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How school management systems help to manage school budgets

Thankfully technology has made work easier by maintaining database and automating many processes. School management systems can also support finance and budgeting processes in your school.Take a look at how school management systems can help to manage school budgets<br>

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How school management systems help to manage school budgets

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  1. How SCHOOL MANAGEMENT SYSTEMS HELP TO MANAGE SCHOOL BUDGETS

  2. SCHOOL MANAGEMENT SYSTEMS Thankfully technology has made work easier by maintaining database and automating many processes. School management systems can also support finance and budgeting processes in your school. Take a look at how school management systems can help to manage school budgets:

  3. 1  Continuous monitoring ensures schools to stick the budget committed at the beginning of the year. You can also request your software vendor to enable alert notification in case of expenses crossing set budget limit.

  4.   2  Data Analysis and Forecasting Forecasting in budgeting is done based on the past data and expected growth rate in future. For example you may expect the enrollment in your school to go up by 5% or the staff salary to rise by 7%. School management software can give you projected numbers based on past data fed into the system. Data analysis and statistical modeling will make your budgeting more accurate.

  5.   3  Present a Business Case Schools need a solid business case to get state aids and financial grants. School software can be used to generate reports that back proposal for funds. This can be done by •  Highlighting how funds have improved learning and benefiting students in the past. •  Give visual reports of current state of student learning and school activities •  Take example of schools that have successfully introduced similar changes •  Request for extra budgets. Eg: funds for children needing special care or new activity needing equipment.

  6.   4  Minimize Errors Human errors are possible in accounting and finance. Minor errors in accounting can disrupt the budgeting activity and finance in a big way. Shakopee School district saw a budgeting error of $4.5 million on overspends on multiple expenditure categories earlier this year.Such errors can be caught in its early stages with school management systems by setting alarm notifications and check systems in the workflow.

  7.   5  Free Up Staff  This is perhaps the most important way in which school management systems support you in budgeting activity. Budgeting must be done in line with the long term vision of the school. It should also support the strategy school has decided to meet its goals. Budgeting is as much a strategic task as a financial activity.

  8.                               THANK YOU!

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