Keeping track of your payments and commission is fundamental to maintain financial health of your business and set path for growth. However, managing outstanding payment management can be a tricky aspect to education and migration agencies. It is important your staff are aware of your agency’s payment terms as well as closely follow up on overdue payments.
If you still find yourself constantly reminding your staff to check on the payment status and contact with clients, your agency probably has problem managing payments and commissions. The earlier you set up payment management system (even just paper and pencil), the easier it is to keep track of your financial health. Otherwise, poor management leads to loss, revenue decrease and even missed opportunities for your agency growth in the harsh competition of education and migration agents.
Avoid Late Payments with Overdue Payment Reminder
A weekly updated Excel commission and payment reports give you late notice on late payments. Unexpected payment delays can cause catastrophic consequences leaving your business short in cash or credits to rely. This is the reason you need a payment management system for your agency. A combined report of all the payments made by clients, including amount, payment type, payment date, status, receipt, responsible personnel, most importantly, updated after every transaction and accessed anytime by users is a powerful tool. Even if you have no new application, collecting outstanding payment in a timely fashion and using the capital to actively enhance your agency keeps you in good shape of moving forward.
Manage your Commission from Institution Partners with Payment Management
Cash flow situation is vital to agencies. Keeping track of commission from institution partners is impactful in managing growth of Education agencies. Commission report on applicant, institution, student commencement date, annual fee, calculated commission helps counselors and accountants to keep an eye on transactions to avoid late payments or timely reminder. Indeed, staff commission report not only assists accountants in preparing financial statement but also helps managerial level to evaluate staff performance and productivity.
The opportunity for accountants to be able to automate and improve the efficiency of their tasks and ability to manage the business monetary process will dramatically improve productivity. Having a good understanding of the businesses financial position will also add to the potential business growth.
An agency Management System simplifies the process of commission claim, commission and payment management becomes effortless for accountants, counsellors and managers. Contact us at 1300 894 506 or via firstname.lastname@example.org to receive free consultation on your commission and payment management.