeping, tax calculations, and invoice processing. In effect, institutes can get consistent and compliant financial data. Besides, the system supports smooth integration with banks and payment gateways, helping to record the transactions automatically. This saves time and effort that the institute’s account or administrative team can use for strategic financial planning.
The system has been designed to auto-update financial data, enabling institutes to get easy and quick access to information. In fact, the system compiles data from multiple sources into a centralized dashboard, providing better visualization and analysis. What’s more, educational institutes can leverage the system’s real-time data management feature to improve their financial health effectively with the help of the latest reports. As a result, they can monitor KPIs (key performance indicators) and financial trends and develop appropriate strategies accordingly.
Historical financial data and predictive analytics are critical tools that the software leverages to provide an overview of the institute’s current financial situation and potential future performance. This is how institute leaders and management can determine operational expenditure and solidify revenue streams. This helps to simplify the planning process and allocate financial resources across different departments and projects. Simultaneously, they can utilize the funds for the areas that guarantee assured returns and attain organizational goals. Besides, forecasting tools enable institutes to identify financial risks and inconsistencies, enabling institutes to develop appropriate preventative measures.
Each country has specific tax-related rules and norms, and educational institutes must adhere to them to prevent legal penalties and financial repercussions. Therefore, preparing and maintaining in-depth financial data is necessary. The system substitutes the manual preparation of the reports by automating it while ensuring the reports comply with GAAP, IFRS, and other international accounting standards. Furthermore, the compliance module facilitates audit trails and validation checks, helping to maintain transparency and accuracy. Additionally, the customization ability of the software allows institutes to adjust the reports to align with the regulatory requirements.
Educational institutes get centralized and organized financial data and get a comprehensive view of all revenue sources, including tuition fees, grants, donations, etc. Simultaneously, they can track their overall expenses, such as infrastructure and maintenance costs, operation costs, salaries, and scholarships. Therefore, it reduces the manual tracking of financial processes and reliance on spreadsheets while ensuring accuracy in records. The categorization and tagging of transactions provides deeper insights into the financial health, helping to determine areas of cost savings.
The system’s analytical tools are particularly useful to identify potential risks and fraudulent activities. For example, institutes can set up predefined rules and alerts, causing the system to flag transactions and patterns that deviate from pre-established rules. For example, FIMS can determine unauthorized access to sensitive information, duplicate payments, or sudden changes in vendor information. These mechanisms help to address potential critical problems before they become serious obstacles. On the other hand, the centralized data repository contributes to risk management and fraud detection by ensuring transparency. Likewise, the analytical features detect suspicious activities, helping to safeguard financial resources.
ERP systems have become central to organizational efficiency as they streamline and accelerate core functionalities. Hence, most modern information management systems support integration with ERP and third-party systems. The integration facilitates a seamless data flow between two system solutions while ensuring operational efficiency across various departments and functions. Moreover, this eliminates data silos, ensuring data accuracy and reducing risks effectively. Also, integrated systems help to improve automated tasks, compliance management, and overall financial transparency.
Institutes get a centralized fee management platform through the software, which helps to update fee structures, ensuring consistency across different programs. It supports integration with payment gateways and other modes of payment. Consequently, students can pay through credit and debit cards and net banking. The system can send reminders of the due dates and outstanding fees through email and SMS, reducing the need for admin staff to follow up. It auto-generates receipts of fee payments and sends the same to students, while storing a digitalized copy of the receipt in the database. Besides, the system generates integrated data on fee collection, payment trends, and outstanding dues.
Depending on pre-built, generic reports are not an option for educational institutes as they have multiple expenditure and revenue streams. Therefore, they can leverage FIS’s customized reporting features to define parameters and choose specific data points and design layouts. As a result, institutes can create specific reports that highlight specific departments, time periods, and other prerequisites and gain insights for informative decision-making. At the same time, interactive dashboards with real-time visualizations reduce the risk of misinterpretations or errors. Consequently, educational institutions can gain better financial visibility and strategic planning, providing a clear understanding of an institute’s financial health.
When an organization stores its financial information in digitized systems, it can be prone to data breaches and cyber attacks. However, FIS uses a series of security mechanisms such as access controls, multi-factor authentication, and data encryption. These security measures help to prevent unauthorized access and regulate user or role-based access to the system. Likewise, it encrypts the financial information into an unreadable format, while firewalls and intrusion detection/prevention systems prevent hacking activities.
MasterSoft’s Financial Information System is a robust software solution that provides various meticulously developed features, such as:
MasterSoft’s FIS comes with advanced analytic tools that utilize historical data and predictive analytics to determine future financial outcomes.
It integrates seamlessly with other key ERP systems such as student information systems, human resource management systems, online gateways, etc.
MasterSoft’s FIS is a customizable solution, enabling higher education institutes to adjust the system according to their needs.
MasterSoft’s smartphone-enabled platform, Feepayr, helps students to pay their fees online or on campus, which gets directly deposited to the institute’s bank account.
The system provides assured high security through advanced preventative measures and cloud-enabled backup mechanisms.
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