A school finance management system bringing together administrative and fee billing elements within a cloud-based system will help your team to eliminate unnecessary duplication of work and reduce costly mistakes.
Introducing iFinance
Introducing iFinance
iFinance is a truly cloud-based and integrated accounting solution designed specifically for schools.
Watch a DemoCollaborative Accounting
The iFinance accounting, consolidation and business intelligence features offer your bursary the ability to generate predefined and custom reports, profiled by user. The fully-interactive reporting means you can drill down to transaction level and produce a customised analysis, which can then be exported to Word, PDF or Excel. The bank reconciliation enables you to speed up the allocation process, uploading your bank files and posting transactions in a time efficient manner. Plus, the customisable online workflow approval process will allow your school to adopt a paperless purchase order and invoice environment, allowing your key stakeholders to see a live status of their budget.
Wholly integrated with our cashless payments system
iSAMS Payments is designed specifically for fee-paying schools for faster cashless payments and dynamic insights into all areas of parental payments. Helping to reduce school fees arrears, reduce time-consuming payment-chasing for finance teams and introduce flexibility into the way you take and allocate any kind of payment from parents.
What do schools say about iFinance?
Great cloud based accounting product and easy to use. Able to produce statutory and management accounts efficiently and the reporting capabilities are numerous for any sized business wanting to enhance its business intelligence information.
When we set out on our journey to implement a new accounting system for the Kingsworth Group of Schools, ease of use, integration with our MIS, friendly relations and great customer service were top of our pre-requisites. With iFinance, we have all of that and more.
In times when every penny counts, we have found the analysis tools and management information provided by iFinance to be second to none. This has helped with both day to day operational decisions through to strategic direction at Board level.
Flexible Billing
The iFinance fee billing feature allows your account department to generate bills and add charges in several different ways for specific applicants, current students and alumni. It also enables your bursary to amend invoices and synchronise this data with a sales and nominal ledger. Not only this, but the flexible deferred income functionality removes the need for monthly journals to be calculated and posted. You’ll also be able to use a comprehensive suite of interactive reports for pre and post invoice, historic invoices and ad-hoc reports.
A feature rich platform...
With our workflow approval, you’re able to automatically send paperless POs and purchase invoices for approval before they are posted to the accounting system, including options to add customisable layers of approval. You can also save time by creating an auto approval process for reviewing or approving invoices by authorised personnel. Keep your data secure and track each request with a real-time view of the status of approval.
All your company and group assets can now be managed and stored via this single database, without the need to switch between multiple systems. Quickly approve fixed asset POs or invoices through our workflow approval and App. Upload accompanying documents with our document management functionality, schedule dates for maintenance or renewal, and link assets to leases or loans. Plus, manage your assets with automated depreciation journals and fixed asset schedules – with CapEx forecasting offering you greater assistance in your financial planning.
Employees can record expenses and outlay against internal or external projects and managers to approve. Enjoy our easy-to-use Expenses Capture App to add photos of expense items or receipts, submit expenses to line managers, start-stop mileage claims using Google Maps and easily route expenses for client recharge and tag as paid or to be reimbursed – all with ease on your smartphone. Lock fixed expense items to reduce the risk of error and avoid multiple submissions for the same expense claim, whilst integration with the finance ledger ensures expense claims are automatically paid once approved.
Stock Management
Integrate purchasing to automatically track stock levels, so you know how much stock you have available at any one time and when you might need to order more. Integrate with ePOS, shopping cart and CRM systems to avoid the duplication of data across multiple platforms and retain a more holistic view of your finances.
Group Consolidation
Simplify monthly consolidations across each of your designated groups with different subsidiaries, currencies and account structures via a separate SQL database. Plus, you can access these consolidated results in real-time via this single system.
Workflow Approval
Fixed Asset Register
Expenses Capture App
Stock Management
Group Consolidation
Key Features
Go paperless and speed up your incoming invoice processing with the iFinance automated AP Inbox, featuring currency recognition, supplier identification and invoice auto-creation.
Link your bank accounts directly with iFinance for an up-to-date view of your daily transactions.
Accessible from anywhere and on any computer (school or home); a true web-based solution.
A flexible and simple module to generate bills and add charges in several different ways.
Comprising of accounting, consolidation and business intelligence with multi-currency support and recurring invoicing, accruals and prepayment capabilities.
Simple and efficient invoice amendments, with pupil, parent and invoicing data synchronised at the click of a single button.
The business intelligence dashboards provide an overview of key information, including a budget-holder’s dashboard, making it easy to manage spend.
A comprehensive split billing system to assign multiple bill payers for an individual bill.
Auto-bank reconciliation allows you to easily allocate funds and payments against outstanding balances.
With the workflow approval process, paperless purchase orders and purchase invoices can be automatically sent for approval before they are posted to the accounting system, with customisable layers of approval.
Recurring charges allow for a charge to automatically be assigned to future billing cycles. Recurring charges can be assigned a start and end cycle, or be set as a persistent recurring charge
Allows employees to record expenses and outlay against internal or external projects and managers to approve.
Generate an electronic audit trail on all transactions that includes the workflow approval route, approver, time, and date stamp along with any approval notes, ensuring that your school accounts can be verified as efficiently as possible.
Consolidate Groups and Entities, with Consolidation Reports generated in just one click.
A single database to store all your company and group assets.
A distribution module that will add and integrate stock management.
Developed specifically with the Bursary in mind, bring your academic, wellbeing, administrative and fee billing elements together with a powerful accounting and finance solution.