School Challenge vs Intrinsiq Solution - Accounts

Welcome to another article in our series, “School Challenges vs Intrinsiq Solutions.” This time, we're focusing on the challenges schools face in managing their accounts. From handling invoices to managing budgets, financial tasks can be overwhelming. But don't worry—Intrinsiq has the solutions to make these processes simpler and more efficient. Let's dive in and discover how Intrinsiq can help your school's accounts department overcome these challenges. 

Are you struggling to create invoices when students change their bookings before arrival, causing chaos in your accounts? 

Once a student registers for a course, an invoice is created in Intrinsiq, which functions as a proforma invoice, meaning it can be amended.  We all know students tend to modify their bookings before arrival and with Intrinsiq, we ease this struggle by updating the same invoice to reflect their final booking. This means that throughout, the student invoice will maintain the same invoice number for accounts.  As a security precaution, however, once the student arrives at the school, the invoice becomes locked, and staff will not be able to edit it or update it any longer.  

Are you struggling to record and manage receipts, retrieve specific ones for audits, and handle overdue invoices to maintain cash flow and financial health? 

Schools often need to send invoices to agents and track payments efficiently. With Intrinsiq, this process is streamlined. When the accounts department receives a payment from an Agent, they can manually enter the receipt into Intrinsiq. When entering a receipt, you need to choose to which agents it belongs, and this will load all those pending invoices belonging to said Agent. Staff can then allocate the payment to the appropriate invoices based on the agent's instructions before saving the entry. With Intrinsiq, you can easily schedule and send reminders at your preferred times, keeping you in control of the process. The dashboard displays lists of students with unpaid invoices, showing those due to arrive in intervals such as 8 weeks, 6 weeks, and so on. 

Do you find it difficult to export financial data for analysis or reporting purposes? Do you find it challenging to match the data in your school management system with your accounts software? 

Intrinsiq makes it easy for clients to gather various data reports, including details about students' payments, commission statements, and deferred revenue. If the information is already in the system, generating these reports is straightforward. However, if clients need a specific report that isn't available, Intrinsiq can create customised reports to meet those needs. Furthermore, Intrinsiq integrates with accounts software packages which allows our clients to do effortless modifications, time-saving automation, multi-currency handling, customisable invoicing and streamlined financial management. 

At Intrinsiq, we are always dedicated to finding solutions for the challenges schools face. Our goal is to help them thrive in the international education sector by making their processes more efficient and effective. You can reach out to us at contact@intrinsiq.net for more information.