University Business - June 2012 - (Page 10)

SPONSORED WEB SEMINAR DIGEST Modernize and automate your system for in-person payments A University Business Web Seminar Digest • Originally Presented on April 26, 2012 Every college strives to maximize electronic payments, but there will always be a need for departments to take in-person payments via check, cash, credit and debit card. Schools that handle these payments and the resulting departmental deposits the way they did 10 years ago, with paper forms and manual data entry, may be missing opportunities for efficiencies and savings. This web seminar looked at the benefits realized by the University of Illinois after implementation of the Nelnet cashiering solution. CLAUDIA NADALIN Product Manager, Cashiering Nelnet Business Solutions olleges and universities must deal every day with cash transactions. Campus departments might receive payments for academic transcripts, parking or other business. Professors may be reimbursed for travel when they are guest lecturers or speakers. Campus events such as art exhibits or lectures may take payments at the door from non-students and other visitors. Cashiering applications offer reduced cash handling, double-custody control, reduced costs for armored courier service and facilitate getting money to the bank more quickly. Reduction in data entry also reduces errors. Customized forms reduce paper usage and automating deposits C minimizes opportunities for errors such as math mistakes and incorrect accounts. Changes in other technologies are often an impetus for colleges to move toward a cashiering solution as a replacement for cash transactions. Decentralization is another reason for cashiering automation. The University of Illinois had five main objectives: • Improve efficiencies for central and remote business offices • Leverage expertise • Involve multiple stakeholders including auditors • Utilize existing tools and resources • Identify and communicate the benefits By using Nelnet’s Cashiering transaction designer, institutions are able to tailor transactions to the needs of the campus. Transactions are easily configurable. Redundant data entry is eliminated. Departments are able to enter their own data, balance their work and directly deposit the money to the bank. The University of Illinois refers to this as self-service cashiering. Compliance is managed because the easy to configure forms enable restrictions or business rules to be embedded in forms. Nelnet Cashiering creates a detailed audit trail and is easy to query, and reporting is readily available to authorized staff for review and analysis.

Table of Contents for the Digital Edition of University Business - June 2012

University Business - June 2012
Editor's Note
College Index
Ad Index
Behind the News
Independent Outlook
Special Section: Thinking Green
4G: Is It Time for an Upgrade?
Unified Security: All Together Now
Collaborative Workflow
Campus Finance News
3 Student Aid Myths
Deepening the Donor Pool
Keeping Tuition Within Reach
Internet Technology
End Note

University Business - June 2012