A Definitive Guide To Fee-tracking For Badminton Academy

Learn how efficient fee-tracking impacts badminton academies financial stability. Explore methods, challenges, and solutions for an accurate fees management process.

6 min read | Feb 11, 2024

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Effective fees tracking and timely collection are crucial for any academy as they directly impact business profits. A proper fees management system ensures accurate recording of student payments, while timely collection helps maintain cash flow and financial stability. However, many badminton academies face challenges in organizing and monitoring fees transactions, and in turn risking their revenue loss and financial inefficiencies.

This article will provide valuable insights, examples, and plans to streamline fees tracking and ensure accurate financial management in your badminton academy.

In this guide

What are fees in a badminton academy?
Types of fees in a badminton academy
How are fees collected?
When are fees collected?
Why is fee-tracking required?
How do you track fees?
Best practices of fee-tracking in badminton academy

What are fees in a badminton academy?

Fees are charges demanded by academies to use some of their services or their facilities(or infrastructure). These charges cover various aspects, including

Coaching
Membership
Access to amenities associated with the sport

Typically, fees in badminton academies contribute to expenses such as salaries for coaching staff, maintenance of courts, procurement of equipment, and administrative overhead.

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Types of fees in a badminton academy

Generally, two types of fees are collected in the badminton academy. It includes:

Coaching fees: The academy collects fees from its registered students. The fees can be varied based on the player level, e.g., beginner, Intermediate, etc., or duration of coaching, e.g., 1 hr. coaching, 2 hr. coaching, etc.
Membership fees: The academies also have a concept called memberships for players. In this, the players can take subscriptions in advance for yearly, half-yearly, or annually and play in their own groups (or academies help with groups).

How are fees collected?

In badminton academies, fees are generally collected monthly or quarterly. For coaching, monthly fee collection is the most used mode of fee collection, and very few academies mandate a quarterly fee model. Monthly fees are most preferred by students (parents) as they are more flexible and affordable.

Membership is generally a longer-term commitment where academies look for quarterly/half-yearly or yearly fees from the members.

When are fees collected?

Fees are collected before the coaching sessions for a particular student starts i.e. its always advance fee collection (most of the time).

The fee collection methods in badminton academies can vary based on the structure and policies established by the academies’ administration. Some academies opt for a fixed schedule of collecting fees i.e. at the beginning of each month. It provides consistency and predictability for both the academy and its students. For instance, if a student enrolls on the 10th of a month, the academy may collect fees covering the remaining 20 days. After that, payments are collected at the start of each subsequent month.

Alternatively, some academies offer students the option of paying fees based on joining date. For instance, if a student enrolls on the 10th of a month, the academy collects fees for the whole month, and the next due for the student will be the 10th of the next month.

Why is fee-tracking required?

Efficient fee tracking is imperative for academies, as monthly or quarterly fee collections are vital to their income structure. It ensures the academy receives the necessary funds according to its established fee structures.

Inadequate monitoring of payments could lead to significant revenue leaks and potential financial loss. While small academies may have minimal impact, larger institutions could suffer substantial financial setbacks.

Let’s consider a scenario where you have a batch of 30 students, each paying a monthly fee of 1500/-. If you just miss fees from 2 students every month (due to inefficient tracking), that’s a staggering loss of 36,000/- every year!!

So, neglecting to monitor your badminton academy fees could result in substantial financial losses amounting to lakhs of rupees.

How do you track fees?

Some academies employ traditional and manual methods, such as handwritten notebooks, which are highly error-prone. Besides, it is also labor-intensive if the number of students is more than 30. Also, there is a high chance of overlooking important details or transactions.

Meanwhile, some badminton academies opt for digital solutions like excel sheets for tracking purposes. This is a more intelligent approach than handwritten notebooks. But the main problem with this method is the person responsible for data entry at your academy must be proficient in excel. A single mistake in calculations can create significant issues.

This is where Badmintonbuddy DRIVE is one of the most easy to use and error-free app with a proper fees tab to track fees. It sends reminders automatically to the students when they are due.

Best practices of fee-tracking in badminton academy

Keep details for your student’s records, including phone number or email address, to send reminders.
Keep a standard structure to remain consistent for all the batches/students. It will be easier for you to track
Utilize an automated system such as Badmintonbuddy DRIVE. It effectively handles all concerns related to fees tracking, streamlining the process, and alleviating worries.
Take regular attendance to keep track of the sessions attended by each student.