Good Debtor Management Tools Pay for Themselves—So Why Go Cheap?
As an attorney (turned tech entrepreneur) working with school debtor management teams, I have seen firsthand how critical the management of school finances is to the sustainability and growth of any educational institution. One of the most important, yet often undervalued, teams in any school is the debtor management team. This team ensures that the financial health of the school is maintained, tuition fees are collected on time, and the school has the necessary resources to invest in its educational offerings. However, when it comes to supporting these teams with the right tools and training, I often find myself battling to convince management to see the value of investing in expert-driven solutions for debtor management.
At Jumping Fox, we work closely with school debtor management teams to provide not only the most advanced software tools but also expert advice on legal compliance in debtor management. We specialise in helping schools navigate the complexities of collections, ensuring that everything is done within the confines of the law, and ensuring that debtor management teams are trained on the legal aspects of collections.
The problem arises when management is hesitant to invest in systems that go beyond basic SMS and email functions for debtor management. It’s a common misconception that these basic tools are sufficient to run an efficient collections operation. While SMS and email are useful communication tools, they do not provide the automation, legal compliance, and reporting needed for schools to manage debt effectively. Using basic systems without automation designed specifically for school debtor management can lead to inefficiencies, missed payments, and potential legal pitfalls.
A software solution tailored to school debtor management goes far beyond sending out reminders. It automates the process of tracking outstanding accounts, schedules payment reminders, and integrates seamlessly with the legal and compliance framework that schools must adhere to. More importantly, it includes training for debtor management teams on how to handle collections within the legal requirements specific to schools.
Yet, despite these clear advantages, convincing management to make such investments can be a challenge. Why is it that they are willing to invest in other departments but balk when it comes to supporting the team that ensures the financial survival of the school? It often comes down to a short-sighted approach—trying to save on tools and services that, in the long run, will pay off in more effective collections, reduced legal risks, and ultimately more stable financials.
What many fail to recognise is that the debtor management team is not just a back-office operation. This team plays a pivotal role in the school’s overall success. By securing the necessary funds through efficient collections, they enable the school to invest in academic programs, teacher development, infrastructure, and even student scholarships. The tools and training they receive directly impact the school’s ability to deliver on its educational promises.
Investing in the right software and training for debtor management doesn’t just protect the school from legal and financial risks—it empowers the team to perform at their best. Automation tools designed specifically for debtor management allow teams to focus on what truly matters: managing relationships with parents, understanding financial trends, and developing strategies for better collections.
My question is simple: Why does management want to save on these critical tools when they drive one of the most important departments in any school? The cost of doing so is far higher than any savings made in the short term. The right tools, backed by legal expertise and training, can transform a school’s debtor management operations, improve cash flow, and ensure the school’s financial future.
At Jumping Fox, we are committed to helping schools unlock the full potential of their debtor management teams, giving them the resources they need to succeed. Let’s stop undervaluing this critical department and start investing in the tools and training that will make a true difference for schools and their students.
The right tools today save costly mistakes tomorrow. If you’d like to learn more, send an email to [email protected].