To prevent tuition management from becoming a full-time job, many schools and child care facilities have turned to automated systems. In this article, we’ll look at 7 reasons why your business might need a Tuition Management System (TMS).
What is a Tuition Management System?
Before we dive into whether a TMS is right for your business, let’s understand exactly what a TMS is. These systems are web-based software solutions that improve the student billing and payments process and enable schools to collect tuition and fees in a timely manner. They make it easier and more profitable to run your business, it’s a win-win.
Reason 1: TMS can lessen the amount of paperwork you have to produce by handling receipts.
School administrators spend a large portion of their time issuing receipts. For understaffed schools and child care centers, this can be a long and arduous process. However, software systems for managing tuition payments can automate this task and free up your time.
Reason 2: Software for tuition management tracks all payment reminders.
One of the biggest reasons school and child care centers lose revenue is not from failed student payments but from forgotten student payments. Unless reminded, parents can easily forget to make a payment and if the school and child care centers aren’t tracking receipts and sending out payment reminders, it can fall through the cracks. TMS removes the worry by automatically sending out reminders for student bills which not only increases on-time payments but also saves valuable time for the administration.
Reason 3: TMS makes it possible for students to pay tuition on an automated basis.
Long gone are the days when we need to remember to make our payments. Cell phones, internet, Netflix, etc, most payments these days are set up to pay automatically. No more finding bills in envelopes past their payment deadlines. With TMS parents can set up automatic payments to ensure they do not miss any tuition payments. Not only does this provide peace of mind for parents, but also for school administrators who no longer need to track parents down to make their payments.
Reason 4: Increase the speed of payments received with TMS.
Paying bills online is faster than writing paper checks and mailing them in. If your bank or the parents’ bank puts a hold on your account, you have to wait while it clears. Electronic payments are faster, more efficient, and less wasteful of your time. You even have the option of declining cash payments altogether. The less time you spend sorting this out, the more time you can spend elsewhere on your business like providing the best care possible to students.
Reason 5: Consistent and reliable cash flow
One of the biggest factors that dictate whether or not a child care center or school will be successful is consistent cash flow. The major disruptor to this consistent cash flow is late payments. Without a steady stream of income, bills go unpaid, and potential upgrades are delayed. Dipping into your savings because one of your parents forgot to pay can cause massive disruptions in the business, sometimes even leading to closures. In addition to steady cash flow, a TMS will also easily track in real-time all revenue in a user-friendly dashboard which makes running the business smooth and transparent.
Reason 6: Time back to focus on what you really care about (and why you started the business in the first place)
In order to run a successful business, it is essential to understand the importance of delegating responsibility and minimizing distractions. It can be easy to become overwhelmed taking care of the administrative side of the business, chasing payments, and sorting through papers to find receipts. And let’s be honest, the last thing anyone wants to do after the end of a long day s be waist-deep in paperwork and call parents about payments. With TMS automation and a streamlined process, you get back time in your business to focus on the things that you love about your business. The most innovative daycares have managers who recognize the importance of automation in their operations. Automation clearly improves productivity and allows staff to focus on more productive tasks at the end of each day or week.
Reason 7: Finally take that vacation you’ve been dreaming about!
Business owners love the idea of taking time off but often fear being away from their business for too long, expecting things to fall apart without their presence. With TMS, the business can run smoothly! An easy-to-access financial dashboard will help plan future efforts, such as scheduling a vacation. One of those efforts (or the lack thereof) is some actual me time. Planning a vacation is far more comfortable when you take things off of your plate, allowing you to automate your day-to-day tasks.
Investing in a Tuition Management System (TMS) is well worth it for both your school and your students’ families.
Are you ready to start using a TMS in your business?
The best software on the market with the highest customer satisfaction and reviews is TUIO. TUIO is an online tuition management system for schools and other childcare businesses.
Here are just some of the incredible features offered by TUIO tuition management systems and why we love them:
- Cost Effective: As a self-service solution, parents can register students, make payments, and access info without you.
- User Friendly: Onboarding involves one 1 hour meeting to launch TUIO to staff and parents
- Useful Information: An all-in-one solution ensures data is collected and transferred in the same way.
- Secure Transactions: All sensitive information is tokenized and encrypted directly with the banks to restrict any unauthorized third-party access.
- Extra Support: A dedicated TUIO rep will get you the most out of going online.
- Go Paperless: An all-in-one solution means going paperless from registration to waitlist to graduation.