₦airaland Forum

IF THE NUMBER OF STUDENTS OR PUPILS IN YOUR SCHOOL IS BELOW 200, THIS STORY MIGHT HELP YOU.


At exactly 12:30 PM on Sunday after coming back from church, I received a call from a proprietress who owns a school that has 208 students but now has reduced to 150. I will tell you what led to this reduction and how you can avoid this happening to your school in a bit.

I was curious to know how she got my number, so she said she read one of my posts on Nairaland and later checked my profile to get my contact.

You might want to ask, "Femi, what is Nairaland?" Well, Nairaland is like a mini blog where more than 50 million Nigerians gather to share information and advertise their products and services.

Back to my story, I asked the proprietress what led to the reduction of students in her school, and she burst into tears.

She said a termly bill was sent to a single mum who had two children in her school, but this single mum rejected the bill and claimed she's supposed to only pay for one child because she has paid in advance for one of her children.

To cut the story short, this single mum dragged this issue to the public to the extent that some parents started taking their children away from this school simply because the proprietress could not provide evidence or proof that could back her school up against the single mum's claim. These parents were scared that the same thing might happen to them.

After listening to this proprietress, I explained her mistakes and errors, then provided a solution to help prevent this incident from occurring again. What I shared with her is what I am about to share with you in a bit.

Why am I sharing this story with you, and what lesson can you learn from it?

You see, for your school to run well without issues like this, then your school processes need to be organized and well-structured.

But wait, you might want to ask, "Femi, what does a school process mean?"

Your school processes are any activities that your school performs in the process of delivering your services to customers.

Your customers here are:

- Students or pupils
- Teachers
- Parents
- Vendors, etc.

So, activities performed by your school in the process of delivering services to customers are known as school processes.

For example:

- The procedures of enrolling new students, handling applications, conducting interviews or assessments, and issuing acceptance letters are school processes.

- Creating and updating the educational programs and courses that students follow, including lesson planning and aligning with educational standards, is a school process.

- Activities related to classroom instruction, teacher preparation, student engagement, and assessment of learning outcomes are school processes.

- Providing services such as counseling, special education support, health services, and extracurricular activities to meet students' needs is a school process.

- Keeping track of student attendance, maintaining academic records, and managing transcripts and graduation requirements are school processes.

- Handling budgeting, accounting, payroll, and billing for tuition and other fees is a school process.

- Maintaining school buildings, grounds, and equipment to ensure a safe and functional environment for learning is a school process.

- Establishing communication channels with parents/guardians, sharing information about student progress, events, and school policies is a school process.

- Implementing protocols for school safety, emergency preparedness, and ensuring a secure environment for students and staff is a school process, etc.

If you know that parents usually complain about this and that in your school, then your school processes need to be checked and organized.

If you know that you find it difficult to track debtors, how money comes in and goes out of your school, or you don't even know how much profit you are making in your school, then your school processes need to be checked and organized.

If you know that things like books, registers, or documents in your school usually get missing or damaged, then your school processes need to be checked and organized.

If you know that you bought 100 pairs of uniforms today, you sold only two, and noticed that five are missing, then your school processes need to be checked and organized. There are many more, but let me stop here.

Now that you know that for your school to run better, you need to organize your processes, how then can you go about this?

Here's my response:

Use cloud technology tools to automate these processes.

Wondering how?

Forget the big English; let me break it down for you to understand.

You know the way you give paper bills to parents so that they can pay their child's bill? Instead of doing this, in order to automate this process, you are going to be using a simple and easy cloud-based software that you operate on your phone or laptop.

The way it works is that once you create the bill on the software and send it to the parent on WhatsApp, the software will automatically track that bill as a debt.

Once the parent makes payment and you record it, the software will automatically create a receipt that you can send to the parent on WhatsApp. Not only that, the software will also record that the student is not owing your school.

That is the power of a cloud-based technology software.

You might be wondering what cloud technology software means.

Cloud technology software is like having all your files and programs stored on the internet instead of just on your own computer. You can access them from anywhere, as long as you have an internet connection, and they can never get missing.

Let me ask you a question.

Do you remember the story I started with at the beginning?

Now, if the proprietress had this kind of automated billing process, can the single mum just put up a lie against her school?

I'm sure your answer is no because the proprietress has enough evidence to back herself up.

Can you now see why it is necessary to not just organize your school processes alone but also automate them with cloud technology software?

But here's the twist.

How do you even know the kind of software that will be perfect for your small-sized private school?

How do you know the ones that even a 50-year-old woman or man can operate without stress?

How do you know the one that does not require your school to pay one naira to get?

Well, this is where I come in because this is my area of specialization.

I have helped over 15 small-sized private owners automate their school processes using these softwares. You can check their responses in the About/Featured section on my profile.

Here's how I can help you:

✅ Data Storage and Security:

I will help you set up a system to ensure that student records, administrative documents, and other sensitive school information are always secure and never lost.

✅ Financial Management:

I will help you set up a simple, accessible, secure, and affordable financial management tool where you can see how money comes in and goes out of your school, identify the expenses impacting your school's finances the most to increase profit, track debtors, send bills to parents easily, and access and generate financial reports.

I hope you learned something from this post.

PS! Do you want your school process organized? . If yes, see my contact details via my signature for a free consultation


Till I write again,

©️ Adeleke Femi David

Fearjah:
[url=jw.org]here[/url]

CLICK HERE to see how

[quote author=Adelekefemi01 post=130805048][/quote]If yes,CLICK HERE to see how

Fearjah:
[url=jw.org]here[/url]

[url=][/url]CLICK HERE to see how.

Dear Proprietor and Proprietress,

This post is going to be a long read, but if you can read to the end, you will discover one of the reasons why your school's profit is decreasing and what you need to do to increase it.

You will agree with me that one of the things you want as a private school owner is an increase in profit.

Now let me shock you.

For your school's profit to increase, you need to do something that you know but have been avoiding or possibly doing in a wrong way.

Wondering what that is?

Tracking your monthly expenses.

This is the one thing you have been avoiding or possibly doing in a wrong way.

But wait, what is the meaning of a school expense, and how do you track it so that your school's profit can increase?

Continue reading.

Expenses are outflows of money.

As a private school owner, any money your school spends to generate sales and run the school is known as expenses.

The fuel your school buys to power the generator in your office area or classrooms is an expense.

The electricity bill your school pays to provide light in classes and offices is an expense.

The salaries your school pays its staff are expenses.

The recharge card your school buys to call parents of students is an expense, etc.

Your failure to track and record these expenses will always decrease your school's profit.

Now that you know what an expense is, the next thing you should start doing so that your school's profit can increase is to start tracking or recording these expenses.

Let me tell you some important things to take note of when recording any expense for your school:

1. The first thing you need to note is your school expense category.

As a private school owner, for any expense you record, you must categorize them properly.

You categorize by asking yourself the things that your school spends money on.

Examples of school expense categories are:

- Staff salaries and wages
- Transportation
- Security
- Licenses and permits
- Electricity
- Repair and maintenance
- Telephone
- Diesel and fuel

The simple reason why you are categorizing them is so that you can always know which of these expense categories is taking money out of your school the most. When you know the category that is taking money out of your school the most monthly, it helps you make better decisions.

2. Whenever you want to record an expense for your school, always take note of where the money was spent from.

Instead of writing, "I bought fuel 500 naira," clearly state out where the money was spent from.

An example is this:

"I withdrew 5000 from Zenith Bank Card and bought fuel 1000.

Or

"I bought fuel 1000 out of the 5000 cash I withdrew from Zenith Bank Card.

The reason why you are doing this is to know where the money is being spent from.

Imagine you withdraw money from your personal bank account to fuel the generator in your school.

This is why it's necessary to open a separate bank account for your school.

Doing it this way will tell you that your school is owing you and it needs to refund you your money. A lot of small-sized private school owners do not do this, and they don't know it's hurting their profit, so do yourself a favor by doing the right thing.

As a private school owner, you should always record the amount of your personal money that you use to fund your school so that your school will refund your money. When you do this, it helps you to know whether you are gaining or losing.

3. Whenever you want to record an expense for your school, always take note of all elements relating to the spending.

Instead of writing "I gave the Electrician 2000," clearly state out:

- The date
- Reason for the expense
- Name of the person you paid
- Amount of money you paid.

4. Whenever you want to record an expense for your school, always test for completeness and reasonability.

So why do you need to test for completeness?

Very simple.

There are instances you might forget what you spend on your school a day.

How do you test for completeness?

Go to your bank and ask for a bank statement, check line by line for every money that left your school account and make sure you record them.

A lot of private school owners don't do this; it is the one they remember they record while some don't even record at all. This should not be your case if you want an increase in your school's profit.

How do you test for reasonability?

Let's say you normally spend 1000 on fuel a day, then coming the next day, your staff records 5000 for just a day when you are not around.

As a private school owner, this is where you need to test for reasonability because if you don't do it, your school's cost will continue to increase and your profit will decrease.

You might want to ask, "Femi, you said in order for my school profit to increase, I need to track and record my school expenses. Where do I record these expenses?"

Here's my response:

Use a financial management tool.

Wondering what the meaning is?

Let me explain.

A financial management tool helps you keep track of all the money that comes in (like fees) and goes out (like paying teachers or buying books) in your school.

But here is the twist:

There are different kinds of financial management tools out there. How then do you know the one your school should be using?

Any financial management tool you want to choose for your school must have the following characteristics:

1. Cloud-based

Before you choose a financial management tool for your school, always check or ask whether it is cloud-based.

You know why?

When your school has its financial records in a cloud-based tool, all your school financial records are 100% safe and secured. This means that your school financial records can never get missing and it can be saved for years.

Another reason is this:

Let's say you travel, and you forget your phone or laptop at home, will you be able to access your Facebook account? I am sure your answer is yes, and that is exactly how a financial management tool that is cloud-based works.

A financial management tool that is cloud-based is just like your Facebook and Instagram account that you can access with your phone and internet connection.

2. Affordability

Any financial management tool your school chooses should be something that is affordable.

If the number of students or pupils in your school is between 50 - 100 students, then you shouldn't be using an expensive tool; rather, something affordable.

3. Debtor and Non-Debtor tracking

Do not go for any financial management tool that cannot track the list of students who are owing, the amount, and also those who have paid.

4. Receipt Creator

Any financial management tool your school should go for must be able to create a receipt for parents after payment.

5. Bill Creator

Instead of using a paper bill that your school gives parents, you should be able to create a bill that carries the logo of your school on any financial management tool you choose. This is really necessary.

6. Expense Category Tracker

The financial management tool must be able to track the things taking money out mostly in your school so that your school will know where to cut down costs in order for increased profit.

7. Income (Sales) Tracker

There's no meaning in having a financial management tool when you can't see how much money is coming in and how much money is going out. This is very important, so take note of it when looking out for a financial management tool for your school.

8. Report Generator

This is one of the most important things you must check when looking out for a financial management tool for your school.

A financial management tool with a report generator will give you clear and detailed summaries of where your school's money comes from and how it's spent.

This will help you make smart decisions about budgets, see if you are sticking to your plans, and understand if any changes are needed.

You can even send this report to an organization that wants to assist your school with money so they can see how your school's money is being managed. This means that you don't need to print it out. Inside the tool, you can send a copy.

9. Look and feel

Ensure the financial management tool is simple to understand with clear pictures and buttons.

It should show money information in graphs and charts that are easy to see.

The tool should also work well on computers and phones and be easy to use without needing lots of help.

So where can you get a financial management tool with these characteristics?

You don't have to worry about this because there's a new all-in-one financial management tool that has all the aforementioned characteristics.

The all-in-one financial management cloud software is SIMPLE, ACCESSIBLE, CHEAP, RELIABLE, SAFE, and SECURE.

With this cloud technology software, your school financial records can never get missing and you can access all your school financial records at any place and time.

You can access the cloud technology software by using your school email address and password.

The tools you need to access the cloud technology software are:

- Internet Connection
- Laptop or phone

After you have logged in, you will need to do some compulsory setup which I am going to help you do.

After setting up, you can now start using the cloud technology software for your school.

One more thing, this all-in-one financial management software does not only help your school record expenses alone. You can use it for amazing things which are:

✅ You can see the number of students or pupils and the amount they are owing so that your school will know where its money is hanging and this will enable you to follow up with parents until they pay.

✅ You can create a customized electronic receipt and bill that carries the logo of your school and it can be sent to each parent on WhatsApp.

The way it works is that once the bill has been created, all you need to do is just send a link to each parent on WhatsApp, and when they click the link, their child's bill will open.

This will save your staff the stress of typing or writing bills for each student. The time they use in doing this can also be used for another thing that adds to the growth of your school.

This will also save your school the cost of buying A4 paper, and when this happens the profits you make from your school increases.

✅ You can see the things taking money out of your school the most, so that you will know how to adjust your spending and when you do this, the profits you make increase.

✅ You can see the lists of students who are not owing.

✅ You can save parents' contact details (name, email, phone number, address, etc.) neatly and organize in the cloud so that you can always have access to it instead of writing them in a book or Microsoft Excel and the book gets missing or the computer gets spoiled.

When you have parents' contact details in a safe and secured place, you can easily pass information to them on time, and build more relationships with them.

✅ You can see the total amount of money (revenue) that your school makes in a term.

✅ You can see your school profit in a term.

The way this works is that as you are recording student payments and your school expenses in the software, the software is also doing the plus and minus for you, so in just one click you can see your school profit. This alone will save you the stress of doing calculations that you can even make mistakes.

✅ You can generate reports.

✅ The software has the ability to automatically create a portal for all parents so that they can view how much their child is owing and all the money they have paid for their child.

This means that all parents will have their own login details to their portal. This alone will make your school stand out among others and it will increase the value and reputation of your school.

✅ Lastly, one of your staff can also use the software but based on the role you assign them. This means you can restrict their access to some extent. I believe these sets of staff are those in charge of record keeping of your school.

The cloud technology software has a paid version and a free version.

If the number of students in your school is not more than 200, the free version of the software will work perfectly for your school.

However, as your school population increases, you will need to upgrade to the paid version.

The paid version of the software starts from 27,000 per year depending on the specific task you want to use the software for.

27,000 a year is just 2,250 per month.

You will agree with me that this is ridiculously cheap compared to everything your school will benefit from this software.

I have trained and helped over 10 schools set up this all-in-one financial management tool in my 3 months of establishing my personal brand.

Would you like to see a video demonstration of how this tool works? The video is 100% free.

If yes, check my profile and you will see my WhatsApp contact.



Till I ✍️ again,

© Adeleke Femi David

3 COMMON MISTAKES 70% OF SMALL-SIZE PRIVATE SCHOOL OWNERS MAKE THAT KILL THE GROWTH OF THEIR SCHOOL AND HOW YOU CAN AVOID THEM

Around March ending, I received a call from one of my clients, Mrs. Agbo, who told me she's in serious debt.

The next question I asked was, "Ma, how come?" and she said her personal account (OPAY) that she also uses for her Montessori school was hacked, and all the money inside was wiped out.

The teachers in her school don't care; all they want was their salary, and they don't even try to consider her situation.

To cut the story short, Mrs. Agbo later took a loan from the microfinance to pay the teachers in her school and use the rest to keep her Montessori school moving.

Why am I telling you this story, and how does it relate to you as a small-size private school owner?

As a software automation consultant for small-size private schools, some common mistakes I have seen small-size private school owners make are:

1. Using their personal bank account for the school.

If there's one mistake you must avoid as a small-size private school owner, it is using your personal bank account for the school.

Do not make this same mistake just like Mrs. Agbo. From the short story I told you, look at how using her personal account for school landed her in debt.

So how can you avoid this mistake?

Very simple.

Go and open a separate account for your school.

You know why?

When you open a separate bank account for your small-size private school, you can track your school expenses and know whether you are gaining or losing.

Opening a separate bank account for your small-size private school also makes it easier for you to manage your school finance effectively.

I find it worrisome when I see most small-size private school owners using banks like OPAY, MONIEPOINT, etc.

One thing about these OPAY, MONIEPOINT, etc., is that they are not safe and secured - in other words, they are easily hacked.

Do not get me wrong; OPAY, MONIEPOINT, etc., are not bad, but as a small-size private school owner whose school is just growing, you have to be extra careful in whatever decision you make concerning your school.

Again, remember you are not the only one in this school business; you have competitors, so you have to be professional in anything you do for your school, and one of them is putting your school money in a safe and secure place.

Talking about a safe and secure place for you to keep your school money, then you need to be looking at opening an account for your school in a commercial bank like Zenith, Access, GTB, etc.

One commercial bank I usually recommend for small-size private schools I have served is Providus Bank. A lot of small-size private school owners focus on the big names like GTB, Zenith, ACCESS, etc. Providus Bank is a very good and suitable bank for your small-size private school.

Are you getting value at all?

There's two more to go so continue reading.

The second mistake small-size private school owners make is using their personal phone number as the school number.

I beg you in the name of God, if you fall into this category, go and buy a new SIM card for your school.

You know why?

When your school has its own separate line and you start using it to follow up with parents who are owing, you can easily track how much you are spending on telephone calls daily and also stay within your budget.

I hope you understand.

The third mistake I see small-size private school owners make is using their personal email address as the school email address.

If there's one thing you should not joke with, it's this email address.

You know why?

Your school email address makes you stand out.

How can you be running a school and you are sending an email to a company to request something with your - chiamakaeze@gmail.com?

This is not the right way to go; please avoid this kind of mistake.

How then do you avoid this?

By opening a simple Google business account for your school.

This is not something difficult to do simply because you can even use your phone and set up a Google business account for your school in just 2 minutes.

So how do you open a Google business account for your school?

Step 1

On your phone, open your Chrome browser and type "gmail.com".

Once it opens, you will see "create account," and you will be asked to choose if you want to create an account for "Yourself, Work, or business."

Step 2

Choose "work or business."

Step 3

You will be asked to select the date of birth - here just put a random date of birth.

Step 4

You will be asked to type the email you want to use, and this is where you put the name of your school in full. You should have something like this - greaterheightschool@gmail.com.

Step 5

You will be asked to Input a password. Here please use something you can remember like your child or spouse's name.

Step 6

You will be asked to provide a phone number. Here please use the separate number you bought for your school. A code will be sent to that number, and once it's confirmed, your Google business account will be ready to use.

Before i forget , my name is Adeleke Femi David and i help private school owners save cost, stay within their budget, save time and increase their profits using cloud technology tools. My contact details are on my profile or call it signature.

Thank you for reading.

Till i write again

A STEP-BY-STEP GUIDE ON HOW TO USE A FREE AND SIMPLE CLOUD TOOL TO RECORD AND TRACK YOUR SCHOOL MONTHLY EXPENSES

So in my last post, I pointed out that one of the ways to increase your school's profit is by tracking your monthly expenses, and I also shared the things you need to take note of whenever you are recording your school's monthly expenses. You may need to check my last post on my profile if you care to read.

Let me ask you a question.

Which of the following categories does your school fall into?

1. You write or record your school's monthly expenses in a book, and sometimes the book gets missing or damaged.

2. You don't even write or keep any record.

I will leave you to answer that, but I want you to know that if your school falls among any of these categories, then you should be worried.

Here's the twist.

You don't have to worry anymore because by the time you finish reading this post, you will have discovered a step-by-step guide on how to use a simple, free, safe, and secured tool that will put an end to this problem.

But wait, you might want to ask, "Femi, why can't I be writing or recording my school expenses in a book? Why must I use a cloud technology tool?"

Good question, and here's my response.

You see, when you keep records of your school in a book, the book can get damaged, and you lose access to all the records.

When you keep records of your school in a book, you will not be able to access it at any place and time. You can also forget it somewhere when you need it for a useful purpose.

When you keep records of your school in a book, errors cannot be neatly corrected; you will end up canceling, and this will make your records rough and not organized.

When you keep records of your business in a book, the information inside cannot be extracted for useful purposes. In other words, copy and paste cannot be done.

Imagine a situation where you want to apply for a big loan or anything, and you are asked to bring a copy of your school expenses but the book you are writing is filled with cancellations and looking so unkempt. Do you think you will be granted such a loan? I will leave you to answer that.

Now that you know the effect of writing or recording your business expenses in a book, what then should you use?

Very simple.

Use a cloud technology tool.

Wondering what the meaning of a cloud technology tool is?.

A cloud technology tool is just like your Facebook and Instagram account that you can access with your phone.

Let me ask you a question.

Let's say you travel, and you forget your phone or laptop at home, will you be able to access your Facebook account? I am sure your answer is yes, and that is exactly how a cloud technology tool works.

You can access your school expenses at any place and time; all you need is just a phone, Internet connection, and login details. It is as simple as that.

So which cloud technology tool should you use to record or track your school's monthly expenses?

There are different tools, but one of them is EXPENSIFY.

EXPENSIFY is a cloud technology tool for tracking spending. You can scan and upload receipts, get expenses approved, and record expenses neatly.

Let's say an NGO gave your school some money to execute a project, and you need to be able to explain how every kobo was spent; you can use Expensify to track your spending.

You can access Expensify with your phone or laptop.

Follow this step-by-step to record your school expenses.

STEP 1

If you are using a phone, go to Google Play Store and download the app.

STEP 2

Sign up for an account with an email address and login.

STEP 3

Once you are in, if you want to record an expense, click the "New Expense" button and choose either "Manually create or Multiple expenses".

STEP 4

Once it opens, choose the date, amount, categories, description, and click the "save" button.

What are you waiting for? Go right now and check out Expensify and say no to writing your school expenses in a book that can get missing or damaged anytime.

Before I forget, there's another tool that is far better that I will reveal later in my coming post. Let's say you spend money on fuel, water, etc., in your school; this tool has the ability to show you which of them is taking money out of your school the most so that you can know what you are overspending on.

Before i forget , my name is Adeleke Femi David and i help private school owners save cost, stay within their budget, save time and increase their profits using cloud technology tools.
My contact details are on my profile or call it signature.

Thank you for reading

Adeleke Femi David

:
THIS IS ONE OF THE REASON WHY THE PROFIT YOU MAKE FROM YOUR SCHOOL IS SMALL AND WHAT YOU SHOULD DO TO INCREASE IT.

By the end of this post, you will discover one of the reasons why your school's profit is decreasing and what you need to do to increase it.

You will agree with me that one of the things you want as a private school owner is an increase in profit.

Now let me shock you.

For your school's profit to increase, you need to do something that you know but have been avoiding or possibly doing in a wrong way.

Wondering what that is?

Tracking your monthly expenses.

This is the one thing you have been avoiding or possibly doing in a wrong way.

But wait, what is the meaning of a school expense, and how do you track it so that your school's profit can increase?

Continue reading.

Expenses are outflows of money.

As a private school owner, any money your school spends to generate sales and run the school is known as expenses.

The fuel your school buys to power the generator in your office area or classrooms is an expense.

The NEPA bill your school pays to put light in classes and offices is an expense.

The salaries your school pays its staff are expenses.

The recharge card your school buys to call parents of students is an expense, etc.

Your failure to track and record these expenses will always decrease your profit.

Now that you know what an expense is, the next thing you should start doing so that your school's profit can increase is start tracking or recording these expenses.

Let me tell you some important things to take note of when recording any expense for your school.

1. The first thing you need to note is your school expense category.

As a private school owner, for any expense you record, you must categorize them properly.

You categorize by asking yourself the things that your school spends money on.

Examples of school expense categories are:

- Staff salaries and wages
- Transportation
- Security
- Licenses and permits
- Electricity
- Repair and maintenance
- Telephone
- Diesel and fuel

The simple reason why you are categorizing them is so that you can always know which of these expense categories are taking money out of your school the most. When you know the category that is taking money out of your school the most monthly, it helps you make better decisions.

2. Whenever you want to record an expense for your school, always take note of where the money was spent from.

Instead of writing, "I bought fuel 500 naira," clearly state out where the money was spent from.

An example is this:

"I withdrew 5000 from Zenith Bank Card and bought fuel 1000.

Or

"I bought fuel 1000 out of the 5000 cash I withdrew from Zenith Bank Card.

The reason why you are doing this is to know where the money is being spent from.

Imagine you withdraw money from your personal bank account to fuel the generator in your school.

This is why it's necessary to open a separate bank account for your school.

Doing it this way will tell you that your school is owing you and it needs to refund you your money. A lot of private school owners do not do this, and they don't know it's hurting their profit, so do yourself a favor by doing the right thing.

As a private school owner, you should always record the amount of your personal money that you use to fund your school so that your school will refund your money. When you do this, it helps you to know whether you are gaining or losing.

3. Whenever you want to record an expense for your school, always take note of all elements relating to the spending.

Instead of writing "I gave the Electrician 2000", clearly state out:

- The date
- Reason for the expenses
- Name of the person you paid
- Amount of money you paid.

4. Whenever you want to record an expense for your school, always test for completeness and reasonability.

Why do you need to test for completeness?

Very simple.

There are instances you might forget what you spend on your school a day.

How do you test for completeness?

Go to your bank and ask for a bank statement, check line by line for every money that left your school account and make sure you record them.

A lot of private school owners don't do this; it is the one they remember they record while some don't even record at all. This should not be your case if you want an increase in your school's profit.

How do you test for reasonability?

Let's say you normally spend 1000 on fuel a day, then coming the next day, your staff records that 5000 for just a day when you are not around.

As a private school owner, this is where you need to test for reasonability because if you don't do it, your school's cost will continue to increase and your profit will decrease.

Now that you know the one thing that you need to be doing for your business profit to increase, what is the best tool you should use to record these expenses?

I don't want this post to get too long so I will reveal it in my next post.

I hope you took something out from this post.

Before i forget , my name is Adeleke Femi David and i help private school owners save cost, stay within their budget, save time and increase their profits using cloud technology tools.
My contact details are on my profile or call it signature.

Thank you for reading.

Till i write again

During my National Diploma days at Osun State Polytechnic in 2017, I once took up a part-time job as a computer assistant in a small school owned by a man called Mr. Akpan.

My job is to keep records of expenses, students who are owing, attendance, etc., inside Microsoft Excel.

Mr. Akpan's school was running smoothly, and a lot of money was coming in.

Two years later, I finished my National Diploma and resigned from the job.

I was in my room sleeping one fateful day when I was called from Osun State by one of Mr. Akpan's staff that their school caught fire in the middle of the night and everything inside had burnt down.

Oh my God.

I was sad, heartbroken, and depressed.

In my mind, I kept asking myself, 'Where will Mr. Akpan start from?'

The following day, I called Mr. Akpan, and he told me he had moved on. He said he had just come back from an organization that wanted to give him a huge sum of money to start afresh, but they didn't give it to him because he was unable to provide the past records of his school.

The organization wanted to be sure he could meet up with their target, but they couldn't access Mr. Akpan's past school records, and that was how he missed this big opportunity.

Why am I telling you this story, and what lesson can you take from this as private school owner?

The most important thing I want you to take from this story is the importance of keeping records of your school in a safe place.

Again, I want you to know that the register book, paper bills, paper forms, Microsoft Excel on your computer, etc., that you are using to keep records in your school are not safe and reliable simply because they can get missing and damaged just like how Mr. Akpan's school got burnt, and he missed a big opportunity.

But wait.

Why is it even important that you, as a private school owner, should keep records of your school?.

As a private school owner, you keep records of your school for two fundamental reasons:

Decision-making
As a private school owner, you use these records to make decisions.

For example, when you look at the number of students who are owing, you will decide to start calling them until they pay.

Stewardship
As a private school owner, you are a steward unto yourself and several other parties. There are other parties who expect you to keep records. Do you know that there's a fine of 2500 if the taxman discovers you have no records?

The taxman, government, CAC, regulators, investors, money lenders, banks, your suppliers, parents of students, etc., all expect you to keep records.

Where then is the safe and secured place to keep records of your school?

The best safe place to keep your school records is in cloud technology tools.

Cloud technology tools are just like your Facebook account, Gmail account, Instagram account, etc.

The most interesting part is that some of these tools are 100% free and the ones that are not free are very affordable.

The reason why you should keep records of your school in cloud technology tools is because of the following:

You can access all your school records on your phone or computer and at any place and time.

You can download all your school transactions and use them for any purpose. In other words, the data can be extracted and used for any purpose.

Your school records cannot get missing, damaged, or crashed.

Your school is open to grants, loans, and bigger opportunities.

You can collaborate with your staff. This means that you and your staff can be entering data, and it will be entering into the same place at the same time.

There are different cloud technology tools available for you as a private school owner, but it depends on what you are trying to achieve.

I will be sharing some of these tools in my next post, but I hope you took something out from these post.

Before i forget , my name is Adeleke Femi David and i help private school owners save cost, stay within their budget, save time and increase their profits using cloud technology tools. My contact details are on my profile or call it signature.

Thank you for reading.

Till i write again