The past few years have seen a significant lift in the number of schools embracing digital technology. K-12 schools are increasingly exposing students to new online learning opportunities, investing in high-speed internet, and building teachers’ capability to use digital learning technologies and tools.
However, while they’re successfully going digital to improve education delivery and learning outcomes, the opportunity to revolutionise the school business office using similar technology isn’t always exploited. Many administrative teams are still thoroughly stretched managing tasks like enrolment, communication and tuition fees manually.
In this article, we zero in on five challenges schools face when managing tuition fee payments manually and the compelling opportunities that going digital presents.
- Managing tuition fees manually is inefficient and error-prone
Managing fee payments manually is a time-consuming, inefficient and error-prone process, regardless of school size. Generating and distributing invoices, tracking payments via spreadsheet and managing arrears manually adds a significant burden to the business office.
Tuition management software like FACTS lets schools simplify and automate the way they manage tuition fees, with no data entry or manual reconciliation required. Payments arrive on time and are automatically matched to the correct family’s account. And, if an instalment is missed, automatic notifications and reminders will ensure it’s quickly collected without work from your administrative team.
Managing tuition fees manually isn’t convenient for families
Staying on top of school fees is one of many to-dos on what can feel like a never-ending list for busy families. Making it easy for school families to understand their fees, see what they’ve paid and what’s still outstanding, and make payments simplifies their school-related admin and means it’s more likely they’ll pay their fees on time.
Tuition management software gives families 24/7 visibility of their fees and the flexibility to manage their payment details and modify payment plans (within parameters set by the school).
- Managing tuition fees manually isn’t secure
Schools that collect payment information from families via paper-based forms are exposed to potential data breaches if this information is shared accidentally or purposefully. Likewise, schools accepting cash or cheque payments are at risk of losing money, making errors in attributing those payments to the correct accounts, and theft or fraud.
FACTS Tuition Management offers level-1 PCI DSS certification – the highest level of data security compliance – giving your school confidence that all payment information is secure.
- Managing tuition fees manually doesn’t give schools a real-time view of income
Tuition fees are the primary source of income at most schools, so it’s vital that the business office and other stakeholders have an accurate, real-time view of important metrics. Without this, it’s difficult to manage the school’s budget and cash flow.
Tuition management software lets school stakeholders see current and expected fee income and track this down to individual family level. There’s no lag while waiting for manual payments to be processed or banked, and your school can create and schedule custom reports to be sent to key people as required.
- Managing tuition fees manually makes handling arrears tricky
A manual approach to tuition payments makes it difficult for schools to manage arrears proactively, as human error or processing delays may mean payments aren’t always accurately or promptly reflected.
An automated tuition management approach will dramatically reduce the number of late payments but will also allow the administrative team to manage arrears with confidence armed with accurate information. System-generated failed payment notifications and overdue reminders mean that these difficult conversations are only required infrequently.
Automating school fee management will allow your business office to run more efficiently, improve your collection rate, and provide certainty around tuition income. Tuition management software also makes it easier for families to manage school fees by giving them comprehensive oversight and the flexibility to self-manage via a secure payment portal.
FACTS Tuition Management gives families a convenient and flexible way to pay and strengthens schools’ approach to tuition and fees. Learn more at FACTSmgt.com.au.
