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Between August and September, there is a lot of work to do for business officers. School will be starting soon, teachers are filling their classrooms, and audit season is wrapping up. Audit season alone can take up most of your time, so here are some other tasks you should consider completing before the year begins:
During the summer there is a lot of financial activity, especially with tuition acceptance. Reconciliation on it’s own can be a daunting task, but it needs to be completed before auditors are set to check everything over. However, tuition acceptance doesn’t end there because you will likely have enrollment wait lists to manage.
After your general enrollment and admissions is complete, students from your wait list will begin to trickle in. That means more tuition payments and more reconciliation. Coordinating with your admissions team to set specific due dates and deadlines will help ensure that this won’t interfere with your audit period.
Depending on the size of your business office, your team may be involved in school supply purchases and a purchase card program if available. If your team manages the purchase card program, it’s important to look at the past years spending habits, needs for possible expansion, and of course review your current process and policies.
Each year enrollment grows, and your processes, schedule, and options need to scale with it. One way to ensure that tuition payments are not bottle-necked and reconciliation is not slowed is to review policies every summer. If cash and checks are still your only method of accepting tuition, then you are adding a lot more work for yourself. For those that do accept credit cards, this is also the ideal time to review your current rates.
Between audits, reconciliation, and tuition payments, staff changes are the last thing you want to worry about. The entire process takes a great deal of time, and training people in a short period of time can make things stressful. Although you can’t always know in advance if a staffing change is needed, reviewing your current process can help reduce the amount of time needed to focus on this area when the time comes.
Galas may not be until the end of the school year, but there are plenty of other donation focused events that occur before then. Work with your volunteer coordinators to know when other revenue will be generated, if they need to use mobile card readers, or if they need to accept online purchases for tickets.
Similar to event season, online giving is on the rise, and that means the business office needs to regularly check and track it. Summer may be more quiet, but alumni, parents, and community members can give at any time. Some schools also host either in-person or online book fairs to start the year, so coordination is always important.
After reviewing your policies, wrapping up audit season, and looking at your school payment solutions for the next year, consider speaking with the subject matter experts at Diamond Mind. Our solutions and services are designed to scale along with your school. If you have questions about best practices and ways to streamline your process, we’re happy to help.