Nothing is more important in helping your setting become sustainable than making sure the money coming into and going out of your business is well managed.
Parents being invoiced for the wrong amounts – or not being charged for extra sessions – are just some of the things which can snowball from being minor problems to major issues for your nursery.
To keep on top of your cash flow, nursery management software such as Abacus can be a real asset. Here is a run through of some of the ways it can help you regain control of your setting’s finances:
1. Fast invoicing
Gone are the days of battling to prepare your invoices! The invoicing process through Abacus should take you no longer than 5 minutes. Our customers have said that they’ve saved, on average, 5 days a month on invoicing when they move from a paper-based system to Abacus software. Think of what you could do with the extra time!
2. Automatic FE calculation
With Abacus, free entitlement sessions are calculated and deducted from parents’ invoices automatically. The software provides a flexible booking pattern which allows you to set up FE into hours to suit your parents’ requirements. You can also generate invoices which display free entitlement in line with local authority legislation.
3. Detailed reporting
Nursery management software like Abacus allows you to access over 100 reports in seconds, allowing you to identify such things as who owes you money, how much and since when. It’s also handy for planning, as you can access reports which tell how you much revenue your setting will make over a set period of time, based on your current occupancy
4. Manage multiple bill payers
If you have more than one bill payer for a child, you can configure this really easily in Abacus so that two separate invoices are sent out. All you need to do is add additional carers onto the system, state how much they’re responsible for (e.g 50%) and then hit save. After that point, invoices for that child are automatically split and sent to the respective carers.
5. Reduce late payments
Abacus can be integrated with our fee collection software, which enables parents to pay their fees each month by Direct Debit. Under this system, parents receive a small fine for a failed collection and we find this is often enough to deter any late payments in future. Managing nursery fees in this way is convenient for your setting and, more importantly, it means that you can spend your precious time focused on providing great childcare.
As you can see, nursery management software can offer a whole host of time and money-saving benefits for your setting. For peace of mind and the ability to regain control of your nursery’s cash flow, software like Abacus is invaluable.
For a free demonstration of Abacus and to find out more about how it can transform your setting, speak to our team today!