Fee Management In Excel Sheets vs ERP

July 27, 2018

Fee Management In Excel Sheets vs ERP

A tough competition in market, rapidly evolving processes along with swiftly changing mindsets are all proving to be huge challenges for educational sector. The only way to stay ahead of the competition is to take wise decisions at the right time and accept change as soon as possible. Changing trends have lead to huge flexibility which in turn demands more pliable solutions. For instance, people rarely form queues for fee payment in cash nowadays as there are so many other modes of payment online. The best as well as tried and tested solution is a fee management software which ensures pliability, safety, efficiency, accuracy and speed.

Why Fee Management Is Necessary?

Fee collection is a complicated as well as lengthy process. But it is also a very crucial part of running an institution smoothly, as the collected fees is the major capital source. Hence proper and smart fee management is essential as it -

  • Lets you be prepared for the future.

  • Helps you in making a precise budget.

  • Assists you in making smart choices and better decisions.

Here is why a fee collection software is more adept than excel.

Why Excel Sheets Prove Inadequate for fee collection and management?

  • Operational Issues

    The huge amount of data related to fee collection is saved in excel sheets which needs skilled operators. Only a person having knowledge and sufficient skills can use sheets to its full extent and capability. Maintaining a sheet is very troublesome and time consuming. Searching sheets in a workbook, making appropriate changes and rechecking the values require a lot of efforts.

  • Unsafe And Vulnerable

    Any amount or information entered in an excel sheet can easily be altered by anyone having access to it. Which means that handing over a spreadsheet to anyone is like giving total control to them. At such a time, any changes made deliberately or otherwise can lead to a huge loss. Moreover, this data can be easily copied and transferred elsewhere and may be used in an undesirable way. There is no security of data in a spreadsheet and hence its vulnerable to outside elements. Furthermore, a workbook can easily get corrupted and hence multiple backups are to be kept in multiple destinations or hard drives.

  • Lacks Flexibility

    Spreadsheets cannot be integrated with modern technologies like biometric devices, or any other digital device. Data from various sources needs to be collected and then fed into the sheets for analysis and calculations. This leads to extra time consumption and there is also a possibility of error in feeding the data which could change the whole calculation drastically. Also, it is to be used in a limited number of ways for some predefined purposes and it cannot perform operations which are automated. A sheet lacks intelligence and can be considered a mediocre choice for fee management.

What Makes Fee Management System The Best Choice In The Present Scenario?

  • Configurable

    A fee management system is highly configurable as well as customizable. Which means that it can be molded to suits the needs of the institution keeping in mind the operations carried out. Also, it provides a high level of flexibility since it can be integrated with as many technologies or digital devices as needed. It reduces efforts considerably and provides accurate results leaving no place for any kind of errors. Every task, big or small, is included in it and there is no need to carry out any process manually.

  • Competent

    Anyone having basic knowledge of computers can easily make use of online fee collection softwares. All a person needs to do is enter the correct data into the system and all the calculations or actions are performed by the ERP engine automatically. Also, these results are saved in the servers which do not need multiple backups. Each process is streamlined and works in sync with other processes simultaneously. Moreover, an ERP is systematically divided into smaller parts which proves extremely convenient to use as well as maintain.

A fee software is most certainly the ultimate choice for institutions willing to reach newer heights and drive progress as its user friendly, implementable and a cohesive solution to all the issues regarding fee collection.

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