What financial accounting offers
By automating processes for accounts payable, receivable, and reporting, FINACS equips administrators with the insights needed to forecast and plan. The module’s powerful reporting tools enable schools to make data-driven decisions, supporting both day-to-day operations and long-term planning. With FINACS, schools are able to handle finances with accuracy, transparency, and confidence.
General Ledger: The Foundation of Financial Control
A strong accounting framework begins with a well-structured general ledger. FINACS provides the flexibility and accuracy institutions need to record, organize, and manage financial data with confidence.
- Multi-level chart of accounts with easy Excel import
- Recurring journal entries for consistent and accurate postings
- Petty cash management to support day-to-day transactions
- Centralized ledger control for reliable financial records
Accounts Payable & Purchasing: Streamlined Vendor Payments
Efficient payables management ensures timely vendor payments and stronger cash flow control. FINACS simplifies purchasing and accounts payable through structured workflows that reduce manual effort and improve accuracy.
- Individual and bulk payment processing with built-in check printing
- Centralized vendor management with Excel import and export
- Flexible handling of purchase-related payments and obligations
- Aging reports with configurable buckets for effective payables follow-ups
Accounts Receivable: Simplified Collection and Visibility
Managing incoming payments should be clear and efficient. FINACS helps institutions track receivables accurately while supporting diverse payer types and currencies.
- Create and manage customers beyond student sponsors
- Cash and bank receipt management with easy tracking
- Dual-currency support for international schools and payers
- Aging reports to monitor outstanding balances and support timely collections
Reports & Analytics: Insights That Drive Confident Decisions
Financial data is most valuable when it’s easy to understand and act on. FINACS transforms transactions into meaningful insights through flexible, role-ready reporting.
- Comprehensive standard reports across all FINACS modules
- Transaction-wise and account-wise reporting for deeper analysis
- Custom report creation using built-in report generator tools
- Sponsor and fund-based reporting for complete financial visibility
Budgeting: Plan, Monitor, and Stay in Control
Effective budgeting ensures financial discipline and informed decision-making. FINACS enables institutions to create, manage, and monitor budgets with built-in controls that support long-term planning.
- Budget creation by account, fund, or cost center
- Flexible budget configurations to match institutional needs
- Validation rules to warn, restrict, or allow budget overrides
- Budget planning using previous-year balances for continuity and foresight
Fixed Asset Management: Complete Lifecycle Control
Managing long-term assets requires accuracy, visibility, and compliance. FINACS provides structured fixed asset management to ensure every asset is tracked, valued, and audit-ready throughout its lifecycle.
- Full lifecycle tracking from acquisition to disposal
- Automated depreciation with accurate valuation
- Detailed asset history including location and ownership
- Clear reports to support audits and financial reviews
Inventory Management: Real-Time Resource Tracking
Daily operational resources need the same level of control as financial assets. FINACS ensures precise tracking and valuation of inventory across all stock movements.
- Real-time tracking of stock levels and movement
- Management of receipts, issues, transfers, and adjustments
- Accurate inventory valuation and cost control
- Seamless integration with accounting for consistent financial records
What makes FINACS different The Financial accounting module in FINACS gives a tailored approach to school finance. With customizable fee structures, automated invoicing, and flexible payment options, FINACS, accounting software for schools, streamlines the billing process, ensuring accuracy and efficiency. Additionally, because of its strong reporting capabilities, it enables schools to get insights into revenue streams and outstanding balances, empowering informed decision making for financial success.
What makes FINACS Financial Accounting different from other solutions for schools?
FINACS incorporates a multi-level chart of accounts for detailed and hierarchical financial tracking tailored specifically k-12 private and independent school operations. It provides advanced tools like fund-based accounting, cost center management and multi-currency support for precise financial control and adaptability.
How does FINACS simplify financial operations for schools?
FINACS supports critical financial workflows such as recurring journal entries, petty cash transactions, and multi-currency transactions. It integrates with the Student Billing module and platforms like Bill.com, for tuition management and accounts payable. It supports import/export functionalities for vendor and customer data, streamlining accounts payable and receivable processes.
How does FINACS support schools in managing diverse funding and cost structures?
FINACS enables schools to set up and manage custom accounts, funds, fund groups and cost centers, enabling support for schools with diverse funding and cost structures. With these custom options, schools can tailor their bookkeeping to match their needs.
How does FINACS ensure accuracy and reliability in financial transactions?
FINACS prioritizes accuracy and reliability through several key features:
- Validation Mechanisms: Built-in validation conditions help identify and prevent potential errors before they occur, ensuring the integrity of financial transactions.
- Approval System: A robust approval workflow enables schools to verify and authorize transactions systematically, minimizing errors and enhancing accountability.
- User Access Management: FINACS allows schools to define and maintain user access rights, ensuring that only authorized personnel can execute specific financial tasks.
- Comprehensive Reporting: A wide range of detailed reports provides users with tools to perform regular audits and maintain effective checks and balances.
Together, these features empower schools to maintain precise and trustworthy financial operations.
Does FINACS offer flexibility for managing accounts payable and receivable?
Yes, FINACS provides flexible solutions for managing payables and receivables. With customizable payment terms and detailed, integrated reporting, schools can effectively monitor their finances and pinpoint areas that require attention. Additionally, comprehensive vendor management ensures organized records of vendors and payees, enabling smooth and efficient financial operations.
What tools does FINACS provide for budgeting and expense control?
FINACS enables dynamic budgeting with historical data, validation checks for real-time spending limits, and options for defining budgets across accounts, funds, and cost centers.
Can FINACS generate actionable financial insights for schools?
FINACS offers a comprehensive reporting suite, including transaction-wise and account-wise reports. With a wide variety of reports, providing insights into revenue streams, aging balances, and cost allocations for data-driven decisions has never been easier.
Are budget validations available during the purchasing process?
Yes. Budget validation is built into the purchasing workflow, ensuring that Purchase Requests and Purchase Orders are checked against defined budgets. This helps prevent overspending and supports better financial control.
Is the Asset module integrated with the Purchase module?
Yes. The Asset module is integrated with the Purchase module, allowing assets acquired through purchases to be seamlessly recorded and tracked. This integration ensures accurate asset capitalization and lifecycle management without duplicate data entry.
Does the system support email-based approvals for Purchase Requests and Purchase Orders?
Yes. The system supports email notifications for Purchase Requests and Purchase Orders, enabling approvers to review and approve transactions efficiently. This helps streamline procurement workflows and reduces delays caused by manual follow-ups.
