It’s evident that costs need to be budgeted in order to correctly pay employer partners and individuals for supervising and supporting students in the workplace. However, this isn’t always as simple as it seems, particularly when the duration of placements or internships slip and change.
It shouldn’t come as a surprise that managing costs can quite quickly take over. To put this into perspective, the range of responsibilities extends across: agreeing rates with employers or supervisors, keeping a record of costs and tax, paying individuals and agencies, and tracking budgets and reporting.
Overseeing placement costs with InPlace
As such, we’ve been quietly working away to renew an InPlace feature. Aptly named ‘Cost Manager’, the refreshed feature will simplify the lives of our users who deal with placement costs. We’re pleased to announce that Cost Manager is now live and available on release 4.6 of InPlace.
We set ourselves the objective to minimise manual calculations for users, while giving them the capability to monitor the cost status of every placement at a glance with the simple interface. Further to these goals, we’ve made it really simple to keep track of agreed costs. This means that Placement Coordinators can work more transparently with employer partners and build even stronger relationships.
Benefits of Cost Manager
We’ve listed a brief overview of the advantages Placement Coordinators will see:
- Set your costs and InPlace will do the rest – say goodbye to arduous manual calculations! Simply enter agreed cost rates & placement details into InPlace, and our smart system will calculate the total cost per placement so you can plan ahead. What’s more, you can input large volumes of entries at once.
- Calculate your tax accurately – prevent human error when calculating tax. InPlace will calculate GST, VAT and multiple other tax amounts for you, such as state and federal taxes in the USA. In addition to this, users can enter specific tax rates and their end dates.
- Strengthen your relationships with employers – demonstrate your integrity to employer partners by keeping an open, transparent dialogue. Keep on track with budgets by providing them with a record of the cost agreement, or (if you’re feeling particularly proactive) go a step further and issue tax invoices on their behalf.
- Connect with other finance systems – we’re aware that financial management systems (FMS) vary across institutions, so we’ve built Cost Manager to be flexible and connect with a whole host of FMS. Enabling institutions to thread Cost Manager into their existing FMS fabric.
How can I start using the ‘Cost Manager’ feature?
Cost Manager is now available in release 4.6 of InPlace, as a licensed feature to all clients.
Find out more
To find out more about the features and benefits of Cost Manager, get in touch today.