School Expense Management
The smooth running of an educational institution depends on the expenses management. Both Academic and Administrative staff needs funds for resources, trips, training and other miscellaneous expenses.
Most of the schools are currently managing spends and expenses in a cumbersome way. The process is far from transparency and in-efficient as multiple people will be buying on behalf of various departments, and with different teams. Finance teams usually struggle to find a unified view of spending across the organisation in the organization.
Traditional expense management is not a good fit for schools. According to experts only 20-25% of any typical educational institution’s expenses are being controllable at present. Institutes can get benefited by deploying proper expense management software to streamline payment, simplify expense management and cut costs.
How Expense Management System Actually Helps Schools?
Usually in any educational institution funding is sourced from various resources, and distributed amongst a large number of academic departments, sports teams, research facilities. Schools along with meeting their daily needs, also deal with a sizeable number of employees across various branches.
So here is how an Expense Management System can help schools in managing their complex finance systems.
Expense Management applications can help in streamlining reporting processes from multiple resources in one report. A clearer and transparent report can help schools in efficiently managing their expenses, along with managing grants for respective departments.
- Budget Decisions:
School Budget planning is often supposed to be complicated and involves making tough decisions. However Experts Management Systems provide a clearer and better view of each department’s expenses, and thus can help in making informed and fair decisions during the budget planning.
- Claim Process Made Simple:
Automating expense collecting process can help in collecting the snapshot of expenses, and shared across the relevant departments. This is essential for managing costs across various departments.
For example expenses like travel from various departments can be uploaded in a common space, and can be accessed any time. This can help in speeding-up the process of making claims, and ensuring staff is being reimbursed in a reasonable time frame.
The Expense management feature of Edecofy allows the school admin to confidently manage various other aspects of the departments and activities that directly impact the overall financial health of the schools and ensures the smooth stream of income to manage the expenses.
Edecofy can help in quickly obtaining the detailed reports on various departments’ financial status in a comprehensible visual format. Admin can make a quick note on the school expenses and take prompt actions for managing and improving the same.
Edecofy is built to provide an intuitive eye-friendly dashboard that makes it extremely easy for the users to take control of the finance management without having to go through any tedious process or steep learning curve.