In recent years, schools have embraced digital technology for education delivery. While they’re successfully going digital to improve learning outcomes, the opportunity to revolutionise the school business office technology isn’t always exploited. Many administrative teams are still stretched managing tasks like enrolment, communication and tuition fees manually.
Below are challenges schools face when managing payments manually and the compelling opportunities that going digital presents.
1. It’s inefficient and error-prone
Managing fee payments manually is a time-consuming, inefficient and error-prone process. Generating invoices, tracking payments via spreadsheets and managing arrears manually add significant burdens to the business office.
Tuition management software like FACTS simplifies and automates the way they manage tuition, with no manual reconciliation required. Payments are received on time and automatically matched to the correct family’s account. Missed instalments are promptly collected without work from your team.
2. It isn’t convenient for families
Paying school fees is one of many to-dos for busy families. By enabling families to understand their fees, track payments, and make online payments, tuition management software simplifies their administrative tasks and increases the likelihood of timely payments. Families have 24/7 visibility and the flexibility to manage their payment plans (within the school’s parameters).
3. It isn’t secure
Collecting payment information in the office exposes schools to potential data breaches. Accepting cash or cheques also carries the risk of misplacing money, making errors in payment attribution, theft, or fraud. FACTS provides level-1 PCI DSS certification, ensuring the highest level of data compliance and giving schools confidence in the security of payment information.
4. It doesn’t give schools a real-time view of income
Tuition fees are a primary source of income for most schools. Therefore, having an accurate, real-time view of finances is crucial for effective budget and cash flow management.
Tuition management software allows stakeholders to monitor current and expected fee income at the individual family level. Custom reports can be generated and shared with key personnel without waiting for manual payments to be processed or banked.
5. It makes handling arrears tricky
A manual approach makes it difficult for schools to manage arrears proactively, as human error or processing delays may mean payments aren’t accurately or promptly reflected.
An automated approach dramatically reduces late payments and allows the schools to manage arrears with confidence armed with accurate information. System-generated failed payment notifications and overdue reminders makes difficult conversations infrequent.
Automating fee management allows your business office to run more efficiently, improve collection rates, and provide certainty around tuition income. It also makes it easier for families by giving them oversight and the flexibility to self-manage via a secure payment portal.
FACTS Tuition Management gives families a convenient way to pay and strengthens schools’ financial management.