Currently schools are facing increasing levels of outstanding tuition fee debt, influenced by the financial affect of the pandemic, soaring living costs, and internally the disruption of finance staff in isolation or resigning.
Irrespective of the above factors, Debtor Management is a time consuming, methodical task that is critical to the collection of tuition fees. School finance departments are simply finding they do not have the time to deal with this task to the level required. Further in many schools, the task can be daunting to staff, particularly if the staff were to have relationships with the families.
Cole Debtor Managers are highly skilled professionals who treat your families with respect and empathy, and achieve great results such as:
- Improved cash flow
- Reduced outstanding debt
- Decreased provision for doubtful debts
- Establishing a payment culture within the parent community
Cole provides a virtual solution, using technology to act on behalf of the School direct from the Cole office. Our Cole Debtor Managers will:
- Systematically work through your Debtor Aged Trial Balance, categorising the debt according to risk.
- Communicate and negotiate repayments with families.
- Advise the decision makers regarding debt that requires escalation.
- Report quarterly the key findings and collection statistics.
- Advise if your Terms and Conditions will legally protect the School.
- Review the School’s tuition billing system.
When our Debtor Managers are working for your school, it is the only job they do… no distractions!
Many schools are currently seeing the financial benefits of outsourcing this cash flow critical financial function. When there are so many other competing priorities being thrown at school finance teams at the moment, dont let debtor levels creep out of control until they are too hard to collect. Contact Cole School Experts to discuss how Virtual Cash & Fees Management can help you and your team.
