Advantages And Disadvantages Of Record Keeping

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Financial record keeping had been a lot of work and is still is a continues to be challenging because of all that papers/ file with information that is required for the day to day activity for the school's administration department to handle. Quint-Isla would like to get it accounts receivables under control sooner than later. We've used the traditional way of record keeping using books such as general ledger, log-books, and bank reconciliation etc. With the number of students currently enrolled in our school, some of our parents are owing a significant amount of fees and has been slipping through the cracks at graduation without paying the full amount outstanding. Traditionally the admin staff would have to assess the attendance log-book for…show more content…
Following that the parents should make payments within two weeks to the office. Most parents don't pay the full fees outstanding, they usually pay it in parts and this has caused a significant problem with our previous accounting school system. Once a parent pays any fees on their child's account a handwritten receipt should be issued and the payment documented in the student's file. There were instances where of incorrect balances were recorded for parents or the school's receivables due to an error in the calculation by staff. The school board noticed that this procedure is not followed on a regular basis as a result, we introduce a computer for the administration to manually enter the information into the school's computer system based on the day's present. There was still plenty of fees still not paid by parents along with a difference of figures entered by the staff because of…show more content…
It would enhance management insight by presenting the current financial position of each student account to eliminate the case of parents claim of paying fees and it wasn't recorded. As well as, the company's present financial position to determine a clear picture so that the board can make decisions such as investment. Real-Time accounting would improve the efficiency and effectiveness of the office function. For instance, Parents would be issued a receipt for payments made and the cashier cannot enter the payment and not print a receipt for the customer. As an outcome, parents could identify immediately any discrepancies on their account. This solution would also provide online transactions through e-business (B2C) through credit card payment, PayPal account and even payment from your personal account to the school's bank account. Once a payment was made online the school would be notified immediately as a result is of information collaboration. Additionally, this feature would provide a new service to customers (Parents) and create cost reduction for the company as it relates to a ream of paper, printer ink and time. For instance, Real-time would allow parents to pay school fees online and avoid requesting time off of their jobs to pay child's school fees. This solution would also be available to the founder from any hardware device with internet access for financial

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