Education accounting systems are crucial for smoothly managing and organizing your school accounting records. With tight budgets, schools are under intense pressure to be transparent in their financials. The education accounting software gives a crystal clear picture of your school fund accounting. Such accounting solutions enable schools to consolidate all records into a centralized database, and track funds for specific purposes, including online fee processing, textbook tracking, and educational budgeting and forecasting.
1. Intacct
For the financial management of your school, you need a solution that gives you better efficiency and managerial visibility. Intacct clouding solution is designed to do more than that, providing you with real-time visibility and a comprehensive view of consolidated numbers to seamlessly manage your organization. With automated workflows, Intacct helps you drive down costs and make your core financial operations faster. Easy to access anywhere anytime, the web-based application enables you to efficiently manage fund accounting and improve financial productivity.
Cons: It is difficult to modify entries that were previously recorded.
2. Abila MIP
Easy to set up and use, Abila MIP is the most comprehensive fund management and accounting software solution. With Abila MIP software, you can enjoy peace of mind and easily plan and manage budgets and quickly generate accurate customized reports. The intuitive application enables you to track multiple funds across different budgetary periods to demonstrate accountability while meeting reporting requirements.
Customize the chart of accounts to easily track, access, and report data, and automate transaction entries to reduce manual errors, and enhance productivity. The education accounting software also enables you to view individual transactions and maintain a clear audit trail, thus helping you verify the accuracy of each financial statement.
Cons: The interface should be more intuitive for new users. It has a long learning curve, and it is difficult to use the system without proper training.
3. Microsoft Dynamics GP
Gain greater control over your school finances with this feature-rich application. Microsoft Dynamics GP is quick to implement and easy to use. The user-friendly application offers you an integrated platform for efficiently managing your school accounting and finances. It can be integrated with other Microsoft products and comes with extensive reporting and tracking capabilities.
The intuitive application works great as education accounting software, bringing together all applications, devices, and documents for easier handling and management of accounting records. With GP, you can easily manage your school accounts and finances.
Cons: The application does not integrate with third-party products.
4. FinancialForce
The web-based school accounting software, FinancialForce is designed as a complete accounting solution with multiple inherent applications, including fixed assets, spend management, revenue recognition, and General Ledger. The user-friendly interface comes with automated functionality, built-in templates, and electronic invoicing, which reduces manual data entry and improves the efficiency and productivity of accounting. The intuitive product gives you better real-time visibility into your day-to-day operations.
Cons: The system is constantly updating and issuing new releases, which are a little difficult to keep track of. Sometimes this can be really confusing for the user, especially when a new feature is released and they are still using the previous version.
5. Acumatica
A full suite of financial management features, Acumatica is a cloud-based application that makes it seamless to track your school accounts and be transparent with reporting. The accounting suite comes complete with cash management, general ledger, accounts receivable & payable, student portal, and deferred revenue management features. Accessible anywhere anytime, each application includes reporting and document management capabilities.
The built-in integration feature provides you with the tools required to flawlessly export/ import data to and from third-party applications. The updated platform enables sound accounting practices, so you can improve, grow and succeed without worrying about managing school finances.
Cons: There is some room for improvement. However, the company is constantly releasing updates to improve the system.
If you are overwhelmed with choice and want to cut through the hype to select the right education accounting software for your school, come in touch with ITQlick experts. With in-depth research capabilities, we have gathered comprehensive information about an array of software applications and helped thousands of buyers make the right choice when it comes to choosing the best tools for their organization.