All-in-one integrated MIS and accounting solution for schools

A solution bringing together the academic, pastoral, administrative and fee billing elements with an accounting system that will help you to eliminate unnecessary duplication of work and reduce costly mistakes.

BI dashboards provide an overview of key information
Create predefined, custom and consolidation reports
Supports multi-currency, recurring invoicing, accruals and prepayments
Simple and efficient invoice amendment system
Customisable paperless workflow approval process, see live status of your budget

Developed specifically with the Bursary in mind bringing together the academic, wellbeing, administrative and fee billing elements into a powerful accounting and finance solution.

Powerful Accounting

The iFinance accounting, consolidation and business intelligence features offer the bursary the capability to generate predefined and custom reports profiled by user. The fully-interactive reporting allows the user to drill down to transaction level and produce customised analysis, which can then be exported to Word, PDF or Excel. The Auto-Bank Reconciliation allows users to speed up the allocation process, uploading your bank files and posting transactions in a time efficient manner. The customisable online approval workflow process enables schools to adopt a paperless purchase order and invoice environment, allowing key stakeholders to see a live status of their budget.

 

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Comprehensive Flexible Billing

The iFinance fee billing feature allows account departments to generate bills and add charges in several different ways for specific applicants, current students and alumni. The feature enables the bursary to amend invoices and synchronise this data with a sales and nominal ledger. The flexible deferred income functionality removes the need for monthly journals to be calculated and posted. Featuring a comprehensive suite of interactive reports for pre and post invoice, historic invoices and ad-hoc reports.

 

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Key Features

Flexible Billing

Flexible and simple module to generate bills and add charges in several different ways.

Powerful Accounting

Comprising of accounting, consolidation and business intelligence with multi-currency support and recurring invoicing, accruals and prepayment capabilities.

Invoice Management

Simple and efficient invoice amendment system with pupil, parent and invoicing data synchronised with a click of a single button.

BI Dashboards

The business intelligence dashboards provide an overview of key information, including a budget-holder’s dashboard making it easy to manage spend.

Split Billing

Comprehensive split billing system to assign multiple bill payers for an individual bill.

Bank Reconciliation

Auto-bank reconciliation allows you to easily allocate funds and payments against outstanding balances.

Workflow Approval Process

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

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

Expenses Capture

Allows employees to record expenses and outlay against internal or external projects & managers to approve.

Consolidation

Consolidate Groups and Entities, Consolidation Reports in just one click.

Fixed Asset Register

A single database to store all your company and group assets.

Stock Management

A distribution module that will add and integrate stock management.

Workflow and Purchase Order (PO) Approval

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. 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 real-time view of the status of approval.

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Fixed Asset Register

All your company and group assets can now be managed and stored via this single database, no need for switching between multiple systems. Quickly approve fixed asset POs or invoices through our approval workflow and App. Upload accompanying documents with our document management functionality, schedule dates for maintenance or renewal and link assets to leases or loans. Automated depreciation journals and fixed asset schedules. CapEx forecasting will offer you greater assistance in your financial planning.

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Expenses Capture

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. Integration with the finance ledger ensure expense claims are automatically paid once approved.

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“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.”

Michael Coles - Bursar, St Edward’s Cheltenham