Updated: March 18, 2010

Report cards come out a few times a year, but what if your parents had access to your grades, homework assignments, attendance and school schedule with a simple touch of a button on a daily basis? Well, now they can.

There's a new iPhone application called SchoolAxis that allows parents to monitor their child's grades, attendance and school schedule. The app costs $4.99 and works with several student information systems. According to a local CBS news affiliateCBS news affiliate in Northern California where the parent who invented the application lives,"A parent can use the application to verify that their child attended all classes and see what homework assignments are due the next day."

Plus, 10% of the revenue from the application goes to schools. And, right now, Dennis Blay, the creator of the SchoolAxis application, is working with different school districts to expand the availability and access of the app.

How would you feel about your parents monitoring all of your school activity? Tell us below.