Performance Canvas for the Education Industry
If you are budgeting for departments, courses, programs, campuses or divisions, Performance Canvas enables you to have real time, accurate, and relevant financial and operational data. With its built-in business rules and formula-free calculations, you can be guaranteed easy and error-free budgeting and planning for educational institutions.
Actionable Data in just Minutes
With Performance Canvas what-if analysis, you are allowed comparison of actuals to budgets throughout the year by changing assumption values. You can also control these assumptions at the parent and some at child level and other criteria e.g. division or campus.
These capabilities allow you to see the immediate effect of these assumptions to your revenue, expenses, and cash flow. For example:
- How much money is available this school year as investment in new pieces of equipment or renovation of classrooms?
- If the enrolment head count is not as expected, what courses will be cancelled?
- If the funding is reduced, will there be a need to do a tuition hike?
Performance Canvas solution offers Educational Institutions:
- Able to budget payroll in hours then translate to $$$
- Drive staffing requirements for departments on the basis of enrolment or projected revenue.
- Track payroll, payroll taxes, benefits of each employee or faculty member and allocate expenses in various departments or programs
Benefits of Performance Canvas:
- Stay relevant and informed through timely filing of P & L, balance sheets, and cash flow to have a good grip of revenue and expenses.
- Encourage collaboration in the educational institution through collaborative reporting and analysis.
- Perform what-if analysis and see a consolidated view of the data to immediately see the impact of decisions made towards departments, courses, programs, faculty.
- Compare actuals and commitment to budgets throughout the year.
- Unlimited forecasting for continuous monitoring and regulation of costs related to instruction, administration, and seasonality.
- Support budget wages and benefits based on payroll data of educators or employees.
- Do accurate revenue planning through proper grouping of students e.g. part-time, full-time.
- Use KPIs in driver-based planning: acceptance rate, enrolment rate, ratio of students to professors, graduation rate, cost per educator/staff.