You value transparency with your staff and students, so why not the same with your spending? Using paper spreadsheets or hybrid systems to manage your school districts spend makes it nearly impossible to get the most out of your budget. Especially when making budget decisions and controlling spend are already difficult. Now add in the fact that your disconnected systems are fogging up your school’s visibility and it only gets more complicated.
A recent audit of 42 school districts in Pennsylvania, for example, found incorrect payments of more than $8.4 million in transportation expenses. But the problem goes beyond just wasted funds. A lack of transparency can be costly and lead to even more liabilities, such as:
• Squandered resources
• Overworked personnel
• Non-compliance with AP protocols or school guidelines
Fortunately, automation can help reverse these trends. With the ability to manage every aspect of the expense process efficiently, your finance team can regain control – from spend requests to recording invoices and expenses. The benefits of an updated, automated system are extensive and include:
• Shortening the reimbursement cycle
• Easily creating reports to meet your district’s internal policies and external compliance requirements
• Cutting down on fraud, waste, and abuse
Because when it comes to making budgets stretch, transparency and control is key.
To reach this level of clarity, schools and school districts need a new approach to enable a transparent process to compliment with their staff’s spending patterns. One way you can do this is by streamlining the spend process, so your staff can be empowered to accurately track and account for public funds while remaining compliant. Your district will also be able to allocate resources more strategically and foster a culture of accountability and transparency. Now that’s satisfaction when it comes to expense reporting!
The bottom line is you can’t manage what you can’t see. Gaining visibility allows you to reduce or eliminate fraud, waste, and abuse – regardless the complexity of your spending programs – allowing for complete transparency of your school’s spend. So, you can finally give your staff access to the simple and secure tools that they’ll want to use and ensure compliance and transparency.
Learn more about how automating spend can help fight fraud, reduce risk, and make every dollar count by visiting our K-12 solutions webpage.