Benefits Of School Payroll System

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School Payroll system plays a crucial role in the proper functioning and organization of a school. Teachers are responsible for the future of thousands of students enrolled in a school. Likewise, school administrators have to make sure that teachers are well equipped with the official paperwork and aren’t facing difficulties with regard to their records.

To ensure the system runs smoothly, School Payroll software helps schools in keeping a track of time and attendance and manage payroll. Payroll system act as a convenient time clock and also help with the reporting tasks. It helps to eradicate the risk of human error and ensures that no mistakes are being made. It ensures that only those with administrative rights are only provided to the appropriate users, this way confidentiality is maintained.

Efficient payroll software for schools can help schools save a large amount of money because when the school shifts from a manual system to the online school ERP software it makes the functioning of the school more effective. With a single click of a button, the administrator can prepare reports and calculate salaries. This also ensures that there is no delay in salary distribution to the teachers and other staff.

You can also see the details of employees for the addition and deduction. Additionally, the Payroll system is very easy to use and user-friendly system without any expert training required.

What is payroll software for schools?

It can be an overwhelming experience when you have to manage the whole administration system of the school which includes managing students, imparting education, communicating with parents and creating a functional learning environment. Today new and improved technology has made the work less time consuming, easy and more efficient. It has been made possible with the introduction of the Payroll system.

Payroll system is a combination of cloud software, services, processes, other systems that help completely automate the payroll process from updating employee attendance, gathering of timekeeping information, computation and disbursement of salaries and pay slips to the employees. Any school that allows for a payroll system will benefit from it. Paying the teacher and other staff consistently and with no delays not only reflects the company’s financial stability and professional attitude of the school but also impacts their morale in a positive way.

Best Payroll Software for schools

It’s important to select payroll software that accommodates the needs of the school. Payroll software that fits one school may not fit another. There is numerous school payroll software available in the market that helps you in keeping a close eye on, funds collected & issued, accounts receivable & payable budget created, etc.

There are many payroll systems like Flip school, MyClassCampus, etc But Paatham payroll system is the best payroll system among all others. Paatham is a one-stop solution for all the school administration and school management requirements.

Paatham Payroll Software

Paathamis a suitable IT Solutions Company which specializes in providing Campus Management solutions to schools and different kinds of educational and training institutions. Paatham is now poised to reach new heights of success in its chosen field of expertise with a track record of 300 plus successful installations in some of the most leading institutions in India. They have also managed to tap Global markets with years of domain expertise and core development knowledge.

Whether it is about providing seamless communication between teachers-parents, effective management of the school, allocating jobs to staff members, making a timetable, Paatham offers multiple automated features. One of the reasons that make it one of the best school accounting software is its online fee payment module. It lets you accept payment via net banking, bank cards, etc.

Features:

  • It can be easily integrated with a QR reader, bar code reader, biometric machine.
  • Calculate accurate attendance of both teachers and students.
  • It can be integrated with the school website as well.
  • Parents & students can access homework, timetable, calendar, assignments, circulars, etc. online.
  • Accounting and Email integration could also be done with this system.
  • It also offers Examination, Library and Registration management.
  • One can most definitely keep a track of Payroll.
  • School can keep a track of Student information/ Records.
  • Classroom Management, Enrollment Management, and Facility Management are also key features.

Reasons why Paatham payroll software is the best payroll software:

  • Improves Efficiency: In order to determine the real-time position of funds Paatham school ERP software generates a reconciled view of yearly collections which help in determining real-time positions of funds. Different reports are generated by different modules which help in keeping a track of things.
  • Helps in Improving Academics & Teaching: Yearly detailed analysis report is generated by this ERP system which helps in filling the loopholes and improving the performance of Teaching and Academics.
  • Encourages Transparency: By providing daily updates of attendance, homework, school news & activities, inflow and outflow of funds, circulars, etc. this online payroll management system promotes transparency.

How does a school Payroll system help a school?

Student Information

With the school payroll system, information regarding the students like their Attendance, grades, homework, etc. can be easily accessed. To avail basic information of students like grades, information regarding parents and siblings, address, etc. teachers can use the student database. Additionally, details regarding the students’, accounts, medical history billing, etc. are also added by the administration.

Fee Payment made easy

Online payment saves time and effort and is always a better option than traditional payment methods. People like to pay cashless in the modern age of computers and technology.

Parents can pay their children’s school fee without even going to school or handing over the money to their children by using a school management system. Since schools don’t have to do the manual work of collecting the fee from each student, they also benefit from this.

Handling of Accounts made easy

Every institution has to deal with the inflows and outflows of money in their organization. Schools also have their own account related activities like the salary of school staffs, managing fee vouchers, daily collection reports, etc.

Account related activities involved hectic paper works and hiccups and were always a headache for accountants. the complicated tasks and manual labor have been reduced with the launch of the payroll management system as it has made the account management process easy and precise. Dedicated modules are contained in the software which helps in the process.

Improved management of school inventory and assets

With the introduction of school management software packages school inventory management became more comfortable. Management of Hostels, School transport vehicles, Libraries, etc. becomes easy. School hostel management is one of the important features of the school management system.

Managing hostel manually is a dreary process. A school management system can help hostel administrator defining a list of wardens, daily expenses of the hostel, allotment of rooms, Hostel fees collection, etc.

The library management becomes easy as it helps the school librarian to manage all the books and keep track of the details.

Teacher Information

Along with keeping a track of student’s records, effective school management software provides information regarding teacher activities inside the school. Teachers can use their database to keep details regarding student progress, class timings, and classroom activities in one place.

It’s easy to view a particular teacher’s class schedule, file reports efficiently, etc. Teachers can easily notify parents about their student’s report once it is filed.

Classroom reports and forms can be filled quickly using the school management software where almost all information regarding the classroom and students are updated accordingly.

Improved communication

Communication between students- teachers- parents and administrative body is one of the most important aspects of the smooth functioning of an institution. The school management system improves communication between them.

Everyone uses mobile or web apps these days. Anything that a school wants to convey to the parents can be conveyed via these apps. To communicate to a larger number of students instantly this system offers bulk SMS features.

10 key benefits of using cloud accounting software for schools

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Schools and colleges don’t need to purchase expensive School Accounting Software or spend countless hours in generating complicated reports. SaaS-based cloud accounting software provides capabilities to store and access finance and accounting data in the cloud, where users can perform their everyday tasks off-site. Fortunately, it takes very little time to track your expenses organized. Here are the ten key benefits:

1. Remote data access

Maintain efficient, transparent and accurate financial and accounting records to eliminate manual calculations, reduce costs, increase productivity and drive revenue.

2. Access data on mobile devices

Access up-to-date financial information on smartphones and tablets including financial, accounting, procurement and budgeting to check financial status and compliance in real time.

3. No hardware or software installation

Cloud deployments are efficient and cost-effective and it effectively frees the educational institutions to make long-term investments in hardware, software or IT staff. There are no additional investment through payment of software license fees on using the cloud model.

4. Import data

Data migration feature allows institutions to easily import student and staff data from other systems, mapping relevant fields for the imported records.

5. Better collaboration

Seamlessly access and share workflows and approvals using automated processes and ensure better collaboration between students, departments, staff, and parents.

6. Real-time expense tracking

One of the challenges of the education industry is to seamlessly track expenses and reduce costs. The School Accounting System provides a convenient way to capture financial data and accurately monitor spending in real time and stay organized.

7. Quick payments

School Accounting System enables makes fee payments for admission, enrollment, library, hostel, transport, etc. fast, easy and secure via online and mobile devices.

8. Integration & customization

Cloud accounting is made easy with seamless integration with third party applications. Cloud-based education software is fully customizable, scalable and flexible to meet the unique needs of institutions.

9. Notifications & Reminders

Send automatic notifications on bill payments and cash collections to students and parents via email, messaging and push notifications to easily access important financial information in real-time.

10. Manage reports

Get a snapshot of your financial performance with a variety of robust and in-depth reports ranging from bills payments, receivables, through to advanced reports on balance sheet, taxation, budgeting, and inventory to facilitate better and informed decisions. Generate accurate and actionable reports using powerful built-in financial reporting tools and data queries to analyze, measure and forecast academic performance.

4 Easy Steps On How Does School Bus Tracking App Work!

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In today’s fast paced and congested urban environments, travel and commute have become increasingly complex for people. School Bus Tracking System, driven by GPS tracking technology, play a significant role in simplifying their lives. Here’s a look at several types of tracking apps and how do they work :

About GPS Technology:

A GPS system essentially consists of a receiver that picks up signals from a global satellite system — a set of satellites in geo stationary orbits around the earth, which are constantly transmitting radio signals down to earth.

The receiver uses signals from multiple satellites to calculate its location on the globe by a mathematical process of trilateration. To have an accurate estimation, the receiver must be able to receive signals from 4 or more satellites.

1. Crowdsourcing Systems:

GPS in smartphones, more specifically the ‘Geolocation’ feature in mobile apps makes it possible to identify the location of the phone, calculate routes, find places, and also provide useful information about the surrounding area.

When users download the transit app, they simply have to plan a trip or choose a route, and press Go.

The App detects when the bus departs, and automatically transmits the location to the server. On the basis of this broadcasted data for a multitude of anonymous data points, it is possible to predict ETAs (expected time of arrival) for stops down the line.

As more and more people use the app, the predictions become more and more accurate.

Most transit apps first started the crowdsourcing way, until GPS technology began to be used in public transportation for real time vehicle tracking.

2. GPS Device Based Systems:

GPS devices are placed in the buses, and these devices stream their real time location on to a map. On the basis of this stream of data, the ETA’s are computed for every stop.

The transit app user simply enters his destination into a trip planner to see all routes and trip options, along with speed and price details. He not only gets the ETA, but also gets to see the approaching bus in real time on a map.

The visual depiction gives the user a better cognitive understanding of how far the bus really is, and how soon he can make it to the stop.

He can also gauge how far he is from his pre set locations, e.g., home and office; and get instant directions to get there.

As more and more bus operators and bus transport authorities began to use GPS devices, many transit app companies partnered with them and either used a cloud-based software to compute the ETA’s, or simply took the ETA’s calculated by the bus transport companies and relayed them to the passengers via their own apps.

3. Plug and Play Systems:

The USP of this system is that participating bus transport companies do not need to invest in custom or expensive hardware on their vehicles. The bus drivers are given tablets with a pre-installed application.

They simply have to remain logged in during the course of the journey, and the vehicle location gets constantly transmitted to the servers.

This data is then used to compute the ETA’s which are relayed to the transit app users.

In return for their participation, the bus transport companies get a real time operations dashboard that provides useful insights for them to increase the efficiency of their fleet operations.

They can analyze route loads, early/ late departures, vehicle performance, driver behavior, etc.

4. Machine Learning based Systems:

No matter how advanced the GPS device, computing ETA’s on the basis of GPS technology alone has some pitfalls.

In the real world, there are a host of road factors that affect traffic — weather and visibility conditions, event-based traffic, rush hour, protest marches, accidents, construction work etc.

Moreover, GPS signals themselves are weakened in the presence of skyscraper buildings.

In the Machine learning based systems, powerful computer processors are fed with streams of historical data related to bus locations, travel times, delays, and much more.

The system then runs millions of simulations, to arrive at a multi variable, proprietary predictive algorithm, which computes an ETA which is more in line with the real world conditions.

This system requires huge amounts of historical data and a steady stream of on-going data, so widely popular apps such as Transit and Moovit, who have huge repositories of data are able to apply this in their products.

Conclusion:

Thus, GPS technology is at the heart of most transit apps used for public bus transportation, whether they are simple crowd-sourcing applications or complex, iterative algorithm-based solutions.

Similarly, for private fleets of buses, e.g., school buses, a GPS based Bus Tracking Software with real time bus tracking, accurate ETA’s and notification systems assures a simple, safe and uncomplicated commute for children, and peace of mind for the parents.

What is your opinion about various school bus tracking software?

Which one would you choose? Let us know by commenting below

Why Do Educational Institutes Need an Online Admission System?

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Understanding the Impact of Technology on The Admission Process and Harnessing the Benefits of An Online Admission Software for Your Institute.

Students are central to every educational institute and the student admission season is one of the most essential times of the year for schools and colleges. It is this time of the year that determines how the school will perform for the rest of the academic year and hence educational institutes put in all their resources for a smooth functioning and error-free admission process.

However, today the number of students applying in different institutions and universities is increasing manifold. Additionally, the student’s admission process is getting increasingly complex with interested learners applying from different geographical locations, applying for a myriad combination of subjects, applying using various discounts and scholarships etc. In this scenario is fast becoming increasingly difficult to handle such a large volume of student’s admission in the traditional methods. There is an increasing need for using technology and adapting to an online admission management system.

What is an Online Admission System?

Technology has impacted and integrated into every aspect of our lives including the education sector. As we move into the digital age, it is imperative that educational institutes ensure that students and prospective learners receive information about the courses and admission online. Today, most students and parents simply scour the internet for course information and prefer to apply for the courses they are interested in online.

Presently, an increasing number of educational institutes have begun to rely on web technology for admissions. Admission Management Software is best defined as a web-enabled software designed to manage the entire admission related operations of an institution.

It is a simple yet powerful platform that seamlessly connects all the various departments of an educational institution from admission, administration, marketing, accounts, students and many more modules.

The use of an online Admission Management Software ensures that existing traditional paper-based complex admission system is transformed into an applicant friendly, efficient, time-saving, accurate, and transparent system at affordable cost with greater speed and wider accessibility

How Does an Online Admission Management System Work?

1. Registration Process:

The first and most pivotal step of a School Admission Software is to share the admission registration URL on the school website or other social media platform.

This URL should be easily accessible to the students and should give the applicants the opportunity to read the guidelines related to admission, download the admission form or fill in the details in a simple format and then easily submit or upload the application form. This process should be seamlessly easy for the students without any complications or complex procedures. When using Paatham School Management Software, by using the applicant registration module a student can apply for courses available in the institution. This application can be easily accessed from the school website.

The school can also set up an Online Payment plugin that will allow the applicants to make a payment for the registration process (If deemed necessary by the school)

2. Review Process:

The applicant enquiry management feature allows administration team to access the registrations, review them and allow the students to various courses or simply discard their application. For applicants whose registrations get accepted, the administration can easily allot the batch and fees to the applicant with the click of a mouse

What are the features of an Online Admission Management System?

1. Document Submission

For the applicants, the online admission management systems make it very easy to look at the list of documents needed for the admission process and upload the same. The feature saves students the hassle of running around and waiting in queues to submit documents as this can be done from the comfort of the home. If the students happen to miss or forget any documents, the student can simply upload the missing document instead of visiting the school, thus saving time and effort.

2. Registration Fees Submission

The online admission system automatically calculates the registration fees and gives students the option for making an online payment at the end of the registration process.

3. Batch Allotment

Once the fees have been paid and the application has been approved by the school administration team, the system allows a course and a batch for the students. This hassle-free process is automated and error-free, an essential feature especially when dealing with a large volume of students.

4. Save Student Details

The online admission management system saves the details of the student for further use. This includes important information such as addresses, previous mark sheets, and other uploaded information. This is important as the next time if the student needs to apply for another course, the information is readily available. Additionally, it saves the hassle of saving and storing paper documents creating a paper-free and hassle-free digital admission process.

5. Subject Assignment

The online system also assigns subjects to the students based on their interests and their marks.

6. Enquiry Module

The time of new admissions for any educational institution, especially with all that paperwork can be messy. But, can the online admission management module make the process simpler and smarter by allowing for an enquiry module that makes it easy for new applicants to get the information they are looking for at the click of a button.

What are the benefits of an Online Admission Management System?

Applicants’ Convenience: This is one of the greatest advantages of the online application system. All that is the applicants need is access to a computer or a smart device and internet connectivity and they can submit their applications at the click of a mouse, from the comfort of their homes.

Institutes Convenience: Educational institutions also have a major advantage when it comes to an online admission process as there is a quick and efficient system for filtering out candidates and processing of applications is possible through the review process. Additionally, the school gets access to student records and databases which can be saved in a secure manner. There is also a lot of cost-saving that an online admission system offers as the costs of processing applications and employing additional manpower during admissions gets completely eliminated with the implementation of an online application system.

Increased Accuracy and Efficiency: There are high fatigue and monotony involved in the paperwork in the admission process and this can be a catalyst for errors. Not only can these errors be expensive to the school but they also risk the reputation of all involved. Relatively, an online admission system is highly reliable, efficient and eliminates the possibility of human errors.

Increased Geographical Reach: Another advantage of the online admission system is that it makes it possible for candidates from across various locations to apply to the institute without any hassles.

In Conclusion, Online Admission System supports the administration team and the applicants with the support needed by making the admission process faster, easier and hassle-free experience for all concerned.

Will Online Learning Replace the Classroom?

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The meaning of traditional classrooms has changed over the years, especially with technology permeating some, then all, domains of the classroom environment. From projectors to smart screens and everything in between, technology has changed classroom learning as we know it. And now, online learning serves to switch up what we expect from learning environments, processes, and experiences. Many of the perks offered by traditional classrooms are now being provided by eLearning app services, with a few additional features. The public’s appreciation for online learning has only increased over time, with 46% of surveyed recent graduates having taken an online course already. The variety of eLearning platform features, accessibility, lower costs, and access to high-quality education from all parts of the world have contributed to this rise. While the question of which online learning platform is best is still up in the air, all learning platforms offer distinctive benefits to those who enroll in their courses.

The Rise of Online Learning

Online learning is also enthusiastically adopted by companies training their employees, professionals looking to upskill, and career veterans looking to enter a different industry. According to HubSpot, 75% of professionals surveyed prefer to learn using online training videos; similarly, 68% of professionals trust the online learning platform of their choice.

For employees, online learning is critical to advancing in their careers. Online learning offers the chance to achieve these goals while balancing their jobs and schedules. Online learners can develop their skills at their own pace and keep records of their learning for future reference. This way, they gain education and knowledge while fulfilling their responsibilities within the company. Companies will not have to build eLearning platforms of their own to train employees, they can still gain a higher-skilled workforce by making an initial investment in an eLearning platform for enterprises.

The 7 Most Promising Features of Online Learning

The best eLearning app will be able to tick most or all of these boxes. So arm yourself with information to make the right choice, whether you’re a student looking to learn or a company exploring how to create an eLearning platform.

1. Online Learning Offers Convenience and Flexibility

Most professionals found they couldn’t continue with their education or upskilling because they couldn’t fit studies around their work schedules. Those shifting to online learning platforms will find that online learning offers convenience and flexibility in timings and pace, allowing you to learn in your own time. Many online courses have strict timings only for submissions and deadlines; those looking to brush up on their skills can use tutorials and videos between jobs to have the best of both worlds.

2.High-Quality Student-Tutor Interactions

Online learning allows for better quality interactions between students and tutors. This is because tutors have various teaching methods at their disposal. Additionally, they can focus on individual students a lot more than they would in traditional classes. Most online learning courses that rely on live streaming have a cap on the number of students who can enroll, ensuring that each student gets adequate attention and advice from their tutor.

3. More Students Can Enroll at Once

Online learning classes that depend on pre-recorded videos and tests can have an unlimited number of students enrolling. So many popular courses today have thousands of students simultaneously enrolled, and since there’s no need for physical classrooms and seats, more students can enroll in a single course at once.

4. Web-Based Learning Will Grow in Popularity

As time goes on and social distancing rules become more concrete in everyday life, it’s expected that web-based learning will experience a surge. Web-based learning includes a variety of setups including live streaming, video-on-demand, seminars, webinars, talk shows, interviews, and more. Regardless of what mode is chosen by the communicator, it’s a given that the convenience and flexibility of web-based learning will make it more popular in the years to come.

5. Better Learning Experience

Given that students are allowed to learn at their own pace and are encouraged to gain hands-on experience over memorizing textbooks, online learning can offer a better learning experience. It also helps that students can attend classes from places they’re comfortable being in, which makes them more likely to approach learning with a positive attitude. The lack of pressure from commutes, class timings, and personal schedules leaves students with more energy to attend online classes.

6. More Cost-Effective

Online learning is priced lower than traditional university courses and is also worth the cost. The fees often don’t account for accommodation, textbooks, equipment, groceries, transport and other factors that contribute to the full learning experience in traditional schooling. Online learning slashes most of these costs at least by half, leaving students to make the most of the affordable prices they’ve paid. Lower costs don’t mean a decrease in quality; lower costs ensure that a wider audience has access to universities and courses that were once reserved for those with higher budgets.

7. Retention Rates Are Higher

According to studies, retention rates are higher in online learning than in traditional university courses. This is likely due to the decrease in stressors and pressures otherwise present in traditional schooling systems. Students are allowed to learn and practice at their own pace; their course material is also available for a lifetime, in case they want to come back and refresh their memory.

Conclusion

Every top eLearning platform offers distinctive benefits over traditional classrooms to students. Online learning features in the future of education; if your company has considered exploring how to build an eLearning platform, it’s the most convenient time to start.

Best tips to prepare yourself before Online Exam!

For some students, taking an online exam is a new and somewhat bewildering experience. They don’t know what to expect, and aren’t certain of the skills and strategies that will enable them to perform at their best. On a good note, many of the steps they’d take to complete an online exam are quite similar to those that they’d engage in as they prepare for an in-class test; however, the online environment does present some differences that warrant a bit of extra awareness and preparation. Many faculty use exam integrity tools like Paatham Online Exam Software. Students should be aware they may need to download and learn how to use tools like these.

Before the Online Exam: Prepare

Read and understand the test guidelines. Be sure you can answer these questions: Will the test take place at a specific date and time, or can you take the exam at any point during a particular window of time? How much time will you have to complete the test? Can you take the test at home, or must you take the exam in a specific location (e.g., a campus computer lab)? Are there any other important, “need to know” factors outlined by the instructor?

Know the test format. What kinds of questions will the instructor use on the exam—multiple-choice, fill-in, short answer, essay? Perhaps a combination of various types?

Test yourself. If your instructor makes a practice exam available to you, take it! You may also find practice tests in your class textbook.

Check your computer. Avoid last-minute problems! Whether you’re using your own computer or one in a lab, verify that it has all the correct hardware and software well in advance of the exam. Also, make sure you’ll be in a location with an adequate Internet location.

Study the class materials! Even if the test is “open book,” it’s still important to study and review just as if you were taking the test in a classroom.

Plan your time. As you test yourself, limit your time to that which will be allotted for the actual test, and decide how long you will spend on each question (e.g. if the test is one hour long, and you’ll have

Carve out a quiet test-taking spot with minimal distractions. Turn off all notifications from IM, your phone, your email, and elsewhere (or, set them to silent). Shut off the TV and radio. Let your roommates or family know that you’ll be taking a test, so that they’re less likely to interrupt you during that time.

Determine when you will take the test. You may have to take the exam at a specific time; however, if the test will be available for several hours (or even a few days), choose a time that presents the least potential for distraction, interruption, and stress.

Gather all that you’ll need to take the test. If you can have materials such as notes, books, or writing implements with you, be sure that they’re set to go.

Take a deep breath! Once you’re logged in, take a moment to relax and get focused.

During the Online Exam: Focus

Keep an eye on the clock. You may want to set an alarm to notify you when you have limited time (e.g., 10 minutes) remaining in your testing period.

If allowed by your instructor, print and save copies of the test questions, as well as your answers. These will prove extremely helpful if you have technical problems during the test or if you encounter issues while submitting your answers.

Don’t leave the test page! If you are permitted to search the web or check other websites for information, do not use the same tab or copy of the browser as you do for your exam—you may lose all your work. Instead, open a second copy of your browser (or, choose a completely different browser), then conduct your search.

Technical problems? Don’t panic. But do contact your instructor immediately, detailing the exact problem that occurred and any error messages you might have received. If you can take a screen shot, that is helpful as well.

Check your work before you submit it. Ensure that every answer is complete and appears as you intended. Review the accuracy of your answers, as well as your spelling and grammar.

Click submit. You should only need to do so once, but if you have a problem, try once more. If you still have a problem submitting the test, let your instructor know immediately, and send your intended answers in an attached document.

After the Online Exam: Review

Assess your own progress. How do you believe you did? What questions did you find confusing? Did you have to skip anything? Return to your notes and readings, and see if you can find the answers to the questions that challenged you.

Check your grade. In some cases, you may be able to learn your grade immediately. However, exams with written answers will take longer for your instructor to grade, so allow some time to find out your score.

Ask yourself how you can improve on the next exam. Did your study strategies work? Did your plan for taking the test online prove successful? Write down your observations and keep them in mind for the next time you take a test.

How to manage effectively School Inventory Management system?

How to manage effectively School Inventory Management system?

Like every successful commercial enterprise, managing inventory is important in running a business productively and efficiently. Similarly, successful schools should emulate their business counterparts during this regard.

Why is it important to manage inventory properly? When a school maintains an inventory, the school makes a choice of buying products at a fixed price with the aim of selling them at a marked-up price from the buy price. The objective is to move these products quickly in order that the school can earn profit and recoup the expenses of shopping for the merchandise. They can identify fast paced stocks and replenish them immediately. Failure to account inventory could mean loss of income for the school and will be prevented in the least cost.

In order to avoid the scenario of getting slow moving inventory, here are 5 ideas to effectively manage your school’s inventory:

Vector Poster of Inventory management System - Paatham

1. Ensure all products are tagged and assigned a singular number.

Accounting for all of the things in your inventory is crucial because this enables your school’s store admin to remember of products you’ve got (or don’t have). Not having proper and efficient Inventory Management System makes it harder to sell long standing products and can sit longer on the rear shelves to be forgotten. In order to stop this, confirm all products are tagged and assigned a singular number.

Many POS systems like Paatham have built-in Inventory Management System that will help with the task of assigning a unique number for each product with the use of a compatible barcode scanner. Whenever shipments arrive, confirm that products are scanned and properly tagged.

2. Perform regular inventory audits

Conducting inventory audits regularly is differently to manage your school’s inventory effectively. This is the time once you and your staff discover discrepancies within the report as compared with the particular products on your shelves and rectify them on the spot. The longer you or your store manager defer and postpone initiating inventory audits, the more likely errors will occur thereby making it harder for everybody to reconcile what products you actually have versus what you’ve got on paper.

3. Keep accurate records and be consistent

As a result of performing regular inventory audits, you and your staff now have accurate records you’ll be confident with, which allows you to run much needed reports for financial analysis as well as give you a real-time snapshot of what products you have on hand, what products needs replenishing, what products need selling, and so on. On the recording part, confirm to stay consistent especially when categorizing or classifying your items. This way, you can account for the products in the same category. For example, under Food, you’ll have a subcategory for light snacks and under it, you’ll include products like potato chips or cookies. This seems tedious initially but organizing your product category meticulously will assist you when it’s time to try and do your inventory accounting.

4. Generate reports regularly

Similar to other POS software, Paatham allows you to run reports that will help your store maximize profits while minimizing costs. Some of the reports include:

Projecting future product replenishment consistent with past sales (by assuming modest or conservative projections)

Identifying your store’s product bestsellers vs. product duds and organizing them accordingly. You can decide what proportion discount to supply for those products that are shelved the longest or, as a final resort, write them off as a loss if you can’t unload/sell them.

Analyzing your store’s financial statements by running a profit/loss report and sales revenues report. These reports are very helpful in evaluating whether your school’s store is profitable or not, who among your staff had the foremost sales over a given period, and what were the top three major expenses for your school’s store.

5. Backup data in case of emergency

It’s not only important for your school’s store to stay accurate records but equally as important, to keep a copy the information just in case of emergency. If you would like to keep paper records, also include digital versions of these same records on external drives and/or back them up within the cloud. In case of Paatham, it has its own servers and backup the stored data nightly.

Summary

The importance of managing your school’s inventory effectively cannot be overstated enough because having a well-run store inventory equates to a successful and profitable school store. Having the right tools such as Paatham online system can help you keep track and manage your products efficiently. Check out our website and try our demo. We’d love to hear from you!