Accounting errors are a serious threat to schools nationwide.
Consider the University Laboratory High School in Urbana, Illinois. This otherwise successful school accidentally ran a one million-plus deficit in 2014 because it was withdrawing from the wrong account.
Errors like this can put a school out of business.
Historically, most schools have defaulted to using general accounting software. But, this type of software has its limitations, and can't be tailored to suit school administration needs such as student fee collection, online storefront accounting, and teacher/parent communication.
School administrators need to be able to track fund allocation, and integrate this information with student records. When schools use multiple software systems to achieve that goal, unnecessary steps and human error are almost guaranteed.
With all this in mind, we gathered six school accounting software options to help you address budget issues at your school. We've got a quick overview of each option—including a list of features—to help you make the right decision.
Let's get started!
Software options presented in alphabetical order.
1. Active Educate
Invoice tracker (via Active Educate)
Active Educate offers a complete, school accounting software package. Parents and administrators turn to Active Educate for its user friendliness.
The company offers extensive training through free webinars, help files, and 24/7 user support, all with the goal of end users never feeling lost while using the system.
From managing school equipment rentals to donations, Active Educate is one of the most versatile school accounting software options around.
Features:
Student fee collection
Inventory tracking
Online storefront integration
Customizable receipting
Equipment tracking
Fundraising and donation modules
Online credit card payments
Customizable reporting
Have you used Active Educate? Be sure to leave a review!
2. HeadMaster
HeadMaster's main dashboard (via HeadMaster)
HeadMaster is a school administration tool focused on Christian schools serving grades kindergarten through 12. HeadMaster lets you integrate its accounting system with their own full administration software, which can process a variety of payment types (including mobile).
Parents can use the system to check their tuition balance, eliminating unnecessary back-and-forth. HeadMaster also includes lunchroom accounting and payroll functionality.
Features:
Tuition management
Student profiles
General ledger
Invoicing
Credit card payments
Payroll management
Have you used Headmaster? Be sure to leave a review!
3. PraxiSchool
Transaction tracking (via PraxiSchool)
PraxiSchool offers a host of helpful school administrative features, including attendance tracking, discipline management, and cafeteria management. Schools—both private and public—can use PraxiSchool to organize their budgets, reconcile bank statements, write and distribute checks, and manage accounts payable and receivable.
PraxiSchool is a great option for schools looking to get rid of information duplication across platforms by switching to a complete school administration system.
Features:
Tuition management
General ledger
Automated billing
Credit card payments
Customizable reporting
Have you used PraxiSchool? Be sure to leave a review!
4. Rediker FINACS/AP Accounting
Budget dashboard (via Rediker)
Rediker FINACS/AP Accounting is a great school accounting add-on option for international schools that integrates with the full Rediker school administration system.
With its ability to balance dual currencies and provide country-specific reports, Rediker provides an accounting solution that many international schools lack. Rediker offers tools for every rung on the school administration ladder, from superintendents tracking admissions fees to cafeteria directors budgeting for student meals.
Features:
Online bill payments
Multiple currency options
Quick access dashboard reporting
ACH bank payments
Customizable reporting
Invoicing
Check printing
Collections reporting
Have you used Rediker? Be sure to leave a review!
5. RenWeb with QuickBooks Integration
Contact database (via RenWeb)
According to Capterra's original research, RenWeb is the second most popular school administration software in the world. RenWeb offers more than 300 features for school administrators, including QuickBooks integration.
The QuickBooks integration, combined with RenWeb's robust list of features, helps schools streamline family account management, billing, and asset management. RenWeb also gives schools the option of starting with just QuickBooks, and moving into a more robust school administration software as they grow. While two software options are necessary to unlock all of these capabilities, the robust list of features offered by RenWeb that work in conjunction with QuickBooks makes the pairing worth your while.
Features:
Billing and invoicing
Customizable reporting
General ledger
Have you used RenWeb? Be sure to leave a review!
6. Senior Systems: Ascendence Business Office
Balance sheet via Senior Systems
Need a system designed to manage tuition, break down budgets by department, and cover general accounting? Business Office offers school-specific accounting software that does all this, and more.
With add-ons like online budget management, asset management, and community online enrollment, Business Office is great for private and independent schools looking for the flexibility to manage their own finances from start to finish.
Features:
General ledger
Accounts receivable
Customizable dashboards
Customizable reporting
Purchase orders
Have you used Senior Systems? Be sure to leave a review!
Other school administration tools
None of the six options on this list provide easily accessible pricing tiers; costs are negotiated with the buyer.
As a lack of pricing information can indicate a higher expense, I've put together a list of Free and Open Source School Accounting Software Options that won't put a huge dent in your wallet.
Capterra's school administration blog offers technology tools and resources to help you streamline your staff, students, and finances. Here are a few posts to get you started: