Fund Management Software to Improve Funding Process with TeQuios

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Following the trend that is sweeping through colleges, Clydebank College has select TeQuios, the fund management solution from Initiative Software, providers of high performance software products for the education community.

Clydebank will deploy the solution for its student support fund payments, reducing the time taken to process funding applications, enabling the college to provide a faster and more efficient service to its students. Clydebank undertook a rigorous selection process before settling on the solution, said Alan Ritchie, Financial Controller Clydebank College. “We carried out a detailed review of Fund Management software providers which resulted in the College selecting the most appropriate software to meet its requirements.”

Tried and Tested

With one third of Scotland’s colleges using the TeQuios system to manage their funds, the College elected for the established solution. “The fact that TeQuios is already operating in a number of Further Education Colleges in Scotland added weight to the decision to select TeQuios,” explained Ritchie.

According to its creators, TeQuios offers a suite of predefined processes and user screens to track financial payments to and from students including bursary payments, childcare payments, attendance payments, Education Maintenance Allowance (EMA) payments and hardship loans.

TeQuios will provide Clydebank College with greater flexibility in reporting both student and financial data, says the vendor. Ritchie commented: “The full integration of bursary, EMA and Student Support funds within one software application will ensure that our student’s needs are at the forefront of the College support activities.”

Meeting Demands

Developed in partnership with a broad range of colleges, the solution has been carefully tailored to ensure its functionality meets the current and anticipated needs of the further and higher education sector. According to Chris Oggelsby, Business Development Manager Initiative Software Ltd, the vendor will continue to work closely “with Further Education establishments and the Scottish Funding Council to ensure TeQuios meets the market demands.”

Simple yet powerful, the solution provides an effective means of keeping track of the complex funding requirements of higher education colleges. While the immediate return on investment (ROI) for such solutions is often difficult to measure, it is important higher education colleges turn to the vendor community for their management needs in this way. Ad hoc inhouse systems, often Excel based, can be inefficient, overly manual and unreliable.

Investments that enable colleges to improve their business processes benefit not only their customers through improved service, but they also benefit the institution by accommodating business growth.

Michelle Price

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