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Financial year end – take a different approach in 2015

The day-to-day running of a training company can be so hectic that often certain elements of business management can be neglected.  As a training expert you have the creative flare to generate exciting new ways for delegates to get more from learning, and you’re probably happy to burn the midnight oil perfecting your training proposition. 

However as a training professional it may be a fair guess that it's unlikely you will invest the same time and emotion into managing finances!  The thought of having to spend hours trawling through invoices and chasing down payments doesn’t inspire many people. Nevertheless it’s a necessary and  extremely important part of any business.  And, as you know,  the age old advice is - get the right people doing what they do best – and concentrate on what you’re good at.

So how can training management software help you plug that gap and combat the tedious, time consuming process of financial management? Because, while the message above is absolutely right, there could well be another option - software to automate processes, leaving you to do what you do best.

 

Here are FIVE  ways  course management software  can enable you to streamline processes and effectively manage the financial side of a training business. Now, wouldn’t that be a weight off your mind?

1.    Online payments: These can be processed through the online system and are received instantly. What’s more, an automated invoice is sent straight to the client detailing what they’ve paid. These messages can be personalised and branded up.  Find out a little more about online course booking:

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2.    Automated messages: From reminders of outstanding payments to invoice sending, this can always be a sore subject that people try to avoid. Cash flow, however, is hugely important to a business - as is common sense. Ensuring that you’re getting paid on time is imperative! You can even send notes via the system thanking customers for their business or for attending a recent training day.

3.    Integration: No, it’s not a massive headache to integrate this software with your existing accounting or finance system.  Making the conversion is less hassle than you think.

4.    Cross boundary benefits: For multinational companies, issues can arise when having to support multiple currencies within their accounting programmes. This is no issue when you use a programme that is specifically designed to be able to manage a range of currencies. Select a software provider that has designed a programme with the sophistication to deal with more than one currency. If you offer online booking, you’re potentially exposing your training company to every currency in the world – can you accommodate? 

5.    Tracking: The right software can also offer elements of tracking, from watching bank transfers to refunds and partial payments, all the way to more general measures of tracking. This can include cash flow and whole business analysis of income and the expenditure. You can even assess the profitability and margins of each course on offer.

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