Accounting services for education sector alone generates more than $400 billion in USA. This is huge sum and is probably greater than total GDP of many developed and developing countries. Education sector in United States of America primarily consists of 2 divisions:
- Private Sector:
Private sector consists of educational institutes, owned and governed by private individual and businesses. These are profit oriented businesses and their focus is wealth maximization of their shareholders.
- Public Sector:
Public sector institute consists of educational institutes, owned and governed by the state. Their primary focus is to provide the basic necessity of education to the community.
There are mainly three categories of educational institutes available in United States of America.
K-12: This term is mainly used to describe the educational institutes which provide education up till 12th grade. Private and public sector both contain a numerous number of schools in every part of United States of America.
Higher education: Education post K-12 is considered as higher education. It mainly consists of diplomas, associate degrees, bachelors and masters. There courses are held at various colleges and universities.
Economic analysis of the target market is considered as one of the most important aspect of education sector. Due the fact that everyone in 21st century is interested in providing their younger generation the best education available. Economics is often the deciding factor of which school would be the optimal choice for the school.
Parents considered quality education which has practical usage in daily life as one of the most important aspect of education sector. Technology has played an important role in raising the quality of this sector. Easy access to visual education and 3-D demonstration models has enabled the education sector to provide best to their students in most affordable fees.
Cost of providing the education is really important for the education sector. If the cost of providing education exceeds in private sector, it hinders the goal of profit maximization. Whereas when the cost of providing education exceeds in public sector, it is assumed that tax payer money is being wasted. Better resource utilization in education sector is one of the main focus of the education management.
Financial management to keep the school operational is often difficult for schools which charge their fees in semiannual basis.
WeAccountax is an accountancy and business consultancy firms which is committed to provide business solutions to problems being faced by the educational sector in USA. Our business plan services can help the individual and government officials to rely on because actually starting a school. This will not only provide better path for the business but also operations can be controlled against their predefined standards.
Our business consultancy services are cost reduction targeted. These services ensure that while reducing cost, quality of the service is maintained. Because cost reduction strategies are pointless if quality of service is being compromised.
Our accountancy solutions and costing modules help the educationist to keep track of their financial performance. It depicts better picture of the organization performance and significantly helps in decision making process of the education institute.