Since information is openly shared with students and parents one of the best tools is a web-based grade book, where teachers not just update summative assessments but use it for formative assessments, keeping parent-teacher-student communication lines open. I know two different web services, a free and a costly source: https://www.edu20.org and http://www.pearsonschoolsystems.com/products/powerschool/

edu20.org counts with limitless support, the designers are so willing to improve their web tool so they do answer to any requirements almost immediately and they do adapt to specific school's needs.