Does the three-way matching of student payments and receipts really work during the busiest check-in period?
Last Updated: | August 24, 2022
The summer period is nearly over and the new year intakes will take place soon! Everyone who is associated with the #studentaccomodation business get incredibly busy, and frankly quite stressed during the student check-in period. So, how can we make less stressful and organised from a financial control point of view? We are here to help!
The challenging part from the finance perspective is to match the three-way receipts and payments. In the ideal world scenario, when a student pays via card/bank transfer, the data automatically ‘rolls’ into both the tenancy management (front) systems as well as the accounting system. And, the three-ways reconciliation process runs in parallel during the next 2 to 3 working days after the payment is made by a student/payee on behalf and when settlement happens in the bank.
However, due to various factors i.e. a mismatch of data, and an absence of efficient controls and systems, both finance and operation teams quite often come under tremendous pressure when onboarding students as well as trying to agree on operational and financial data.
From the student’s perspective, when he/she pays in advance, they or expects everything to be in order properly and therefore having a piece of mind. However, due to the lack of a real-time reconciliation, the finance team are not always able to confirm the receipt on a real-time basis to the operation team, and vice versa. So, it is often the case that this gap creates a problem for the company and puts significant pressure on everyone involved.
We, at ARNA Accounting have developed a bespoke system to drive this process and provide the required automation, accuracy and peace of mind and reliance that the data recorded reflects the reality. We have been developing a computerised system and can proudly say that we can certainly help you in making such a process and the reconciliation accurately, effectively and efficiently from both operations and the cost perspective, and on a real-time basis.
Please feel free to get in touch, and we will be more than happy to run you through what on offer with no obligation and/or commitment.
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