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Every organization benefits from efficient and well-managed finances and your center or school is no exception. To ensure that you are operating at the optimal financial state, iCare offers features specific to your business:
Tuition Billing: iCare provides a very flexible billing setup. It includes:
- Many period options: Weekly, monthly, hourly, daily, bi-weekly and semi-monthly
- Source options: Schedule-based, attendance-based or a combination of schedule and attendance
- Rate options: Flat rates or rates based on a rate chart
- Setup options: Program-based and child-specific
- One-time or recurring
Tuition bills are posted automatically at night a couple of days before the billing period. For example, weekly bills are posted on the preceding Friday.
Billing Grid: Through one single report, the Billing Grid, you can quickly and easily manage the tuition bills for the entire school whether the bills are one-time or recurring.
Payment Processing: Payments can be processed online by the parents or by office staff. Parents can process by Credit Card or ACH methods and staff can accept cash and checks, as well. Both can process one-time payments or set Direct Deposits (recurring payments).
Ledgers and Invoicing: With iCare you do not have to print and mail invoices. Parents can access their account statement online at any time.
iCare uses a banking-type of ledger system for receivables accounting instead of the invoicing method. All transactions – charges, credits, payments and refunds – are posted sequentially in the Receivables Ledger. This reduces the burden of matching payments with charges. The Ledger keeps a Running Balance, which makes it easy to review and reconcile accounts.
Outstanding Balances: This report gives you a quick view of all your accounts and includes many action features for managing these accounts more easily and communicating with the account holders.
Tax Reporting for Your Business: The iCare Receivables Ledger includes a General Ledger/Chart of Accounts backend. Entries in the GL or COA can be exported in different formats giving you a simple way to interface with a third-party accounting system if you are using one.
Tax Reporting for the Parents: At the end of the year, you can email or print yearly tax statement for the parents or they can get the information themselves by logging into their account.