ERP systems aren’t always the first software that comes to mind for managing schools. There are many great student management software programs on the market that make running a school easy. However, for private, parochial, Montessori and charter schools, there are many financial areas to consider that ERP systems do wonders for and their use is increasing by 13.7 percent. ERP for schools can improve budgeting, financial reporting, accounting, cash forecasting, accounts payable and fixed asset tracking.
In schools that require tuition, parents want to know where their money is going and how it will improve their child’s education. They want to know what plans are in store for future budgets to see where their tuition will be invested in the future. Schools need to keep a heavy track on this and ERP for schools can make it even easier.
When it comes to a child’s education, spending money wisely is key. New technologies are becoming a must-have in the education sector. Most schools can offer children a STEM education through hands-on experiences with 3-D printers, tablets and laptops. However, these items, as well know, do not come cheap. ERP for schools can help to budget for these types of top-notch educational tools that are becoming a necessity.
Financial reporting can be used in a broad sense or in detail. For those managing the finances of a school, finances can be drilled down to allow greater insight into where the school stands or how it has improved. Deciding whether the school needs to scale back, raise tuition prices or is in good standing to take on the computer lab renovation is a major plus in ERP for schools. In a broad sense, reports can be run to show parents how their hard-earned money is being taken care of in regards to their child’s education.
Payroll and HR
It takes a village to run a school. Between teachers, principals, building maintenance, IT and office management, there is a lot of payroll to account for. ERP for schools makes this easily trackable. Electronic payments to employees, as well as allowing employees to take sick leave and vacation days, makes HR and payroll seamless.
Fixed Asset Tracking
For some private schools, one location simply isn’t enough. Once the school has expanded to include multiple locations, fixed asset tracking is extremely important to running such a large school. The general ledger can easily and quickly be cloned for the new location, as well as track vehicles or equipment.
Being the provider of the next generation’s education is hard work. Every penny is scrutinized for new projects or equipment purchase at a school. Using ERP for schools makes budgeting and reporting simple to ensure that money in schools is put to good use.