Public and Private Universities and Colleges.
Higher Education
Resources
Financial Planning with Ohio Northern University
Learn how Mark Russell from Ohio Northern University does their Financial Planning in Prophix.
Faculty Planning
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Accurately manage your college or university’s largest operating expense with total accuracy and confidence. Faculty and administrative staff compensation can account for up to 80% of a complete budget. By planning for this critical operating expense from the bottom-up, universities can allocate resources efficiently and reduce the need for tuition hikes, ensuring education is accessible to a broader range of students.
Student Housing & Meal Planning
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Plan your student housing and meal plan revenue with Prophix One FP&A Plus and sync occupancy projections and meal demand with projected enrollment. With the diverse range of housing types and meal plans available, precise lodging and meal planning makes it possible for you to balance student satisfaction while maintaining cost efficiency.
Enrollment Planning
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Accurately planning for enrollment sets you up for success in the upcoming academic year, preventing budget shortfalls, over/under staffing, and overcrowded classrooms. By integrating historical data, managing assumptions, and using driver-based calculations, you can get a comprehensive view of yearly enrollment by course and program. Analyze how tuition revenue is impacted by different retention rates and student yield assumptions, and model various payer mixes to understand the impact of financial aid on yield rates.
Whitepaper: Scenario Planning in Higher Education
Finance executives need to be able to react quickly, adjusting business plans to reflect current market conditions. For many C-suite executives, particularly CFOs, this means constantly reforecasting, running scenarios, and informing employees of all possible outcomes.
Customer Stories
Bethel University
With Excel as their primary budgeting tool, the Bethel Finance team worked 90 hours/per week on their budget. With Prophix, Bethel has cut this time in half during budget season. Click the link below to read the full story.
Copenhagen Business School
Copenhagen Business School uses Prophix to conduct activity-based budgeting and costing, as well as generate rolling forecasts on a quarterly basis. Their Office of Finance has direct access to student tuition numbers and can generate forecasts on-demand through a direct integration with their ERP, Microsoft Dynamics NAV. This process has saved CBS a lot of time, allowing the university's staff members to conduct valuable analysis.
Utah State University
Utah State University dramatically overhauled their budgeting process, allowing them to start their annual budget at an operational/unit level, roll-up into auxiliaries, and then into the organization as a whole, with no human effort required. This approach allowed them to easily compare past years' actuals to current budget data, improving budget accuracy and timelines.