For most school system networks, the focus and priority is delivering the best possible education to students. However, having a successful back-end operation is a large part of what makes the school’s operations effective. To accomplish this, schools need to have an effective financial reporting system as well as an efficient system for student billing and information management. This is where system integration can be a major benefit to an organization.
Having a powerful financial management system for student billing, payment, and financial aid that can integrate with accounting software can help school systems navigate two important pieces of their core operations to run smoothly.
Sage Intacct and FACTS have partnered with the goal of becoming a trusted choice for school tuition management and payment processing. Together, Sage Intacct, an established cloud-based accounting system, and FACTS, a leading provider of education technology, can provide schools with greater choice and flexibility in their technology stacks.
Streamlined Financial Management & Operations
The main benefit of this two-way integration is the advantage of automation whereby organizations can streamline business processes. Schools can reduce the inefficiencies that come with manual processes and manipulation of data, including simplifying tasks to free up valuable time and resources. Having a robust financial system along with a system to track and maintain student billing information makes it simpler for staff to consolidate, view, and report on various data points, increasing real-time visibility and reducing exposure to manual human errors, data re-entry, and redundant work required to keep systems current.
One particular school benefactor of this integration reported almost 75 hours of work saved per year, along with the ability to run consolidated reports, strengthening their reporting process.1 Integration also can enhance efficiency as it allows for improved data management and a centralized location for information, which allows executive leadership and staff to access, analyze, and use data for decision making.
Cloud-Connected Suite With Enhanced Collaboration
Sage Intacct has established itself as a leading accounting platform for nonprofits and educational institutions, with the ability to have streamlined workflows, as well as accounting capabilities to track and report on the institution’s financial needs. With the addition of the FACTS system, schools can synchronize data from FACTS to the general ledger automatically and have the same data regarding tuition payments and billing in both systems. This principle applies whether there is one school to connect data from or multiple. Integrated systems help team members work together more effectively, improving communication and collaboration within the organization.
Support & Availability of Resources
Continued support from software partners is another large part of institutional achievement. The seamless integration between the Sage Intacct and FACTS systems within nonprofit organizations and educational institutions can significantly enhance support and resource availability, leading to reduced costs and improved service delivery. Both systems can help support an institution before, during, and after integration to maintain adequate care and access to resources when transacting between the systems to continue fulfilling its mission and serving the community.
Therefore, implementing a system integration can empower nonprofits and educational institutions to concentrate on their missions with greater confidence in their data. This approach can enhance resource utilization and operational effectiveness, helping to foster more resilient and resourceful organizations.
For more information on Sage Intacct and the FACTS system integration, please reach out to a professional at Forvis Mazars.
- 1“Streamline School Management with Sage Intacct and FACTS Connected Suite.” sage.com. August 15, 2023.