Thanks to NetSuite, Omnispire accomplished:
Reduced billing time
In their previous system, Omnispire could only manage to create invoices one at a time.! Needless to say, it was time-consuming and cumbersome. With NetSuite, Omnispire now enjoys one-click bulk billing on NetSuite. Students are categorized according to several classes and divisions for invoicing purposes. The finance team can now- select from a variety of sections and/or classes, create a list of every student registered in each section, and finally take bulk billing actions. This has significantly reduced the billing time.
Simpler Payment processing:
KPI implemented a simplified fees management process. The new process allows the user to enter various modes of payments like Post Dated Cheques, Current Dated Cheques, Credit Cards and, Debit Cards. With this customization, Omnispire can now collect fees with the different instalment options and adjust the fees payments to specific installments. Additionally, automated emails are setup in the system to send notifications and reminders pertaining to:
- instalments due and scheduled,
- security deposits,
- fees receipts,
- refunds and credit notes
This has enhanced the accuracy of the information- resulting in better communication with parents.
Efficient PDC management and improved cash flows
Payment management, particularly referring to processing post-dated cheques (PDCs), has undergone a complete transformation. Unlike the previous system, where only one PDC could be recorded at a time, NetSuite allows recording of multiple PDCs - for each installment. NetSuite enables real-time accounting and improved administration of all receivables and payables. Consolidated invoicing, payments, and related communication to parents with multiple students and automated siblings fee discounts.
Track finances with live dashboards and comprehensive reporting
NetSuite helps Omnispire have real-time data on fee collections, delayed fee payments, and other financial information . In addition to standard financial reports like P&L, Balance Sheet, GL, etc., the finance team can also access and generate customized reports like Total Collections Report, Student-wise Collections Report, and Invoice Reports.
Integrated HR and Payroll Solution
Payroll, Leave & Attendance Management Solution has been implemented for all the 5 Subsidiaries i.e., Omnispire Education Consultants, Banana Moon Nursery, Pristine Private School, Pristine Rainbow Nursery & Progressive Transport LLC for around 300 employees. This streamlined and automated the businesses manual payroll process and employee leave policy with specific set of rules.