For private and independent schools, financial stewardship has never been more complex or more vital. CFOs and business offices are facing challenges that can put a school’s financial stability at risk, such as rising operational costs, enrollment fluctuations, and the increased risk of financial fraud as schemes grow increasingly more common and sophisticated.
By evaluating the primary financial workflows and processes that power financial operations — tuition collection and vendor payments — schools can take action to mitigate the risks opened by those challenges.
That’s why Veracross has introduced two new solutions — AP Automation and Tuition Insurance — to help schools remain confident in budget projections, improve operational efficiency, and safeguard their finances no matter the challenges at hand.
Secure payments and reduce fraud risk with AP Automation
Accounts payable (AP) procedures at many schools are repetitive, manual processes that can be wasteful and risky. Workflow inefficiencies — manual data entry, unclear invoice status, limited approval oversight — can jeopardize on-time, accurate payments and increase fraud risk.
Even seemingly minor cases of fraud can have immense impacts and should be a major concern for school business offices. According to the Association of Certified Fraud Examiners, organizations lose an average of 5% of annual revenue to fraud each year — an alarming figure for schools that operate on tight margins.
Today, schools need modern tools that they can confidently rely on to support them — especially surrounding financial transactions where secure payments are critical to keeping school operations running. To give you more confidence that your vendor payments and processes are secure, Veracross has partnered with Corpay to bring their proven, tested Corpay Complete AP Automation solution to our schools. With a custom Veracross integration, it is designed to give your business office the tools they need to confidently embrace smarter, more efficient future-ready operations by:
- Eliminating manual tasks with automation to save time
- Providing clear invoice status to ensure payments are made on time
- Improving budget and cash flow management with real-time data
- Minimizing fraud risk with user permissions and a clear digital trail
- Saving you money with digitization to avoid late or incorrect payments and cut paper costs
- Simplifying vendor management with the use of Corpay’s vendor portal
Get started with AP Automation and feel confident that every transaction is properly authorized, paid, and recorded.
Protect budgets and revenue with Tuition Insurance
When roughly 80% of a school’s revenue comes from tuition, the unexpected withdrawal of even one student can disrupt budgets and place a financial strain on both the school and family. With the proper protections in place, annual budgets and strategic planning can thrive when you are confident that revenue intake will not drastically lower due to these changes.
Through a partnership with Dewar, the leading tuition insurance provider, Veracross is excited to offer a Tuition Insurance solution that allows schools to safeguard their revenue, while also giving families peace of mind. The policy, purchased by the family, covers a portion of their student’s tuition if they withdraw. With it in place, schools can remain confident in their budgets with limited revenue loss, and families can feel relief that they are not liable for the full tuition balance.
Tuition Insurance can help your school:
- Mitigate tuition revenue loss and minimize budget or operational disruptions
- Recover unpaid tuition quickly without complicated family conversations or repayment hassles
- Allow families to confidently sign contracts knowing they’re financially protected if the unexpected happens
- Save time with a streamlined underwriting process and simplified reporting
When a school chooses to offer Tuition Insurance with Veracross, it becomes seamlessly available to families as a line item on their enrollment/re-enrollment contract — no additional tabs or logins needed. If you’re interested in offering this simple, reliable safeguard, reach out to learn more.
Financial Peace of Mind for Every School
Each of these new tools supports schools’ strategies for minimizing financial risk and protecting revenue streams addressing both sides of the balance sheet. For CFOs and business offices, these two solutions help create a more predictable, transparent financial ecosystem so schools can focus their attention where it belongs — on mission, students, and growth.
As we think about our true north, we think about empowering you and specifically empowering your business office. As we get into these new solutions that we’re bringing to market, know very much top of mind for us is how do we help you do, more with less? How do we make sure that every dollar that you spend in your organization goes into your educational mission? And how do we build software that can help do that?
As a SIS built specifically for K-12 private and independent schools, Veracross understands that schools don’t just manage money — they manage trust. Parents trust schools to deliver excellence; boards trust CFOs to safeguard the institution’s future. With AP Automation and Tuition Insurance, business offices can honor that trust by implementing solutions and processes that help protect revenue, prevent loss, and promote transparency across their entire financial operation.
In a time when every tuition dollar and vendor payment matters, Veracross offers the solutions that schools need to thrive with clarity, control, and confidence.
