Everything You Need to Know About TASS Finance

TASS Finance is here. As a software solution designed exclusively for independent schools, this unique tool can transform every aspect of education accounting. From putting staff in control of their own budgets to eliminating the tiresome task of double entry accounting, TASS Finance does it all.  

In this blog, we’ll deep dive into the features, benefits, and security measures that make TASS Finance a standout solution in the rapidly evolving world of independent school finance. Join us as we explore how this innovative platform can help you take control of your financial future with confidence and ease. 

Background of School Accounting Software TASS Finance  

As you may know, Furlong is owned by software experts Volaris. Having been acquired in 2017, our family-founded company has benefited from getting to work alongside some of the most innovative organisations across the Ed-tech sector. One of these is TASS, The Alpha School System. We have developed a close connection with the team through our shared mission to reshape the way independent schools use software. That’s why we decided to partner with these innovators in school accounting software to launch TASS Finance in the UK.  

As you can imagine, at Furlong, we often come across new and exciting software solutions. Whether through our own team of developers innovating new tools or third parties choosing to work with us, we are always exploring new and exciting software solutions. While we always go through a thorough investigation and assessment of all opportunities, TASS Finance stood out from day one as a solution that we wanted to bring to the UK.  

Why you ask? Well, TASS Finance is the ONLY system built with independent schools in mind. This means every element of the software encompasses how education finance professionals’ work. Thanks to our experience of supporting independent schools with finance software through FeeMaster, we know exactly what features are needed. Additionally, as TASS has been successfully growing as a trusted solution in Australia for several years now, we have complete confidence that this software is something special. In summary, TASS Finance means that independent schools no longer must try to fit a square peg in a round hole when it comes to managing accounting tasks! 

What’s Unique About TASS Finance?  

Left (Budget Planning) Right (Staff Requisitions)

The software was created specifically for independent schools.  TASS Finance combines an end-to-end finance system with an innovative school management platform to offer everything that accounting teams could need. Instead of schools having to adapt ways of working based on software features, TASS Finance has been designed around everyday finance tasks. This includes accounts payable, general ledger, commercial debtor management, parent accounts and much more. 

It is an all-in-one solution, eliminating the need to use other accounting tools.  Being able to use one piece of software not only improves overall efficiency but offers benefits in terms of keeping data safe. Furthermore, TASS Finance works at its best when connected to an SchoolBase account as information can be securely passed across via a robust API. Not using our MIS? No worries as there are also other methods of safely inputting student information to ensure finance processes run without a hitch. 

Unique features include staff requisitions and complete account statements. That’s right, TASS Finance doesn’t just include standard modules, but ones that have been designed with common school finance issues in mind.  

For example, we all know how frustrated teachers can get when it takes a long time to approve a simple purchase request. This software eliminates any blocks by allowing approval limits to be automatically assigned which essentially puts team members in control of their own budgets. If further approval is needed, an automated reminder is sent via the platform to decision makers meaning permission can be granted in a few clicks. Additionally, having purchase requisitions managed via TASS Finance ensures all expenses are stored in one place making it easier to handle bookkeeping duties. 

Another common problem that TASS Finance resolves is keeping parents informed about balances. Instead of schools being faced with questions about past, current or future costs that fee-payers are liable for, all details are conveniently collated onto a statement of fees. As well as this method allowing more transparency, it enhances administrative efficiency as there’s no need for parents or staff to waste time searching for past invoices should questions arise. 

TASS Finance stands unparalleled among accounting software available for independent schools. 

Although there are certain modules available in other accounting tools, there are no other software solutions that bring everything into one place for schools. That’s a fact! From the complete coverage of functions to alignment with education terminology and tasks, TASS Finance meets the needs of all independent schools. 

What Role Does TASS Finance Play in an Independent Schools’ Financial Ecosystem?  

 Managing the finances of an independent school can be a complex and challenging task, requiring careful attention to budgeting, reporting, and strategic financial planning. TASS Finance plays a crucial role in simplifying and streamlining these processes. 

As a comprehensive financial management software, TASS Finance offers tailored solutions specifically designed for educational institutions, enabling them to handle everything from tuition fees and to budget forecasting and financial reporting. With its powerful features, such as real-time data tracking, automated invoicing, and detailed financial insights, the software also helps schools to manage their resources more effectively. 

Who Is TASS Finance Aimed At?  

The answer to this is anyone involved in the financial administration for independent schools. From bursars to accountants, TASS Finance offers tools for effectively managing any task. Here are some examples: 

Business Managers 

Budgeting & Forecasting TASS Finance allows the Business Manager to create accurate budgets and financial forecasts, using real-time data to anticipate future financial needs and plan accordingly. 

Financial Reporting Thanks to the built-in financial reporting tools, Business Managers can also generate detailed reports that outline income, expenses, and other key financial metrics. These reports are essential for stakeholders, such as board members and senior leadership, to understand the school’s financial status. 

Admissions and Fee Teams 

Fee Tracking & Invoicing TASS Finance helps the Head of Admissions manage all tuition and fee-related information, keeping track of payments made, due dates, and payment plans. The system can automate invoicing, ensuring families are billed accurately and on time. 

Accounting Professionals 

Transaction Management Another key role that the software plays is supporting accounting teams with managing all financial transactions. This ranges from incoming tuition payments to vendor invoices, ensuring every entry is recorded accurately and in real-time. 

Financial Reconciliation The accounting team can also use TASS Finance to reconcile bank accounts and chase debtors to ensure that everything balances and discrepancies are flagged. 

Parents and Guardians 

Parent Accounts Parents can access their account through TASS Finance to view invoices and track payment history. This simplifies communication with the school and ensures that payments are made on time. 

Parent Communications TASS Finance allows schools to keep parents informed about anything to do with their financial responsibilities. From sending payment reminders to sharing updates about changes in fees, TASS Finance can facilitate the sending of these updates.  

Don't let financial management overwhelm you. Discover how TASS Finance can transform the way you manage budgets, track payments, generate reports, and make strategic decisions.