Press | 2 May 2024

iSAMS announces feature updates to their cloud-based accounting solution, iFinance

Industry-leading MIS provider, iSAMS, is thrilled to announce the launch of two new features now available within iFinance, aimed at streamlining finance operations for Independent schools. 

iFinance, first launched in 2018, was developed with the needs of the education industry in mind. The dedicated solution assists in synchronising different sets of data, providing schools with a solution that combines two key components of a bursars’ daily role – complicated fee billing, and accounts and balances.  

The iFinance solution from iSAMS enables schools to benefit from an all-in-one integrated MIS and accounting solution. It offers comprehensive fee billing and powerful accounting functionality, which is presented to schools in a secure, cloud-hosted package. 

Today, iFinance is trusted by over 300 schools and the development of the system continues to be enhanced to meet the needs of school bursars.  

iSAMS is thrilled to announce two new features for iFinance, including: 

Automated Balances Brought Forwards 

The first update was built to automate Balances Brought Forward within the iFinance system. Typically, importing these account balances is a manual process, undertaken between the bursary and a software provider. Thanks to this update, these figures will now be automatically imported as part of the invoice preview process. 

This automation is seamlessly integrated into the Invoice preview process. When running a preview, iFinance will fetch the balance for a specific contact Account, and this balance will then be displayed on the Preview invoice. 

This first feature was created to simplify the invoicing process and ensure maximum accuracy for payments due to schools using iFinance.  

iFinance AP (Accounts Payable) Inbox linked to Purchase Orders 

The iFinance AP Inbox enables finance teams to go paperless and speed up the processing of supplier invoices with our automated inbox technology. Route emails containing invoices directly into your iFinance company inboxes, ready for checking.  

With this update, finance teams will benefit from improved integration between incoming documentation within the AP Inbox and Purchase Order features within iFinance. This update has been released to boost efficiency in your workflow, simplifying the invoice matching process. Benefits include: 

Seamless AP Inbox integration 

The AP Inbox now works harmoniously with your saved Purchase Orders to automate the accounts payable process. Whether you prefer OCR, or a simple manual selection, this integration makes matching invoices with Purchase Orders a breeze. 

Effortless workflow automation 

Simplify the workflow by skipping unnecessary steps. With these upgrades, the system will optimise the process by skipping the AP Inbox listing screen when there’s a perfect match between incoming Invoice and Purchase Order. Instead, users can view the Purchase Invoice directly in the invoice screen, ready to go. 

Multiple invoice matching options 

Speed up your document matching process within iFinance. The system will now enable users to match invoices that have both a full and partial match to a Purchase Order. This provides a more seamless experience for handling incoming invoices.  

Maintaining consistency 

Make working with invoices with multiple line items simpler thanks to this inbox upgrade. The new feature automatically copies all line item details from a Purchase Invoice to its matched Purchase Order. Never miss key details and prioritise accuracy with iFinance and AP Inbox.  

If you’re interested in learning more about iFinance, watch a short product demo here. 

If you’re a school already benefiting from iFinance and would like to learn more about any of these new features, please get in touch with your Customer Account Manager.

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