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Know Where Your Business Stands: Track Your Revenue

Are you using Jackrabbit’s revenue tracking features?

It’s quick and easy to record revenue in Jackrabbit with just a few easy steps each month. This will make it your income and outstanding fees visible to you so you can stay on top of the financials that fuel your business.

We’ve outlined suggested Best Practices for Monthly Billing/Revenue Tracking for how you may be using Jackrabbit. These Best Practices should be followed monthly – or on your selected billing cycle – to be the most helpful to you.

 

If you use fixed fees or set Family/Student discounts, you should:

Confirm set fixed fees and discounts

Families Menu:  Advanced Search or Students Menu: Advanced Search option and search on Fixed Fees or Discounts. Make sure these Fixed Fees or Discounts still apply or adjust as needed. 

(These are located in the Family Billing Tab or the Student Summary page) 

 

If you are not using fixed fees or set family discounts, you should start here: 

Step One: Post tuition fees

Using the Transactions Menu: Post Tuition Fees or Post Tuition Fees by Total Hours.

TIP: Use the templates (Favorites) option to save your reoccurring selections and discount settings.

Step Two: Search for previous credits that need to be Linked to fees

From the Transactions Menu: Advanced Search Report – locate any payments (or partial payments) that have not been Linked to fees. Use the Special Search Option: Payments with Unapplied Amount Remaining. Make sure to use a large date range, in order to capture all unapplied payments made. Link any unapplied credits to the new fees.

TIP: Doing this immediately after posting tuition fees provides you the opportunity to link any unapplied payments to the newly posted fees. Since Jackrabbit works on the concept of linking fees and payments, this ensures accurate financial reports and records.

 

If you are using Jackrabbit’s eCommerce feature, you should: 

Process your credit cards and bank drafts

Use the Transactions Menu: Process Credit Cards/Bank Accts.  After the batch completes processing, print the report that displays as a quick reference of what was accepted and declined.

 

If you are not using Jackrabbit’s eCommerce feature, you will have to: 

Use a manual process to post each family’s payment

You will manually post each payment in the Family account as it is received. 

TIP: Activate eCommerce now! Processing payments one family at a time can be a tedious and time consuming process each month. Save you and your staff hours of time each month. Families who have fees due and have a credit card on file can be processed all at once just make a couple key selections, submit and you’re done!

Another Option: Email statements to families using Reports Menu: Statements – Email. 

 

Questions? Contact our support team through your database.

More Report Templates for Even Easier Tracking

Now you have the convenience and time-saving ability to use templates in TEN more reports:

  • Absences-Makeups
  • Aged Accounts
  • Birthday
  • Contact Listing
  • Customer Portal Log
  • Drop History
  • Email Listing
  • Enroll History
  • Enrollment Snapshot1
  • Family Address Listing

Report templates are amazing because they enable you to customize reports to fit your business.

And we know that it takes time to get every detail just right. With report templates, you only have to do your customization once. After you’ve named and saved your customized reports, you can use them again and again.

The time savings isn’t the only advantage of using report templates. You get consistency in your data as well. With the many choices and combinations of criteria and settings that you can use in your Jackrabbit reports, recreating the same complex report week after week or month after month may be challenging. Once you’ve saved your report template, you never have to worry about this again. Your reports will be consistent each time you pull them using your templates!

If you’ve never used report templates, start today. It’s one of the most powerful time-savers that Jackrabbit offers.

“Jackrabbit’s reports are awesome – especially from an owner’s perspective. I can choose existing report formats or create my own custom reports – whatever I need to monitor, track and compare my business data to understand our performance and our future potential.”  Lisa Muratore, Miss Lisa’s Music

You can find help for getting started with report templates here.

Look in the Help Center. How To Guide>Reports>Report Templates

Jackrabbit’s Flexible Features Help Music School Owner Get Unique Tasks Done

There are many software systems that music schools could use to manage their businesses, but Melissa Loggins, owner of The Music Authority, believes that Jackrabbit gives her the feature flexibility she needs to operate her school in the ways that set it apart from others in the Atlanta area.

TRACKING IS A CRITICAL TO SCHOOL’S SUCCESS | Tracking skills, as well as several other student details, is very important in Melissa’s world. Tracking of skills provides an understanding of student progress to instructors, to administrators and to parents and through their own individual access points to Jackrabbit, each of these groups can follow what students are doing and how they are progressing. The tracked information helps the school to accurately choose substitute teachers and gives Melissa demographic details that guide her in her marketing investments.

“The data we track has given us great insight and a great foundation for making better decisions. We have more confidence in the marketing decisions we make because we understand more about our existing students and their families. We also can do some powerful geo-targeting. We’ve looked at common schools among students in selecting the schools we’d like to establish relationships with. Without the flexibility of Jackrabbit’s system, we wouldn’t be able to do this in a way that makes sense for actually using the data.” Melissa Loggins, The Music Authority

Loggins_Music Authority_12182014Because skills tracking can also be shared in their portal, parents have a vehicle for watching the learning experience unfold. And it’s obvious from the resulting enthusiasm that parents who have knowledge are more engaged in what their children are doing.

“I can insert any type if student information that I find valuable. I can post tremendous detail in role notes and – again because of Jackrabbit’s flexibility – trim that info back to give parents only what is critical to them so that they are informed.” Melissa Loggins, The Music Authority

EMAIL HELPS SCHOOL STAY CONNECTED | Communication is another critical component in music school success. Jackrabbit’s email capabilities help owners nurture their personal connections with consistently delivered, professional looking emails. Whether the basis of the communications are announcements and notices or content intense newsletters, reaching out keeps parents informed and gets them engaged.

“Doing emails through Jackrabbit helps me to be an engaged owner without sacrificing entire days to the process of creating email after email and distribution lists. In Jackrabbit, I can choose to send to everyone or select groups within my database. It’s a powerful, time-saving feature.” Melissa Loggins, The Music Authority

ORGANIZATION DETAILS | 1 location, 322 students, 44 instructors, Melissa Loggins, Owner

 

Sometimes the Least Exciting Things Can Make a Difference

When asked what makes the most difference in growing and improving a studio, owners may guess that sexy activities like marketing campaigns and website redesigns. But it is actually quite mundane activities that can make the biggest difference in operational health and growth. These activities sometimes seem like a big secret because no one wants to talk about them. After all, they aren’t very exciting – unless you look at the results they produce.

 

Monitoring, tracking, surveying, documenting and operating just don’t inspire folks at all. They don’t sound the least bit exciting. But we’re going to let the secret out about them: These are the activities that give you the information and the methods that you need to be consistent with your employees and customers and to grow in a sustainable manner. Not sexy but effective.

Monitoring

This is the only way to understand what is going on in your studio’s classes and management offices. Do it and be consistent about it so that you have a good record to draw information from for addressing issues and improving environments.

Tracking

First of all, tracking anything requires that you have a defined process that you tracking against. So establish a set of processes that are to be followed for everything that goes on in your studio, then track these activities consistently. Note variances and variables. Tracking also gives you a standard that you can eventually use to tweak processes and then understand if the tweak was a good choice or not.

Surveying

This is the most efficient way to understand what is going on in the heads of your customers. There are many ways to do this, but choose one that doesn’t bring your management office to a grinding halt. There is automated software available at reasonable prices to help you do this regularly without tremendous work effort and analyze your results easily and quickly.

Documenting  

This includes processes and policies. Documenting these activities and situations makes management easier because it isn’t guesswork. It’s in black and white and can be easily communicated. It also takes the blame off of individuals because each one is simply following process and policy.

Operating

There is one other area where this may apply – unless you’re a geek – and that is your business management technology. You may be operating in ways or using methods that consume too much time, produce inaccurate, non-standard or limited results and keep you from offering parents easy ways to do business with you. While looking at management technology is far less sexy than choosing new music, it has a tremendous impact on how your business does business and how much you’re making at it. Find out more about how to make sure you’re operating at high efficiency and profitability.

These five “least exciting” components actually make executing those sexier activities easier because you understand what you should focus on and have the time and financial resources to do them. And you get results that are exciting.