We're thrilled to announce the launch of our Cole School Experts podcast series!

The Business of School podcast will unpack the dynamic world of education through the lenses of business, finance, and technology. Join us as we explore compelling topics, engage in thought-provoking conversations, and uncover the latest insights shaping the future of schools.

Cole School Experts are your host, and with our guests from the world of education, we embark on a learning adventure to support you in the business of your school. 

Follow the links below to find more information and listen to The Business of School podcast on your favoured podcast channel.

First Episode: School Financial Viability Game-changer

This episode is a must-listen for school boards, principals, and business managers who are deeply invested in making well-informed decisions to ensure the financial viability and sustainability of their institutions.

In the complex world of educational finance, translating vast amounts of school data into straightforward reports for strategic decision-making can be an overwhelming challenge. Recognising the importance of this issue, we've invited a distinguished expert in the field of school financial health, John Somerset, to share his insights and introduce an innovative solution.

Many in the school sector need no introduction to John Somerset, and his expertise is unparalleled. In this episode, he discusses Somerset Education's Key Indicator Scenario Builder—a revolutionary tool designed to simplify financial analysis and scenario planning for schools, making it a game-changer in navigating financial viability.

Click on the image above or the channel links to listen to the podcast now.

Thank you for joining us on this journey. We look forward to your feedback and are excited about the positive impact The Business of School podcast series can have on your school.

Findex and Cole School Experts have collaborated to bridge the knowledge gap between Audit and Accounting Services. It's widely acknowledged that Auditors operate under numerous independent rules that restrict them from directly impacting financial statements with certain services, and Cole has firsthand experience with the challenges and issues Schools face in obtaining compliant and industry lead audits. That is why we have teamed up with Findex and their Audit arm Crowe, as they have extensive knowledge and experience providing compliant, local and digital, industry focused audits to over 200+ schools in Australia.

Introducing Findex and Crowe

By using specialised skills, resources, and guidance to leverage technology, Findex and Crowe can help your school optimise operations, implement data-driven strategies, and navigate changing regulations. Our team come from diverse backgrounds, bringing a fresh perspective and valuable expertise to unveil hidden opportunities and innovative strategies for your school to thrive. Findex and Cole we understand the complexities schools face:

• Lack of staff and resources
• Patchwork and redundant processes
• Competition and enrolment predictions
• Constant change and cost in automation and technology
• Restricted funding and revenue opportunity

 We offer personalised solutions and guidance to address these challenges head-on. Our expertise helps schools optimise staffing and resources by reducing administrative tasks, helping to fix inefficient methods, and fostering a compliant environment.

Findex and Crowe solutions include:

• Audit
• Digital Transformation/Advisory
• Operational Consulting
• Specialist Tax
• Master Planning
• Investment Strategies

Whether you are a Principal, Board member, Business Manager, Enrolment & Admissions Manager, or some other senior executive within your school, the ACARA (Australian Curriculum, Assessment and Reporting Authority) data tells you how the market is going, and you can see how you are going by comparison.

Australia wide, Independent and Catholic schools market share increased from 2022 to 2023, whilst Government schools went backwards (again), according to the ACARA data.

The ACARA data was released on the 14^th February 2024 to cover up to and including 2023. ACARA data gives us the Full Time Equivalent number of students for each school, and groups the schools into Government, Catholic and Independents. It also breaks the data down to male and female students, has some other data by schools such as teacher numbers and shows information back to 2008.

Over the period 2022 to 2023, the total number of students from 2022 to 2023 increased by 49,076 students or 1.21% Australia wide.

Independent schools moved their market share from 17.02% to 17.49%, whilst Catholic Schools moved from 18.34% to 18.43%, and Government schools moved backwards from 64.64% to 64.09%

In actual numbers, Catholic schools moved from 742,691 to 755,373 FTE students, an increase of 12,681 students or 1.71%.

Independent schools moved from 689,395 to 716,848 students, an increase of 27,453 students or 3.98%.

Government schools still increased by 8,941 or 0.34%, well below the 1.21% increase Australia wide.

Follow the link below to read Spectrum Analysis' full article on what the ACARA numbers tell us including the tables of supporting data.

If your school families are falling behind on their fees, you might be wondering how to sensitively and proactively get them back on track. Check out our top tips from our skilled debtor management professionals in our blog on 'Compassionate School Fee Collection'. 

Meet... Kevin Tuano

Finance Officer and School Software Specialist

Kevin is a professional service provider with broad administrative acumen along with experience in understanding EBA’s and awards combined with accuracy, high attention to detail and managing essential processes.

Furthermore, Kevin’s expertise in IT along with his broad software proficiency makes him a valuable member of the Cole Team.

Follow the link below to meet more of the Cole School Experts team!

In the landscape of modern private education, school fee increases have become a perennial concern, causing anxiety and sometimes distrust among parents and guardians. These increases, while necessary for maintaining the quality of education and covering rising operational costs, often require a delicate balance in communication between educational institutions and parents. Striking a balance between transparency and understanding is key in ensuring a collaborative approach to tuition fee adjustments. Here, I explore how schools and colleges can more effectively communicate with parents about tuition fee increases for the upcoming academic year.

Follow the link below to read more on this in the partner article created by Alastair Lee, Director AlumGrow Consultancy.

As we step into a new year, it's the perfect time to reassess your school's communication strategies and embrace new ways to foster a strong school community, keep families engaged and improve student outcomes. A well-thought-out communication plan not only keeps parents informed but also plays a pivotal role in building a happy and engaged school environment.

In a landscape where technology continues to evolve, our expectations have also heightened. Parents seek swift and direct communication regarding matters of significance. If you find your school community is disengaged and crucial messages are slipping through the cracks, Schoolzine is here to provide practical tips to get your community connected in 2024.

Follow the link below to read Schoolzine's article on creating a winning school communications plan this year.

In the rapidly evolving landscape of education and its governance, institutions are constantly seeking efficient ways to source goods and services. One solution that has emerged is Education Resource Options (ERO), a platform that simplifies the sourcing process and addresses key challenges faced by schools.

A recent survey by Alii - Accounts Payable & P2P Automation revealed two main issues facing schools: the time-consuming nature of researching technology options and the lack of technological infrastructure. ERO was pleased to participate in this survey, which has energized its team to approach all schools with a proven solution to these problems.

ERO is easily accessible through a simple registration at their website. It offers a customized sourcing platform that includes both your own providers and ERO providers. This platform saves time and money by simplifying sourcing.

In the Alii 2023 survey, manual data entry processes were noted as significant security concerns by 35% of IT and Finance Managers. ERO can help eliminate these concerns. By automating manual data entry, ERO reduces errors, increases efficiency, and improves accuracy. This leads to cost savings and a more streamlined sourcing/procurement process.

ERO is more than just a sourcing platform. It helps institutions locate a curated list of suppliers of goods and services efficiently. When combined with other reliable procurement tools such as Alii, Esker, or SAP, ERO can streamline the entire procurement process from sourcing to quote acceptance to payment.

ERO is particularly beneficial for institutions looking to transform their education business systems with evidence-based practices, digital technology, and evolving workforce practices. By curating a network of reliable suppliers, ERO saves institutions time and money in their procurement processes; Recently a school in Western Australia needed a second-hand school bus. ERO quickly located a supplier with two buses available. Although neither bus met the school’s needs, the search revealed a shortage of used bus supplies across Australia due to mining companies absorbing stock quickly. This insight saved the school’s business manager days of fruitless searching, demonstrating how ERO streamlines sourcing processes and helps institutions achieve their goals more efficiently.

ERO is an essential sourcing tool for institutions looking to transform their education business systems. It also offers a Circular Economy component that enables you to trade your old furniture and equipment to other schools or businesses. By leveraging the benefits of ERO, institutions can take the first steps towards building a more agile and resilient sourcing process for the future.

With the new school year well and truly in full swing, it is a timely reminder for all schools to consider their internal enrolment processes and fee policy documentation to assist in mitigating against the ever-present issue of late payment or non-payment of school fees.

 As a refresher, there are a myriad of steps that a school can take to ensure that they are placed in the strongest possible position when attempting to mitigate the risk of late payment or non-payment of school fees. Some of these actions are as follows: 

1. Firm and clear enrolment documents - the enrolment document is the legal basis for the relationship between families and the school and is the key document to be relied upon to recover outstanding fees.
   With that in mind, the terms of the document, particularly as they relate to the school’s rights to recover outstanding fees, and who is responsible for payment of fees, must be clear. It is also important that all relevant persons are parties to the enrolment document, as well as any variation to that document. 

2. Implementation of a clear Fee Policy – the policy should be provided to families each year. The policy must clearly set out the school’s expectations about payment terms and plans, as well as providing options for those who may be experiencing financial hardship. 

3. Involvement of the Business Manager and Finance Team – ensuring that your team are across enrolments and policies, as well as carrying out all internal collection processes in a timely manner (do not delay follow ups!). It is also important for families to see that the team are available to assist to discuss any concerns, including hardship. 

When enrolment and internal processes are firm, schools can be comforted that they are well placed to obtain timely payment of school fees. Of course, there are always “additional” steps a school may take to mitigate against the risk of non-payment, such as: 

• Publishing regular reminders / notices in newsletters or other publications which are distributed to the wider school community on a regular basis; 

• Ensuring regular and consistent communication with families throughout the whole year, and not just at the start or end of a term / semester; and 

• Offering appropriate discounts to families who pay fees up front for a semester of whole school year. 

Sometimes, even with well drafted documents, policies and a resourced team, recovery attempts can be futile. In those circumstances, we recommend early referral to an external debt collection agency or  solicitor. Our team at Platinum Collection Agency and Lynch Meyer Lawyers are leaders in the education sector. Please contact Alice Carter on 08 8236 7626 or acarter@lynchmeyer.com.au should you wish to have a free, no obligation 15 minute telephone consultation.