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What financial accounting offers

By automating processes for accounts payable, receivable, and reporting, FINACS equips administrators with the insights needed to forecast and plan. The module’s powerful reporting tools enable schools to make data-driven decisions, supporting both day-to-day operations and long-term planning. With FINACS, schools are able to handle finances with accuracy, transparency, and confidence.

Built to Simplify and Powered by Innovation

  • icon Purchase and Accounts Payable
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    • Individual and multiple payment options
    • Check design and printing
    • Import and export from vendors
    • Aging reports with provision for aging buckets
  • icon General Ledger
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    • Chart of accounts structure – upto three levels with import from Excel
    • Recurring journal voucher template & petty cash transactions
    • Facility to receive money in multiple currencies in a single transaction
  • icon Budgeting
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    • Budget based on any combination of account, fund and cost center
    • Different flexible options to create the budget
    • Validation conditions to warn, prevent or to override the budgeted amount
    • Define budgets using previous year budget balances
  • icon Accounts Receivable
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    • Provision to create ‘customers’ other than ‘student sponsors’
    • Facility to import customers from Excel
    • Cash and bank receipts
    • Dual currency calculator for international schools
  • icon Reports and Analytics
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    • Multiple reports for each module in FINACS
    • Provision to create customized transaction wise or account wise reports
    • Provision for accessing reports created from report generator tools
    • Customizable reports sponsors
  • icon Fixed Asset
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    • Tracks the acquisition, depreciation, and disposal of fixed assets
    • Calculates depreciation and maintains detailed records of each asset’s life cycle
    • Can add details of insurers, manufacturers and asset locations
    • Generates reports on asset valuation and depreciation schedules
  • icon Inventory Management
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    • Manages stock levels, inventory movement, and valuation
    • Handles stock receipts, issues, transfers, and stock adjustments
    • Integrates with accounting modules to ensure proper recording of inventory values
      and costs
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  • Individual and multiple payment options
  • Check design and printing
  • Import and export from vendors
  • Aging reports with provision for aging buckets
cicle
  • Chart of accounts structure – upto three levels with import from Excel
  • Recurring journal voucher template & petty cash transactions
  • Facility to receive money in multiple currencies in a single transaction
cicle
  • Budget based on any combination of account, fund and cost center
  • Different flexible options to create the budget
  • Validation conditions to warn, prevent or to override the budgeted amount
  • Define budgets using previous year budget balances
cicle
  • Provision to create ‘customers’ other than ‘student sponsors’
  • Facility to import customers from Excel
  • Cash and bank receipts
  • Dual currency calculator for international schools
cicle
  • Multiple reports for each module in FINACS
  • Provision to create customized transaction wise or account wise reports
  • Provision for accessing reports created from report generator tools
  • Customizable reports sponsors
cicle
  • Tracks the acquisition, depreciation, and disposal of fixed assets
  • Calculates depreciation and maintains detailed records of each asset’s life cycle
  • Can add details of insurers, manufacturers and asset locations
  • Generates reports on asset valuation and depreciation schedules
cicle
  • Manages stock levels, inventory movement, and valuation
  • Handles stock receipts, issues, transfers, and stock adjustments
  • Integrates with accounting modules to ensure proper recording of inventory values
    and costs

What makes FINACS different

The Financial accounting module in FINACS gives a tailored approach to school finance. With customizable fee structures, automated invoicing, and flexible payment options, FINACS streamlines the billing process, ensuring accuracy and efficiency. Additionally, because of its strong reporting capabilities, it enables schools to get insights into revenue streams and outstanding balances, empowering informed decision making for financial success.

What makes FINACS Financial Accounting different from other solutions for schools?

FINACS incorporates a multi-level chart of accounts for detailed and hierarchical financial tracking tailored specifically to school operations. It provides advanced tools like fund-based accounting, cost center management and multi-currency support for precise financial control and adaptability.

How does FINACS simplify financial operations for schools?

FINACS supports critical financial workflows such as recurring journal entries, petty cash transactions, and multi-currency transactions. It integrates with the Student Billing module and platforms like Bill.com, for tuition management and accounts payable. It supports import/export functionalities for vendor and customer data, streamlining accounts payable and receivable processes.

How does FINACS support schools in managing diverse funding and cost structures?

FINACS enables schools to set up and manage custom accounts, funds, fund groups and cost centers, enabling support for schools with diverse funding and cost structures. With these custom options, schools can tailor their bookkeeping to match their needs.

How does FINACS ensure accuracy and reliability in financial transactions?

FINACS prioritizes accuracy and reliability through several key features:

  1. Validation Mechanisms: Built-in validation conditions help identify and prevent potential errors before they occur, ensuring the integrity of financial transactions.
  2. Approval System: A robust approval workflow enables schools to verify and authorize transactions systematically, minimizing errors and enhancing accountability.
  3. User Access Management: FINACS allows schools to define and maintain user access rights, ensuring that only authorized personnel can execute specific financial tasks.
  4. Comprehensive Reporting: A wide range of detailed reports provides users with tools to perform regular audits and maintain effective checks and balances.

Together, these features empower schools to maintain precise and trustworthy financial operations.

 

Does FINACS offer flexibility for managing accounts payable and receivable?

Yes, FINACS provides flexible solutions for managing payables and receivables. With customizable payment terms and detailed, integrated reporting, schools can effectively monitor their finances and pinpoint areas that require attention. Additionally, comprehensive vendor management ensures organized records of vendors and payees, enabling smooth and efficient financial operations.

What tools does FINACS provide for budgeting and expense control?

FINACS enables dynamic budgeting with historical data, validation checks for real-time spending limits, and options for defining budgets across accounts, funds, and cost centers.

Can FINACS generate actionable financial insights for schools?

FINACS offers a comprehensive reporting suite, including transaction-wise and account-wise reports. With a wide variety of reports, providing insights into revenue streams, aging balances, and cost allocations for data-driven decisions has never been easier.

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Ready to simplify your school's accounting?