Importance of financial management in schools for improving the education

Managing the school's administrative and financial business is the success secret of various educational institutions, especially when it comes to financial management in schools, which is responsible for organizing the school’s records; To facilitate the task of those in charge of administrative and financial work. This requires significant technological knowledge; To manage the financial aspects of the school optimally. 

Definition of financial management for schools

Financial management in schools is a set of basic rules aimed at achieving the highest economic profits for the institution through many methods, such as searching for ways to finance the educational institution; To carry out its various tasks, or making some decisions to achieve the best financial return for the school, such as holding parties, organizing school trips, and others.

In addition, school financial management is considered the primary monitoring of funds, revenues, expenses, expenditures, salaries and others.

Financial management allows knowing the losses and the profits that have been achieved and the best ways to increase the school’s income and compensate for losses. 

financial management in schools الإدارة المالية في المدارس

The importance of financial management for schools

Financial management in schools is of great importance to the organization. It organizes all kinds of financial burdens, in addition to many advantages, including:   

Achieving harmony between school systems

The importance of financial management in schools lies in creating harmony and interdependence between the different school administrations; To achieve the desired goals and serve the educational process.

Providing support and protection to the school

The financial management in schools provides a road map for balancing revenues and expenses in a way that improves the workflow within the institution, improves the financial level of employees, and improves the school’s ability to finance various necessary and recreational activities; To achieve the best possible financial return.

Contribute to the financial decisions of the school

The financial management of schools helps to take the correct decisions to manage the institution’s funds, which shows the importance of the school’s financial and administrative books, which are used to determine whether the school’s administrative and financial decisions are right or wrong.

Develop plans to manage school funds

The importance of financial management in schools does not stop at the level of business organization between departments. Still, it also sets the rules and standards through which financial resources are exploited in a way that allows the opportunity to achieve financial returns in the short and long term.

The financial growth of the school and increase in its productivity

Good financial management in schools depends on the optimal distribution of work among school administrators, which provides a fertile environment for work, filled with dedication to work, in addition to its ability to raise the rates of economic growth in the institution and achieve the best possible profits.

The Schools Financial Administration works with the various school records; to make the right decisions.  

Types of school records

School records are files in which various information and data are kept; to reach them when needed as quickly as possible; To serve and advance the educational process. The types of school records include:

   The official records.

 Official records carry many types, including:

1- Records related to organizing students’ work, such as:

  •  Enrollment record.
  • Record of attendance and absence.
  • School drop-out record.
  • Record of receiving certificates.
  • Record the results of the monthly and final exams.
  •  Record of the year’s work.  

2- Records related to the organization of employees’ work, such as:

  • Record of attendance and absence.
  •  Supervisors’ visit record.
  • Manager follow-up log.
  •  Notes record.
  • Record of school meetings.  

3- Records of administrative work, such as:

  •  Import record.
  • Export record.
  • School custody record.
  • Information record.
  • Record of student visits.  
 The organizational records  

 These are the records for organizing the educational process, including:  

  • Records of managing the work of administrative affairs.  
  • Student work records, such as:
  • Record of student file delivery.
  •  Violations record.
  • Parent Summon Record.
  • Record the guardian’s visits.   

Organizing the school’s financial and administrative books requires extensive experience. We are now in the age of technology. Everything can be managed electronically by the various programs, such as distributing work to school administrators, determining expenses and revenues, gains and losses, and others.

This is what ECPA offers through its various services, as it combines human and technological capabilities through the ERP program. This integrated digital system ensures the efficient workflow of financial management in schools. 

financial management in schools الإدارة المالية في المدارس
الإدارة المالية في المدارس financial management in schools

Features of the Financial Management Module for Schools by ECPA

The ECPA Company introduced the latest modules and programs for organizing the financial management of schools; To help raise the school’s administrative efficiency and achieve its goals through the many advantages it offers, as follows:

  •  The ability to absorb the largest amount of information and data for the school’s various departments.
  • The program achieves integration and harmony between the school administrations and works to reduce the costs of the educational process and save time.
  • Involving parents in the educational process as part of social participation.
  • The financial management program for schools is characterized by security and integrated protection.
  • Contribute to the organization of all records and notebooks used in schools; To access school data at any moment as quickly as possible.  

Frequently asked questions about financial management for schools

What is the main objective of financial management?

The main objective of financial management in schools is to determine the school's expenses and revenues to ensure the proper functioning of the educational process.

What is the role of finance in education?

Funding always aims to support the educational process, reduce the burden on schools, and meet their needs and requirements.

Why should money management be taught in schools?

To train children on how to manage their resources, teach them the saving policy, and train them to take responsibility.

What are the five principles of financial management?

Studying the nature of financial management, understanding financial statements of all kinds, knowing the methods of financial planning, studying the value of money and its relationship to its time, and using financial analysis methods.

What is the importance of distributing tasks within the school?

This process aims to optimally manage the school's business and prevent any administrative confusion that might affect the educational process.

The financial management of schools mainly contributes to the prosperity of the educational process and the achievement of the principle of parity and harmony between its various departments.

To achieve the primary goal of education, which is to create a generation capable of taking responsibility and exerting maximum effort in economic development