Financial management is one of the most important functions of a corporation of any type if there is money exchange between two or more parties. What makes financial management so important is the nature of it as it’s crucial for every entity to track financial transaction constantly and with accuracy both for analysis from management and for compliance with tax regulations
Effective accounting management also helps decision making, cost planning, and measurement of economic performance. If money is not in order and under control in a company, collapse is a natural outcome. Furthermore, accounting involves the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting transactions to oversight agencies, regulators, and tax collectors. The financial statements used in accounting are a summary of financial transactions over an accounting period, summarizing a company’s operations, financial position, and cash flows.
On the other hand, Student Information Systems (SIS) stores and track all student-related information, including grades, attendance records, and many more. SIS platforms are used by teachers, students, and parents to communicate all relevant information affecting a student’s academic performance. So, what’s the purpose of integrating an accounting software with a system that streamlines school’s operations such as Classter.
The importance of integrated accounting systems
An integrated accounting system is a type of software that combines several financial accounting functions into one application. Replacing several different processes diminishes the need for separate information systems for invoicing, reporting and other managerial accounting processes.
Integrating these features helps standardize procedures for tracking transactions as well as spread financial information to management and other shareholders. Also, what this integration achieves is the reporting activities of companies or an institution’s different functional areas such as point of sale terminals, offices and stock facilities.
These benefits are increased with an integrated accounting system, which automatically receives and transmits a constant flow of data across all users. An integrated system eliminates the need for re-entering data manually, while also ensuring that your records are always up to date.
Some systems can also be connected with enterprise resource planning (ERP), inventory management and customer relationship management (CRM) systems.
The biggest advantages of accounting system integration
If your SIS is not integrated with an accounting system, there is a possibility that your accounting records will fall behind for the mere reason that data has to be transferred manually. With accounting integration, data are being transferred automatically. When there is no integration, errors are more likely to happen and there is a danger that certain information can get out of date. Accounting integration allows data to flow in a perfect rhythm without effort. The available Classter Billing module includes functions like:
- Maintaining a general ledger
- Billing for students
- Automatic enrollment assessment and payment
- Automatic computation of discounts and scholarships
- Summary of outstanding payments
- Full view of how your educational institution is performing, in one place
Every educational institution handles a large amount of valuable data every day. The importance of this information is immense both to the institution and other stakeholders involved like students and teachers. The accounting integration helps institutions keep financial information, such as tax ID and payment details, safe with no danger of leaking or theft.
Top accounting software-SIS integration by Classter
What Classter does is it pushes data related to billing and payment to an external accounting system you want or need. Classter provides detailed configuration tools that describe how the General ledger debit and credit transaction may be executed.
End users automatically create all general ledger transactions and then they can export them to any external accounting system. Classter can help you plan and manage your budget and finances. Monitor your revenue and view student’s general ledger accounts to estimate your progress in profit. Moreover, students’ general ledger accounts and accounting balance sheets can provide you with the necessary details that will help you perform revenue split per grade, program, class, specialization, school year, location, etc. The system allows you to quickly manage your school’s expenses and forecast revenue per student, teacher, class or school.
In Classter, we recognize that keeping track of financial transactions is as serious as it gets and thus, we provide the most effective experience while also enhancing the overall financial performance of your school.