According to AIEPBA, an association that brings together private education institutes in the province of Buenos Aires, 35% of those surveyed claim to have higher delinquencies compared to 2022. Are there common characteristics among those who have delays or are unable to meet their Payments?
Schools are not oblivious to the impact of inflation in Argentina. In the last year, according to the latest data from the Consumer Price Index published by INDEC, the concept “Education” has had a year-on-year increase of 101.7%. This is evidenced not only in the nominal value of fees and registrations, but also in the rise in delinquency. If we take into account the information collected by AIEPBA, an association that brings together private education institutes in the province of Buenos Aires, 35% of those surveyed claimed to have higher delinquencies compared to 2022.
In this context, guaranteeing the financial health of an educational institution is a very complex task. The weight of administrative tasks increases, given that we must not only deal with collection, but also the leaders of each school must promote strategies to sustain fixed expenses. This overload means that management teams have to dedicate more time to sustaining their institution rather than to the educational project.
Do we know why delinquency increases? Can we identify if it is a circumstantial problem that requires specific actions or if a comprehensive approach is needed that allows families to maintain their contribution and trust in an institution? With updated information and dynamic processes, these and other questions can be answered. What is the contribution of technology to achieve efficient financial management?
Five technological keys for efficient school management
When we talk about school management platforms, we are also focusing on how technology gives us the possibility of generating reports that allow us to understand how healthy a school’s finances are. Having reliable and real-time information is the first step to achieve clear accounts.
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Integration of payment methods: each school offers families different alternatives to make tuition payments, fees or specific contributions. In addition, institutions can create agreements with financial entities to reduce the cost of commissions or to dispose of the money deposited in an agile manner. The key is that all this information is centralized and the financial situation can be known from the same control panel.
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Planning and schedule of payments: Whether it is the tuition, the monthly fee or an extraordinary payment, it is essential that families know the amounts, increases, dates and forms of payment clearly.
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Facilities for payment: it is key to simplify the payment process and prevent it from being cumbersome for families. A single click for them requires adequate integration between the payment registration and processing systems.
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Fiscal integration and billing: To simplify accounting records, it is essential that the platforms allow us to unify and streamline the invoice generation process. But it is not only about improving the rendering process, but also that families can easily download invoices and receipts from a platform. This saves spending time and resources sending or printing receipts.
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Assertive communication: Management platforms establish specific communication channels so that information reaches families in the most appropriate way. An outstanding aspect is that this communication is transparent, for example that each family can view the status of their current account with the school and know if there are any changes based on interest, surcharges, advance payment or other situations. This allows clearing up doubts or frequent queries and reducing conflict with families, without the need to overload our institution’s staff.
When we put all this information on a platform, we can understand what is happening in our school and make decisions based on the alerts that we detect. Sometimes there may be a billing problem, other times it may not be understood when or why there will be an increase in the fee, or our staff may not be able to collect properly. Each problem requires different decisions and the important thing is that the referents of each institution have the adequate information to make the best decisions.
Managing Director of Argentinian Educator.
Source: Ambito
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