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Cashless Schools

Technology continues to provide solutions to long term problems. With the problem of managing the handling of cash, the solution is simply, “don’t”. Tested and proven systems are now available to schools eliminating the costly direct labour required to handle, store and manage cash, and the other peripheral expenses that cash handling generates.

Analysis

Schools, parents and students are burdened by the requirements of handling cash in day to day school operations. For areas such as the school canteen, the physical weight of coins is as much of an OH&S issue as the multiple handling, counting, security and then physical banking of cash.

Cash handling requires labour, and is therefore a cost to a school. Many schools engage outside security businesses to bank their cash deposits multiple times per week. Other schools incur extra insurance expenses to cover the risk of having staff make the banking deposits.

Inefficient and manual processes are required to manage cash as it is counted, moved and stored multiple times as it passes through the finance and administration of the school. Not only is it costly and time consuming for the school to handle cash, there are no offsetting benefits in doing so.

In the cases of camps, excursions, trips, out of school hours care, the early learning centre and co-curricular activities, the cash is handled by academic staff that are neither trained nor should be involved in financial processes.

There are no benefits, only problems when dealing with cash.

Solutions

Software solutions are now available to remove all cash transactions from your school. All school activities including the canteen, uniform shop, bus fares and tuition fees can be processed electronically without students being required to bring cash on campus.

There are currently multiple software options providing similar cash solutions. Therefore schools are now able to select an option that best suits their school’s specific operational needs. School’s that offer multiple and convenient payment options for parents will find it easier to collect and reconcile outstanding monies.

Results

The use of an efficient technology based payment system rather than the cumbersome manual cash system provides an infinitely better solution for the entire school community.

Not using cash on campus will save your school money and create efficiencies in a number of areas:

  • Reduce queues at the canteen, uniform shop and student services
  • Labour cost savings as cash is no longer processed, counted, stored and reconciled
  • Enable parents to pay their accounts whenever and wherever it suits them
  • Reduces the need for students to carry cash on campus
  • Removes an area of audit risk for the school as money is immediately banked rather than having time delays with processing
  • Business risk is reduced as an outcome of having less cash on the premises at risk of misappropriation