The importance of accounting in schools cannot be over emphasized. Schools are the main hub of every modern economy and would be pulled down to nut if the importance of accounting is not recognized and practiced in schools.
In this article are straight forward benefits that schools of any kind gets simply by having an up to date accounting information system.
TO ENSURE THAT ASSETS ARE SAFEGUARDED
The huge investments that are made in the educational sector made it prone to fraudulent activities and asset misappropriation. These assets can however be safeguarded by having and running formidable accounting information system that will significantly strengthen the internal control of a school. School administrators will be careful while handling school’s property because they know that there is a system in place that watches and monitors them.
TO MAKE LEARNING A SWEET EXPERIENCE
Schools must keep proper accounting records to ensure there is no embezzlement of any kind by responsible officers of the school. Embezzlement in schools could lead to industrial action that could in turn mean breakdown and subsequent collapse of educational system. Smooth running of schools will ensure that students have sweet experience of learning.
TO SHOW STUDENTS EXAMPLE
Accountancy happens to be a major course taught in most schools. And it will be bad and untold for the school not to have proper books of account. The students will be looking up to their teachers to practice what they teach them in classrooms.
BILLING TO PARENTS OR GUARDIANS
Without accounting in a school setting, billing and production of statement of accounts to parents or guardians will be a very difficult task. I agree that there are plethora of accounting software that can produce both billing and statement. However, these systems are built off of accounting systems.
Most schools nowadays are independent of their owners thereby making it very necessary for some sort of stewardship reporting to be in place. Accounting is the medium through which this stewardship reporting is made possible.