A university’s billing and receivables department is one of its most critical functions. Outdated manual processes and data silos result in mistakes and inaccurate financial oversight. If this is something your school struggles with, it’s time to update your billing processes. Automated software for student billing helps streamline the tuition payment process for students while lightening workload for staff members. Read on to discover the benefits of student billing software for colleges.
1. Eliminate Manual Work
Student billing software automates tuition payment collection, eliminating the need to chase down, verify, and keep track of student payments. This reduces manual data entry, saving staff time and energy.
Integrating your billing department within your SIS condenses student information into one centralized platform, streamlining cross-department communications. Tuition payments are synced with student rosters and integrated with your accounting software. Automated receipts and historical records provide an accurate financial audit trail.
Online tuition payments are safer and more secure than cash or checks submitted through the mail. They reduce the opportunity for cash to be lost, stolen, or spent, minimizing school’s financial risk.
4. Financial Visibility
By providing a convenient channel for tuition payments and other bills, colleges can drive revenue up and administrative costs down. Automated reporting in your SIS provides increased financial visibility so administrators can more accurately allocate funds and gain real-time updates on financial data.
Digital payment options allow schools to keep up with technology and meet the expectations of students and parents. Students will be more likely to meet their payments on time and have the ability to pay on the go, from anywhere. By offering online tuition payments, your school delivers a level of flexibility and mobility that has become the modern standard.
Why Should Colleges Improve Billing Processes?
One of the most important reasons to improve your billing process is that it improves your relationships with students and parents. Creating a streamlined, service-oriented approach to student billing demonstrates that the student experience is your top priority. In addition, having a consistent and fair process sets expectations of the tuition payment process early on.
An improved billing process can also lower the cost of doing business while increasing revenue. Electronic billing reduces the amount a school spends on paper, postage, and envelopes. The financial office will experience a streamlined, automated process and fast turnaround for payment collection while increasing overall convenience for students.
EMPOWER SIS Billing and Receivables
EMPOWER student billing software is the best choice for colleges. Our SIS provides a simple-to-use web portal for students to pay their tuition online while making financial reporting a breeze for staff. Contact us to learn more about how we can help improve your school’s billing process with a modern student information system tailored to your needs.