iFinance - Integrated MIS and Accounting Solution
iSAMS announced today the launch of the company’s new Finance Solution – iFinance. The iFinance solution brings together the academic, pastoral, administrative and fee billing elements complete with an accounting system to help schools eliminate unnecessary duplication of work and reduce costly mistakes.
We have spoken at length with bursars and senior management about the frustrations of disparate systems, particularly finance systems not linked with the school’s chosen MIS. Following this feedback, we have worked with a partner to develop a new integrated finance solution - iFinance, said iSAMS Director, Jamie Reid.
The iFinance solution was developed to assist in synchronising different sets of data to provide schools with a solution that combines two of many difficult elements in a bursars’ daily work tasks – complicated fee billing and accounts and balances.
The iFinance fee billing feature allows account departments to generate bills and add charges in several different ways for specific applications, current students and alumni. The feature enables the bursary to amend invoices and synchronise this data with a sales and nominal ledger. The flexible deferred income functionality removes the need for monthly journals to be calculated and posted. Featuring a comprehensive suite of interactive reports for pre and post invoice, historic invoices and ad-hoc reports.
The iFinance accounting, consolidation and business intelligence features offer the bursary the capability to generate predefined and custom reports profiled by user. The fully-interactive reporting allows the user to drill down to transaction level and produce customised analysis, which can then be exported to Word, PDF or Excel. The Bank Reconciliation feature allows the user to allocate funds received against outstanding balances, with the balances being fed back to the Fee Billing feature. The approval workflow process enables schools to adopt a paperless purchase order and invoice environment.
The launch of the iFinance solution from iSAMS means schools can benefit from an all-in-one integrated MIS and accounting solution. It offers comprehensive fee billing and powerful accounting functionality which is presented to schools as a secure cloud-hosted solution. It will assist the school bursary to enhance data workflows, gain access to key information for analysis and generate sophisticated reporting for senior management.