Advantages And Disadvantages Of Record Keeping

Financial record keeping has been a lot of work, still is and continues to be challenging because of all that documents/files 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

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 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 child 's attendance. There was still plenty of fees still not paid by parents along with a difference of figures entered by the staff because of multitasking. Some instances also raised where Parents indicated that fees were paid and not documented by staff members, but the parents were not able to produce the required information needed to back up their case. On the other hand, some parents indicate that they were not able to get time off from work to reach the office before the payment deadline. Therefore, Quint-Isla would like to avoid all those problems in the future by implementing Xero real-time

Even though there are the various benefits we anticipate some challenges such as staff reluctance to accept and understand the function of this system. As a result, the school will pay for the training programme over the course of the next two months to help staff understand and operated this solution. Other than train our staff we would have to create a team to make sure all students account balances are accurately accounted and reflect the right balance. Such activity would need at least three people to make sure accounts are fully online and accurate and it 's going to cost the company an average of $2000 for five days to execute this system. Quint-Isla decided to use staff members from within the organization to help meet the deadline. To work on the weekend (Saturday and Sunday) this avenue would allow the school to save $800 to update the information. Once this is done we intend to conduct online Registration to help the administration department enter the student 's information. There are also instances where we anticipate a major challenge of electricity outages that can significantly affect our operation. Running real-time solution, the school can’t afford those types of situation, as a result, we a presently using procurement management for the best package for a small generator as a backup supply of electricity. Quint-Isla would be hosting a Christmas concert on Friday the 22nd of December and summer camp next year to help raise funds to offset the