Reporting has played an essential role in assessing the progress of an institution. Traditionally, ample time is taken to collect, analyse and produce a report. Due to its time-consuming nature, once a report is finally made available, it may not be the most relevant anymore. With digitalisation and data analytics taking the educational world by storm, a school administration can generate and view multiple reports within seconds. Such reports provide reliable information with data-driven insights. For example, you can find out why certain processes take longer and the root cause for a school’s increasing expenditure. The management can confidently use these same reports to make intelligent decisions and changes. But what kind of reports are accessible from a school management system? This blog will detail the types of reports that schools can refer to when monitoring their overall progress.
Seven Types of Reports Your School Management Produces
A school management system can customise and produce a report according to your needs. But what sort of reports should you constantly be hovering over? Which of them can help you to reduce your school finances? There is more than one type of report for multiple purposes. Here are seven types of reports that can answer each of the below questions thoroughly:
Are You Receiving ROI by Paying Your Employees?
A compulsory cost that cannot be eliminated is the amount invested in school children by employing good teachers. The amount paid for each teacher differs on multiple factors. The higher the pay, the more that is expected in terms of better student performance. The thing that is often not regarded when assessing the payroll is the number of other add-ons. For instance, teachers get taxes, insurance, vacation schemes, and sick days. Unlike other professional fields, teachers also receive holidays for an entire term when school closes. Hence, assessing teachers on productivity is a major function of educational institutes. Statistics, however, indicate that if the payroll expenditure is under 30 per cent of gross revenue, it is a positive aspect of finances. However, assessing teachers based on their performance is a more measurable alternative when determining whether an investment in a teacher should continue. Deciding whether they should stay on board based on their influence on students are ways to guarantee that at least the school enjoys a good return on investment (ROI).
Are All Students Paying on Time?
Collecting fees can be the most stressful as it is one of the main aspects of a school budget. Having a report that assesses the rate of students making payments on time is beneficial. For instance, parents may sometimes forget to make the term fee on time with their hectic schedules. Other times, it could be the student’s fault who was supposed to notify their parents that school fees were due on a specific date. Hence, sometimes, students may end up paying late for careless reasons. The good thing about having a reporting system is that aspects like these will be highlighted. Based on feedback or questionnaire parents perhaps filled out, useful insights can be gained. In return, the report generated may also provide recommendations, telling the administration exactly what it can do. This would be based on standard practices adopted worldwide in educational institutions. For example, a notification system that directly sends a reminder to the parents is an effective way to ensure fees are paid. Moreover, offering parents to make payments online makes it easy to automate receipts and record payments.
How Often Do You Have to Invest in Transportation for School Purposes?
In schools where transportation is offered, finances are required to maintain them. This includes school vehicles used to take students on school trips and school buses they send for students who have opted for the additional service. This process may become complicated if not organised properly. For instance, to ensure finances are not wasted, proper records of the vehicle details, information on the drivers, the students who have opted to ride in the vehicle, the vehicle log book, insurance and related costs must be noted. While, to a certain extent, the amount invested for transportation is covered by the cost that students must pay to avail of this service, trying to cut down expenses is still essential. Implementing a system that can find the shortest route to school can enormously help save fuel prices in the long term. Moreover, having a system that reminds you of routine maintenance will mean that you can reduce costs by preventing breakdowns from occurring. As is observed, any attempt to organise processes can drastically change the financial amount that needs to be dedicated to transportation.
How Much of Supplies Are Left?
Schools have a supply stock that constantly needs to be restocked once in a while. This could range from supplies required for academic purposes like whiteboards, smart boards, paper and related items. It could alternatively be stock needed for sports. The former types of supplies can be drastically reduced by digitalising your operations. For example, paper is one of the most used and needed supplies in an office. Bulks of paper can be quite expensive. Imagine how much can be saved just by eliminating the use of paper. Not only will this be cost-effective, but it will also be good for the environment. Making most things digital also means there is more remote accessibility. This allows schools to easily retrieve a document through the database without spending time searching for the document. Moreover, understanding which supplies run out more each term helps assess how much should be invested when purchasing such items in bulk. All the above types of insights can only be gained through a reporting mechanism. Instead of manually assessing what items require more stocks, a system that automatically updates the inventory gives you the time needed to ensure you have enough finances.
How Expensive Are Utility Bills and Other Costs?
Similar to paying bills as a homeowner, the school management must make utility payments. This includes electricity, gas, water and others. The utility bills in a school can be extremely high. Having a record of when such bills need to be paid is important. As these are often larger sums, ensuring ample finances are available to prioritise their repayment is also necessary. In other words, even the management needs a system to remind them to make the payments. Also, making a note to find which utility bills cost more so that energy-saving efforts can be implemented is beneficial. Constantly monitoring the progress of saving such resources can also be done through reports. Schools additionally invest in electrical devices such as laptops or computers to provide children assess to such devices. Hence, significant investments are made in bulk to purchase such items. The presence or absence of such materials can positively or negatively affect a school’s reputation, making this an expense that cannot be ignored. Having a reporting mechanism allows you to consider how these financial challenges in this respect can be addressed.
How Much is Being Spent on Renovations or Constructions?
Schools may undergo periods of renovation. Sometimes there may also be projects to build a new swimming pool, library, a specific court or something else. Sticking to a strict timeline and budget is vital in this respect. Before undertaking such a project, having a reporting mechanism that can weigh the pros and cons would be of enormous help. It will consider the financial feasibility and the positive ways it would improve student life and the school’s reputation through implementing the project. Since renovations and construction are additional costs which schools have a choice of investing in, it is important to have a thorough understanding of the additional costs the school will now take on after the completion of the project. Hence, considering project implementation and maintenance costs is key to understanding whether it is in the school budget. A reporting mechanism in this regard, therefore, looks at every possible investment you will have to make to make the project a success cost-effectively.
How Much Money Was Raised in Fundraisers?
Fundraisers occur in schools under the leadership of past alumni. Usually, most new construction projects are conducted from the money accumulated through fundraisers. There could be multiple fundraising events within or outside the school. A reporting system in this regard could help the past alums to find a space that is most profit worthy. Understanding factors such as target audience and consumer trends could help past pupils brainstorm for more creative fundraising ideas. A fundraiser’s feasibility or success can also be determined through reports. This also helps estimate how much will be collected at the end of the day. In situations where the fundraiser succeeded in gaining the amount needed, instead of going ahead with the original plan, reports may highlight the need to invest in something which is more urgent. Hence, utilising the money for the most critical function is an intelligent way to handle finances in an educational institute.
There is More Than One Way To Reduce Your Overall Costs
Reports offer a great way to understand a school’s monthly expenses comprehensively. Cutting costs is only possible if you first are aware of how you are spending your finance. In addition to automating mundane and repetitive tasks, a school management system can give you confidential information on your finances, which never occurred to you or anyone in the management before. It can offer and recommend cost-effective alternatives based on the limited financial budget that is made available. Invest in a school management system, and you will constantly make intelligent and financially feasible decisions.
