Teachmint, creator of the Integrated School Platform (ISP), has announced the addition of a comprehensive financial management feature, FinCloud, to the ISP. This new feature combines robust modules that manage tuition fees, accounting through integrations with Tally and QuickBooks and expense management, giving schools a holistic solution to manage financial operations, an official release said.
FinCloud is a verticalised solution for educational institutes that aims to enable school management to run transparent and efficient financial systems. As an integrated offering with the Teachmint Integrated School Platform, FinCloud fits in with other workflows and incorporates all stakeholder information at the click of a button. Furthermore, with deep fintech capabilities on payments, recurring collections and credit, the new feature aims to empower schools to optimise processes for financial management, and minimize errors and delays.
“With this addition, we aim to empower schools with a holistic solution that simplifies their financial operations and enhances transparency. We intend to continue expanding our offerings to employee payroll and other related financial services for schools through technology. We are committed to enable educators to focus on what they do best – imparting quality education – while we take care of their management needs,” Payoj Jain, chief product officer , co-founder, Teachmint, said.
FinCloud streamlines fee operations with accurate data tracking over a variety of fee structures, automating sending alerts to parents, maintaining transaction logs, and generating advanced reports for better insights. To ensure seamless collaboration with existing accounting processes, the feature seamlessly integrates with Tally and QuickBooks. The integration synchronises all stakeholder data from cash inflow and outflow with Tally and QuickBooks, eliminating the need for manual data entry and ensuring accurate financial reporting, transparency at-scale.
Another highlight of this expansion is Teachpay, a cutting-edge fintech product that introduces modern payment technologies to schools. With Teachpay, schools can offer online payment options, set up automatic debit for fee payments, and provide tuition fees financing for flexibility. The FinCloud also includes expense management that empowers schools to track different cost categories, providing a comprehensive overview of their financial health. This allows schools to identify cost-saving opportunities and manage expenses efficiently.