Financial Management
Next-generation education management applications for higher and further education institutions
Streamline Your Processes With Financial Management
The ITS Integrator Financial Management Software is used by educational institutions, big or small, to oversee and govern all aspects of the institute’s finances. This software was designed to cater to the fundamental function of financial control and to form an essential part of management reporting. This includes managing income, cash flow, expenses and assets to better maximise the institution’s profitability. The platform streamlines the process of invoicing and bill collection while eliminating accounting errors and ensuring compliance with regulations associated with tax and accounting.
Why Institutions Choose Our Financial Management Platform
The ITS Integrator Financial Management platform offers institutions an effective way to budget, invoice, send out financial statements and manage cash, assets and more. This dynamic platform makes managing your financial processes efficient and effective.
Other benefits include:
Streamlining of financial processes
Essential finance-related tasks and activities are consolidated, streamlined and automated in line with existing, changing and emerging regulations.
Creates Consistency
This software enables institutions to implement formal procedures for how financial transactions and activities should be handled, creating overall consistency within the institution.
Centralised information
This ensures that information is available across the necessary departments and institution units. This further facilitates accuracy and consistency.
Strategic planning
This platform provides critical information related to the institution, this in turn aids in budget forecasting, new business opportunities, asset-based expenditure etc.
What You Get with Our Financial Management Platform
The Financial Management platform is structured in a way that provides you with the necessary tools needed to manage your institution’s finances successfully, these include:
Financial structures
This system helps firms manage the way assets and operations are financed and includes components such as, accounts required for year-end procedures, VAT registrations and control accounts, budget control requirements, control accounts for automatically generated transactions and rules for retention of balances and transactions.
General Ledger
This software system caters for online validation of GLA’s, the subsystem of origin and the originator of the transaction are kept per transaction, users can be restricted to specific GLA’s, cost centres and departments, and sensitive data is therefore protected. More than one financial year-end can be handled, and at year-end, all transactions are automatically generated.
Accounts receivable
This software system facilitates the creation of debtor accounts (other than students) and the recording of transactions such as invoices, credit notes, journals, and the generation of statements. It is used for the invoicing of sundry services to outsiders and to keep a record of student – and personnel loans.
Income and expenditure budgeting
This software assists in the process of assembling the budget and posting the calculated figures into the General Ledger. Budgets can be prepared for multiple years and the software facilitates budget forecasting by the accounts department, based on linear regression, percentage increases and pro-rata allocation based on fixed sums of money.
Finance self-service
This self-service software provides personnel with the ability to, create requisitions and GRV’S over the web, to do general ledger queries as well as submit budget requests.
Asset management (self-service and mobile)
This software is used to record and track assets for financial and inventory purposes. This provides the institution with vital information on where assets are located, who is using them and how they are utilised.
Procurement management
This module caters for the purchasing of non-stock items, purchasing of stock items, the payment of creditors and all related transactions. All processing is performed at the item level.
Student Debtors
Financial officers will be able to set the financial values to be raised and the rules to be applied for both registration and registration cancellation, and that on registration or registration cancellation of a student, fees will be automatically generated and credits passed. This applies to both residential and academic activities.
Counter & Cashbook
This module provides for the receiving of money, the issuing of ad hoc payments and the processing of cash disbursements and payments. The system contains a comprehensive Cash Book and bank reconciliation facility. It allows for the manual and electronic reconciliation of multiple bank accounts.
Bursaries and Loans
This system allows an institution to effectively manage its Bursary and Loan (Scholarship and Award) funds through enhanced and simplified processes to ensure that everything stays well organised.
The ITS Integrator Cash Management platform assists in the process of collecting and managing cash flows with the following software systems.
Counter system
This system provides for the receiving of money, the issuing of ad hoc payments and the processing of cash disbursements and payments. The system contains a comprehensive Cash Book and bank reconciliation facility. It allows for the manual and electronic reconciliation of multiple bank accounts.
Banking interface software
This software is used to reconcile the institution’s cashbook electronically. The value of this lies in the speed with which reconciliation of bank statements can be done because the user does not have to recapture the initial data as on the bank statements.
