Automating revenue collection…
Configure payment plans
Calculate payment milestones
Send SMS and email reminders
Generate pre-filled payment links
Report on overdue payments
Streamlining revenue collection and improving cash flow in schools with data analytics and process automation.
From working closely with our partner schools we’ve learned about the challenges that Business Managers and accounts receivable teams face with tracking student fees and payments. This is a challenge that we want to help solve and we are applying the proven technologies that underpin our IT service management platform to streamline revenue collection.
OrchestrateIT ingests data from your existing finance and student management systems to automatically track revenue collection and manage debt. After you create an invoice, OrchestrateIT will assign it to a predefined payment plan and will calculate the expected payments in real-time. When a family has an upcoming payment due, OrchestrateIT can be configured to send a reminder email or SMS message with a pre-populated Commonwealth Bank B-Point payment link.
Overdue invoices are displayed on a dashboard for finance officers to review and triage. School Business Managers and Finance Managers can track their accounts receivable balances in real-time and view a summary of overdue payments.
What does an OrchestrateIT school look like?
The revenue collection challenge for schools
The cost of education in Australia has increased by 60% over the past decade, however wage growth has only increased at around half of that rate. When parents are under financial pressure, our schools feel it as well. If too many parents fall behind on their payments for school fees, schools don’t have the cash they need to buy critical resources for teaching and learning.
Some schools offer ‘payment plans’ so that school fees can be paid off over an extended period of time based on pre-agreed milestones. This is an effective way to optimise cash flow for both parties, however, most schools do not have the resources or administrative capacity that is required to establish and monitor tailored payment arrangements.
OrchestrateIT for Revenue Collection makes quality education easier to afford by equipping schools with the tools they need to offer flexible payment arrangements to parents without creating an additional administrative burden for themselves.
Try OrchestrateIT for Revenue Collection
Contact us to learn more about how OrchestrateIT could streamline your school's revenue collection and debt management.