Throughout the past decade, enrollment in charter schools has nearly tripled and continues to grow. In 2006 and 2007, there were 1.2 million students enrolled in charter schools in the United States. Although the number of charter schools increased since then to more than 6,900 schools in 2016, there was still a very high demand for enrollment. More than 3.1 million students were enrolled in 2017, as stated in the National Alliance for Public Charter Schools 2016-17 report.
This continued annual growth in both charter schools and its student body demonstrates continued parental demand for high-quality educational options for their children, and a positive evidence of a strong and growing industry.
However, along with increased enrollment comes increased costs, greater infrastructure needs, and a need for better spend management plans for school budgets. Due to limited budgets and resources, charter schools have some difficulties when searching for ways to cut costs while keeping pace with growing enrollment numbers.
The rise of technology makes it possible for organizations to focus on their mission, empower their employees, and grow through the use of automated, artificially intelligent tools. An automated invoice process allows Charter Schools to meet those goals with intuitive online tools and mobile applications, which track every penny in one, simple AP system accessible anytime and anywhere.
Ensure the best cash flow to stay on top of your financials
With the rising demand in enrollment, Charter Schools must improve on payments, reimbursements, invoices, fund raisings, and authorizations. By automating payables and reimbursement, Charter Schools can empower their staff and suppliers to better predict and manage cash flow. With a cloud-based, mobile invoice solution, they can turn paperwork into predictable cash flow by automating their invoice process, and track cash flow down to the penny by connecting invoice data in a single system. They can also get rid of manual entries that may generate errors and slow down accounts payable, which can lead to fees and penalties are a thing of the past.
Take control over your spend
Offering an automated, mobile invoice solution provides numerous benefits to the staff such as getting forward-looking and real-time insights into spend from invoices, travel and other expenses. Taking control and having visibility over spending opens doors for transactional savings and insights by applying actuals to their budget goals. Having access to greater visibility into spending makes it easier to track and control when payments are made.
Expand enrollments, not your staff
To leverage their business operations, charter schools need to ensure the elimination of wasteful spending, maximize their resources, and identify an efficient plan to meet their fiscal responsibilities. These tasks can either be accomplished by acquiring more staff or using an automated technological solution. A mobile invoice solution puts power in the hands of spenders and approvers with a simple, automated app that scales as enrollments increase, allowing schools to focus on their mission of educating young minds, redirecting money to education programs, and much needed time.
Concur Invoice provides an easy, intuitive way to streamline the AP process for Charter Schools. To find out more about the benefits of an automated invoice solution, view our infographic.