The flow of finances in any organization needs to be recorded and managed well in order to save time, cost, and labor. The availability of software platforms to cater to users who have shifted to transacting online helps bring structure to accountants and finance professionals as well. Having a good financial management system (FMS) software will help simplify the entire accounting process and modernize traditional business functions. An FMS in an educational institution performs functions like recording transactions, making and receiving payments, reducing accounting errors, and ensuring compliance with accounting standards. The main types of financial management systems can be categorized into financial accounting, managerial accounting, and corporate finance. Every educational institution differs from the other and the needs for some systems might not arise unless expansion in terms of institution size or region is on the management agenda. The pandemic-set norms of digitization have led to an uptick in the number of financial management systems out in the market. We explore some in this article:
Even as digital tools abound and online marketing is everyone’s secret sauce, educational institutes continue to experience the power of word-of-mouth, or customer evangelism. While building a great product continues to remain at the center of consumer willingness to recommend your product, there remains a lot more coaching institutes can do in order to remain front and center of the consumer mindspace and occupy market share.