Managing finances is a big challenge in many schools and other businesses. This is because it is tempting and easier to spend money than to make it. And for schools the temptations are high because of many operations that need spending.
Therefore, if you don’t have a mechanism of recording your expenses, it is possible that you may end up losing money through petty cash related expenses. Take note that It is through small expenditures that workers may take advantage and cheat you.
With school Monitor, every expense is recorded and captured in the system. This means that every money is accounted for accordingly by the bursar because you can know what it was spent for and whether it was worthy.
With a school monitor, you can be able to check expenses for a specific item. You can know how much you are spending on chalk in a month, how much you have spent on bills like electricity, water etc. You can know how much you have spent on medical care, staff allowances, food etc. in a specific period of time.
This helps you to know whether you are losing money or not. For example, if the money you spent on chalk or meals varied from first term to second term yet the enrolment has remained the same, that will mean that there was wastage somewhere and this helps you to put more control measures.
But you can’t achieve this if you don’t have a system that can filter and generate an automatic report on any specific item, if you choose to do it manually, it may be difficult for you to get such reports.
It is therefore advisable for school owners to enroll on school Monitor school management system for better management of school expenses.