NetSuite for Education
Technology plays an important role in education, where in recent years, it has proven to be a powerful tool not only in the classroom but also in helping educational organisations coordinate, analyse and share data; understand financial performance; enhance personnel management; and run more streamlined, efficient operations.
As a cloud-based ERP system, NetSuite gives universities, colleges, and schools complete visibility across the entire organisation, which can be accessed anytime, anywhere. Born in the cloud, NetSuite provides a cost-effective, scalable solution removing data silos between different departments and campuses and eliminates the burden of maintaining multiple systems, expensive hardware, and IT maintenance.
Financial Management
NetSuite provides real-time access to financial data, enabling informed decision-making. Its budgeting and forecasting tools facilitate accurate planning for income and expenses, while fund accounting capabilities track specific funding sources and ensure compliance with donor restrictions. NetSuite streamlines student billing and payment processing, simplifies grant management, and offers robust reporting and analytics to track financial performance. Additionally, for multi-campus institutions, NetSuite allows for consolidated financial management, supporting efficient inter-departmental budgeting and reporting. Overall, these features help streamline financial operations, improve accuracy, and maintain compliance in the educational sector.
Reporting and Analytics
With advanced reporting and analytics educational organisations gain vital insights into financial, operational, and student data. Custom dashboards and reports aid decision-making on tuition revenue, grants, and departmental budgets. Additionally, NetSuite tracks key performance indicators (KPIs) such as student retention, financial aid distribution, and cost management for effective oversight.
Seamless integration to manage the entire student life-cycle
NetSuite seamlessly integrates with a number of platforms to support the entire student lifecycle, from prospective students to alumni engagement. By connecting with CRM systems such as Salesforce, NetSuite streamlines student recruitment, manages tuition fee payments, and handles complex billing schedules. It also provides a comprehensive view of student data, offering insights into enrolment trends and retention rates when integrated with a student information system (SIS). Additionally, NetSuite can connect with specialised systems like Ellucian, Blackboard, and Learning Management Systems (LMS) to enhance online learning and track student engagement.
Ensure compliance and streamline audit processes
Some educational organisations must navigate a range of compliance requirements, particularly concerning financial aid, grants, and tax regulations. NetSuite simplifies this process by maintaining detailed audit trails of financial transactions, making audits more manageable and ensuring accountability. Additionally, NetSuite offers automated compliance reporting for grants, research funds, and tax regulations, which is crucial for universities handling both public and private funding.
Procurement and vendor management
NetSuite’s procurement module helps educational institutions manage vendors and suppliers by streamlining procurement processes, managing supplier relationships, and tracking inventory needs for departments such as IT, facilities, and labs. It automates purchase orders, vendor payments, and approvals to ensure efficient procurement within budget. Additionally, it manages campus assets such as IT equipment and lab materials, tracking usage, maintenance, and depreciation.
Manage relationships with students, alumni and donor relationships
Manage relationships with students, alumni, donors, and other stakeholders with a 360-degree view of communications, enabling personalised engagement, while also assisting with event and fundraising management. This centralised approach enhances recruitment, strengthens alumni relations, and improves donor outreach, ultimately boosting overall engagement and fundraising.
