Your administrative office is hard at work keeping day-to-day operations running smoothly. Providing family support, tracking tuition and financial aid payments, and sending invoices are just a few of the items on their to-do list. Make their jobs easier and alleviate common issues by implementing an online tuition management and billing system! Here are three common school tuition and billing issues educational institutions face that can be solved with an online system.
1. Managing the Digital Payment Process
Modern options in the tuition management space—multiple ways to pay and payment plan options—give families added flexibility that they love. It benefits your school, too, with more on-time payments and being able to advertise financial flexibility as a bonus to prospective families. But with great flexibility comes great responsibility—is your back office prepared to process online payments and send invoices?
Luckily, a tuition management and billing solution can help. A good online system will have a built-in payment processing system that complies with security standards, putting families at ease when making online payments. Once payment is made, an online system can automatically send out an invoice confirming receipt of payment. On the back end, your administrative office can easily track payments and invoices. You can also look for an online system that offers support by following up with friendly payment reminders to keep everything on track.
2. Disconnected Financial Aid Information
Financial aid directly impacts the amount families are billed for tuition; if their award amount isn’t reflected in your school’s tuition management and billing process, it complicates the payment process for families and school staff. Ideally, you want financial aid and tuition information to connect for a cohesive, user-friendly experience across the board.
Online tuition management systems can alleviate the disconnect between financial aid and billing. You can enter a family’s financial aid award details, which automatically sync with their tuition and billing information. The result? Families can rely on accurate award details and pay the correct balance. Your administrative team gains time to focus on pressing priorities rather than syncing financial aid and tuition information manually.
3. Maintaining an Accurate Operating Budget
Tuition is one of the most important line items in your school’s operating budget. To make informed financial decisions, you need access to accurate numbers and reports, and oftentimes, you need to pull that information at a moment’s notice. If school data is scattered across various systems, it can be time-consuming to gather the information you need to assess.
Schools find that having a central online system allows them to connect each step of the tuition and billing process. When a family makes a payment, it is reflected on the admin side and available in future reports. Accounting integrations and general ledger reporting also work to improve accuracy. You can feel confident knowing that you have the most up-to-date information when you need it.
How Can an Online Tuition Management System Help Your School?
If these common problems sound familiar, you may want to explore an online tuition management solution. Learn about what features to look for in an online system or explore our K-12 tuition management and billing infographic to get an idea of what type of solution aligns with your school’s size, mission, and goals.
Have questions or prefer to talk through it? Get in touch with a TADS team member! Discuss what tuition and billing obstacles your school is currently facing and determine whether TADS or another Community Brands tuition offering fits your needs.