Challenges
The manual work this trade still runs on, what it costs, and what changes.
Typing the same fee receipt for every student, every month
- How it is done today
- A fee register in a notebook or spreadsheet and a receipt book filled in by hand at the desk
- Cost or risk
- Hours each month at the front desk, and missed or duplicated receipts
- With Finocket
- A recurring fee bill drafted on the same day every month for you to review and send, with the period covered printed on it (the tuition and coaching setup, which sign-up suggests and you apply in Setup review, adds batch and enrolment number fields to fill on each bill)
Not knowing who still owes this month's fee
- How it is done today
- Ticking names in the register and phoning parents one by one
- Cost or risk
- Dues found late in the term, awkward calls, and cash-flow gaps
- With Finocket
- A dues view per bill and a payment link on every bill; reminder rules can be set up on the Business plan
Course fees paid in instalments are tracked on paper
- How it is done today
- A separate page per student listing what was paid and what is left
- Cost or risk
- Instalments slip through, and the balance is disputed at the end of the course
- With Finocket
- One bill for the course fee split into instalments, each with its own due date and payment
Receipts that are not proper tax documents
- How it is done today
- A plain receipt book, with GST worked out later, or not at all
- Cost or risk
- Coaching is reported as taxable while schools are often exempt; the wrong document is a tax risk
- With Finocket
- A service-line bill layout that can be issued as a tax invoice or a bill of supply. Your CA decides which applies
Cash collected at the desk never matches the bank
- How it is done today
- Counting cash at day end and writing a deposit slip
- Cost or risk
- Unexplained gaps between collections and deposits
- With Finocket
- Bank reconciliation that suggests matches between deposits and recorded payments for you to confirm
Year-end means a box of papers for the CA
- How it is done today
- Handing over receipt books, bank statements and expense bills in March
- Cost or risk
- A rushed, costly close and late filings
- With Finocket
- Double-entry books all year, your accountant invited in, and a Tally export
Visiting faculty paid without TDS records
- How it is done today
- Paying professional fees in cash or by transfer with no deduction trail
- Cost or risk
- TDS defaults and notices
- With Finocket
- Record TDS on professional fees as you pay them, ready for the quarterly return
Enquiries lost between calls, walk-ins and chats
- How it is done today
- An enquiry register at reception and messages on a personal phone
- Cost or risk
- Admissions lost to slow follow-up
- With Finocket
- An enquiry pipeline and web form where you enter the parent or guardian, not the child, as the contact. Finocket has no separate guardian record
Refunds for a student who leaves are calculated by hand
- How it is done today
- Working out the unused fee on a calculator and paying from petty cash
- Cost or risk
- Disputes and a mismatch between what was billed and what was refunded
- With Finocket
- A credit note against the original bill if it was invoiced, so the books show both
Two branches, or a school and a coaching wing, in one set of books
- How it is done today
- One combined ledger, split by hand at year end
- Cost or risk
- No branch-wise profit picture and mixed taxable and exempt income
- With Finocket
- Separate companies or cost centres for each branch or wing