Article Link: https://www.childcareexchange.com/article/using-technology-to-improve-fee-collection/5018228/Collecting and processing payments — your center's financial health depends on it. It can also be one of your most time-consuming and unpleasant administrative tasks. Fortunately, it's an area where the smart use of technology can provide dramatic benefits. This article will discuss technology for everything from simple invoicing to sophisticated online payments. You'll learn keys to success — and pitfalls to avoid.
Effective accounts receivable and billing systems
The first and most important technology for managing and collecting fees is an effective and efficient accounts receivable system. When we first began working with child care centers almost 25 years ago, virtually all bookkeeping was done with paper and pencil. Today, the vast majority of centers use management and billing software either designed specifically for child care programs or a general purpose accounting software. Hopefully your center has accounting software that provides the basic functionality you need for managing tuition and payments such
as the items below:
Accounting Software Feature Checklist
__ Maintain complete running history of charges and payments with account balance constantly maintained
__ Produce easily understood invoices that can be printed or emailed
__ Generate an aging report of who owes you money and for how long it has been owed
__ Posting of recurring ...