“Why should all my school’s parents be on my school’s tuition management platform?”
You have all your students on your student management system, right? Then all your families should be on your tuition management system to give you the same adavantages when it comes to reporting – delinquencies, cash flow projections and receivables can be discerned with a couple of mouse clicks, rather than having your monthly tuition payers on one system and your in-full payers on your school’s accounting system. By using FACTS Tuition Management, you can even keep the detail on the FACTS platform and do journal entries into your accounting software rather than duplicating efforts. If you use QuickBooks, the transfer can happen daily, and automatically.
Further, I’m sure there are pay-in-full families that incur fees during the course of the year. Having pay-in-full families on the system facilitates depositing funds in the summer (when there’s sometimes no one at the school to accept payments) and allows you to add fees to their payment plans, providing the same payment options with fees for your one-time payment families as you offer to your monthly payers.
Perhaps, most importantly, FACTS’ Tuition Management platform is “School-Controlled,” giving you complete flexibility of how you would like to help parents manage their payments should a hardship arise. Any payments made on their parent payment portal are considered paid when they’re paid (rather than “when they’re posted,”) and if you charge a late fee, your school keeps the late fee and has complete control over it. With other tuition management companies, they keep the late fee as part of their revenue structure.