OVERVIEW OF EDUCATIONAL SERVICES
Educational organizations focus on a different mission than a commercial enterprise.
While the key accounting modules are often similar: budgets, cash management,
reporting as well as identifying and tracking operational costs. That being said,
their accounting needs can differ in many ways. Maintaining data integrity and
reducing revenue leakage is key to lean and well run educational organization.
Having a partner that is well versed on implementing software developed specifically
for usage across educational organizations is key.
SOFTWARE THAT MEETS THE SPECIFIC NEEDS OF EDUCATIONAL ORGANIZATIONS
The majority of educational organizations work on a non-profit basis. This requires
robust fund accounting practices and the capability to database large amounts of
information pertaining to students. All with the functionality to tie back into your
accounting system. Integration of information enables lower total cost of ownership
through efficiencies associated with keeping all critical information within a
centralized database. When records are not duplicated across multiple systems there
is a major time savings. Cloud software greatly reduces total cost, through the
enablement of allowing staff can access information easily from within one single
Tracking the allocation of an individual fund is similar to managing the finances
for a separate entity. Funds are accounting entities. They have self-balancing
accounts that record cash and other assets. They also have related balances and
liabilities. Enabling a cloud platform with a fund accounting approach allows
educational organizations to track and report on all expenditures with a clear
picture of specific fund source.
TOP 5 BENEFITS OF ACCOUNTING SOFTWARE BUILT FOR EDUCATIONAL ORGANIZATIONS
• Designed around fund accounting practices
• Budgeting tools that create a clear and concise picture
• Native Integration between finance and student information
• Reduced operational costs through the automation of manual processes
• Robust accounting modules that consolidate into accurate reporting