How Financial Software for Schools Simplifies Budgeting and Accounting

Schools face a wide range of financial challenges as they look to power student success and help their district thrive. Between setting and maintaining budgets, raising support, complying with local, state and federal rules and regulations and dealing with unexpected expenses, it can be overwhelming at times.

That’s where finance software for schools comes into the equation. With a strong software platform for fee payments and financial reporting, districts can tackle these challenges in their financial processes and focus more time and effort on supporting students, staff and families. In fact, research has shown that automated reconciliation of payments alone can save more than two hours a week. Platforms like Vanco are designed specifically to help schools handle these challenges and thrive by accepting all fee payments in one place, powerful real-time reporting tools and lightning-fast reconciliation. 

The Importance of Financial Software for Schools

Streamlining budgeting processes

Budgeting using traditional methods is extremely time-consuming. Good financial software for schools helps streamline this process, allowing technology to do much of the work in collecting data, reconciliation and reporting. With fee payments and other funds coming from a variety of places, it can be tough to keep track of by traditional methods, but proven financial platforms like Vanco simplify the process for staff.

Accuracy is vital in financial work for your school. You need to know the exact amount of money in a given account, how much was paid toward a given fee by a family and what revenue was generated by a specific event. Keeping track of these numbers by old-school methods often leads to errors, costing valuable time in reconciliation and figuring out what’s not correct. Having the right finance software for schools eliminates these issues and bolsters confidence in the accuracy of this work.

Each school district has local, state and federal regulations with which it must comply. The tools built into a good financial software solution are engineered with these regulations in mind, so schools can utilize their reporting and data collection features to make sure they’re being fiscally responsible, transparent and are complying with the necessary standards.

Key Features of Financial Software for Schools

• Automation and Time Savings: Financial software for schools is essential for managing payroll, expenses and reports efficiently through automation. It saves countless hours spent on these tasks, freeing staff up to focus their energy on better powering student success.
• Data Centralization: By providing secure, real-time access to invoices and financial data, schools can easily pull reports and compile the information needed to make key decisions when they have a good financial software platform.
• Custom Reporting Tools: Instead of one-size-fits-all, tailored insights that come with platforms offering custom reporting tools allow districts to quickly find the information they need. Vanco allows districts to create reports tailored to their exact needs, ensuring those receiving them have only the information that’s relevant and aren’t swamped by unnecessary piles of extra data.
• Scalability and Adaptability: Top-notch financial management software for schools will offer scalable, adaptable options that help provide solutions for schools of all sizes. Because a district with 10,000 students has much different needs than one with 900 students, these are important aspects to look for in a potential solution.

Why Nonprofit Schools Need Vanco’s Financial Software

RevTrak is a perfect fit for schools in need of a financial software solution. It seamlessly integrates with many existing tech stack components schools use and provides one-stop fee payment for all school fees, the ability to manage events and the revenue they generate, streamlined reporting and reconciliation and a wealth of tools to help you provide clear, transparent financial data for your district while spending less time on tedious administrative work. Additionally, RevTrak allows district to customize their web store to fit the branding and image of their district, further tying it into the rest of the district’s resources.

Here are several districts who have thrived thanks to Vanco’s powerful financial management tools. They’ve used its features and resources to raise funds, streamline workflows and empower more student success.

• St. Cloud Cathedral High School (Minn.)

• St. Cloud was able to use Vanco to streamline its athletic event management and after utilizing the platform for its annual golf outing fundraiser, the district enjoyed a sold-out event that raised $16,000 to support its athletes. In the past, the school would use paper tickets for events, but now saves time and hassle with its digital ticketing solution.

• Nicolet Union High School (Wisc.)
  • Before Vanco, registration was a challenging experience for staff, parents and students. After the switch, the school has benefited from automatic reporting and parents are relieved by the simplified process. The school can also effortlessly customize their solution to enhance fundraising revenue.
• Waukee Community School District (Iowa)
  • This school district, one of the fastest growing in the U.S., had to quickly adapt to handle the administrative workload that comes with a larger student body. District administrators turned to Vanco’s innovative technology to meet parents' expectations and save valuable time for their staff.

How to Get Started with Vanco

Getting started is incredibly simple. Vanco walks with you through the entire process, making sure that you have all the information you need to make an informed decision on the right school finance management platform for your district.

1. First, check out a short demo that walks you through how the platform works and what its key features and benefits are. 
2. Then, connect with a member of our team to get answers for any questions you have.
3. Make your purchase.
4. Our helpful customer support team will walk you through the setup and integration process and ensure you’re up, running and completely comfortable with the platform.
5. Start accepting online fee payments and enjoying lightning-fast reporting and reconciliation.

Vanco offers reliable, 24/7 customer support for districts, ensuring you can talk to a real person if you need help with your web store. Additionally, Vanco provides a wealth of training resources on its website and also has a library of video resources you can check out for free and find out how to make the most out of your RevTrak experience.

FAQs

How can schools benefit from using financial management tools?

Financial management tools help schools save time and increase efficiency by streamlining the budgeting process. They also help with reporting, communication and transparency, allowing districts to build trust with stakeholders in their fiscal operations. When dealing with finances, an old-school approach can eat up large chunks of time and keep your staff from focusing on other, more important tasks.

Can financial software help with nonprofit school donations?

Yes, school finance software, such as Vanco, can help schools accept donations via multiple payment means, allowing supporters to give from their device of choice any time generosity moves them. It also creates a simplified donation process that eliminates common frustrations that can frustrate supporters and make them less likely to give in the future.

What features should schools look for in financial software?

When looking for financial software, educational institutions should look for a platform with robust reporting tools, streamlined reconciliation processes, integrations with other software in their tech stack and ease of use for both staff and families. Schools with finance programs that have these features operate more efficiently and can focus more time on student success.

How does Vanco’s software differ from others?

Vanco’s web store is a one-stop shop for all school fee payments. It’s a user-friendly platform where families can pay tech fees, athletics fees, field trip fees and even buy event tickets for sporting events, concerts and plays. Additionally, it offers effective communication tools that will help build better relationships with the families in your school district. It streamlines reporting and reconciliation, freeing up more time for staff to focus on student success.

Is Vanco’s financial software customizable for schools of different sizes?

Yes, Vanco allows you to use your school’s branding, unique fees and other elements that personalize the platform to your needs. This gives the platform a look and feel that helps it integrate even more seamlessly with the other tools and software your educational institution uses.

Learn how Vanco’s financial software for schools provides the tools and flexibility you need to streamline operations effectively.

Get started!