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AccountsIQ and iSAMS launch iFinance school finance solution

25th May 2018
Brought to you by
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Award-winning cloud accounting software for multi-company businesses.

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AccountsIQ and iSAMS have developed a solution after listening to schools’ frustrations around disparate systems. The new solution combines AccountsIQ’s cloud accounting software with administrative and fee billing elements to help schools eliminate duplication of work and reduce mistakes.

The iFinance solution synchronises with fee billing modules to offer schools a complete accounting solution. The fee billing module handles the complicated billing structures and generates the invoices, whilst iFinance system manages the accounts and balances in a one easy-to-use solution.

Comprehensive flexible billing

The iFinance solution meets all fee billing requirements of schools, allowing the accounts department to generate bills and add charges to specific applicants and students in various ways. Charges can be allocated by individuals or by batch.

iFinance includes an extensive invoice history section, a simple invoice amendment system and a standard suite of reports for both pre- and post-invoice, with the additional option to create ad-hoc reports.

Student, parent and invoicing data is all easily synchronised to the sales and nominal ledgers and parental deposits can be posted and managed with reconciliation to the nominal ledger liability account.

Powerful accounting

iFinance is powered by AccountsIQ school accounting software, which comprises of accounting, consolidation and business intelligence in one solution. The business intelligence dashboards provide an overview of key information, including a budget-holder’s dashboard making it easy to manage spend.

The solution includes predefined reports and the ability to create interactive and custom reports and produce customised analysis, which can be exported to Word, PDF or Excel.

bank reconciliation feature allows users to allocate funds received against outstanding balances. All updated balances are then immediately fed back to the fee billing module. Using the workflow approval process, purchase orders and invoices can be automatically sent for approval before they are posted to the accounting system, saving time.

Key features

The key accounting features include:

  • Multi-currency accounting
  • Recurring invoicing, accruals and prepayment capability
  • Parent/child billing allowing multiple fee payers to be assigned to any single child
  • Purchase order approval
  • Budget and cash flow management
  • Departmental analysis and budgeting
  • Commitment accounting v budgets
  • Procurement management
  • Key performance Indicators
  • Advanced reporting and dashboards
  • User profiling and enhanced risk control
  • Audit control
  • Consolidated accounts
  • Compliance with SORP requirements for schools registered as charities