When reaching out to potential clients there are some common reservations they hold that inhibit adoption of TUIO. We have already discussed one of the prominent ones: the quickbooks dilemma. The other refrain we hear most often is the presence of a bookkeeper, accountant or financial hire that takes care of billings, acting as the school’s de facto system solution.
Working in Tandem
The key to changing this line of thinking is to understand that TUIO is not in conflict with them and their work. Instead, the opposite is true – TUIO works well in concert with their organizational role! It’s best to think of TUIO as a tool for your bookkeeper to use, one that helps them do their job efficiently and easily while modernizing the system you have in place.
It’s no secret that contactless payment is the future, while cash and cheque payments are on the decline. Young families are less inclined to use or even carry cheques because of the ubiquity of electronic transactions. Cheques cost money directly in terms of the cost to purchase them from the bank, but even more troubling are the indirect costs of handling*, recording, and depositing them which takes up significant time and energy. With TUIO, parents can make simple and easy payments online. Rather than handling cheques and keeping track of them in a clunky spreadsheet for financial purposes, your financial person can use TUIO to track online payments seamlessly and have the payments reconcile automatically in the software. The financial person can input all the payments using our easy-to-use program and payment plan creation features, enroll all the students into programs, and then take advantage of all the flexibility an online payment solution can offer in terms of invoice management.
*The National Automated Clearing House Association (NACHA) estimates the true cost of processing a paper check to be about $8.
The initial set-up to receive payments happens expeditiously, and we provide support throughout the process free of charge. The end result is your bookkeeper will end up saving hours every month that were normally spent on pushing out payments and invoices, gathering payment information from parents, going to the bank to deposit cheques, sorting through difficult to reconcile payment means like e-transfers and bank PAD, etc.
Time is Money
Ultimately this gives your accountant more time to spend on the important things that will sustain your organization and allow your company to have the utmost financial success. Budgeting, forecasting, bookkeeping, these tasks are all made easier by having TUIO calculate and present the numbers automatically. Excel reports can be exported from the invoice data you have in the software natively and the bookkeeper can use them to create any kind of report that you need as an administrator.
Tax receipts can also be created and sent to parent emails automatically in the software based on the invoice data you have in a given calendar year. You and your financial staff no longer have to struggle compiling addresses, typing up the documents, printing them all out individually, and handing them out to children to take home to parents. All of this happens in just a few clicks when using TUIO software, and you can download all the receipts when you are done to keep for your records. Parent addresses are automatically entered onto the .pdf tax receipt that gets sent to them based on the payment method they already have in the portal. If a parent receives a .pdf and needs the address or anything to be changed, we can handle it for you from our complimentary support that extends to you as administrator, and to your families as well.
As you can see there are ample benefits to using a software like TUIO even when you have a bookkeeper in place, and those benefits synergize – not clash – with them. All our clients have an accountant and they have nothing but good things to say. Why settle for an outdated system you have in place even if you perceive that it’s working well enough? Why limit your system to archaic methods because of the belief that lower enrollment puts you out of the bracket of a school that needs to use TUIO? Choosing TUIO unlocks the full potential of your payment process regardless of enrollment or the inertia of entrenched methods that are deemed effective enough to get by with.
Parents like to pay online and we have great ratings from them. Parents like to have different options to make payment and not be forced into one method; we give them flexibility to switch at any time. Even still, if you are worried that some parents will not like the change, end that thought: parents come and go but you will be the one that will realize the time savings, the ability to boost enrollment, the power of improved cash flows during the lifespan of our relationship.
So with the ideation that parents will love the software, your accountant will love the software, and finally your financial person will definitely love the software with all the tools they can add to their toolbox. They can edit invoices that need a new due date or a new price, credit an invoice in the software (especially important during these Covid times), move students to the next program they graduate to, add students to new programs like aftercare, lunches, field trips, anything they need to bill. They can also archive students who leave for whatever reason, keeping all the invoice data in the system that was generated prior to them leaving. These are just a small sample of all the useful features that they can take advantage of.
Book a demo with a TUIO representative today!