ClassWallet’s $1 Million Week: 10,536 Purchases Reconciled & Paid

Posted on Categories Education Funds Tracking, Financial Technology, K-12 Education, Procurement, School Business, School Districts, Spend ManagementTags , , , , , , , ,


ClassWallet is Making it Easier for School Districts to Track Publicly Funded Dollars

ClassWallet reached a new milestone reconciling over 10,000 transactions in one week.  The 10,536 transactions totaled $1,012,841.59, with an average of $96.13 per transaction.  Included in this number are 3,669 reimbursement transactions.  For all purchases, customers did not have to collect a single piece of paper, reconcile an invoice or cut a check.  Our team estimates the man-hour cost savings to customers at over $1 million.

The reason school auditors love districts that use ClassWallet is because it makes their job easier to track public funded dollars.  There is a large subset of transactions for which a purchase card does not provide adequate quality control and the cost of the paper processes (checks, receipts, purchase orders, invoices, requisition forms, reimbursements, purchase card statements, and manual reconciliation) far exceeds the size of the transaction.  ClassWallet streamlines manual, time-intensive tasks of collecting receipts, reconciling invoices, and making vendor and reimbursement payments by digitizing and automating these processes for you.

Diane Allison, Business Services Director of Ascension Parish School Board says, “the best thing about ClassWallet is that it keeps the detail of what’s purchased, so no one has to keep up with receipts.  ClassWallet also provides an approval process, which can be different for each school, which our prior system did not have.  Our users LOVE ClassWallet because they can use it anywhere, anytime with an internet connection, they don’t have to keep up with receipts, and there are no reports to file.”

What ClassWallet does is provide transparency for all transactions while also converting processes that took weeks or months into real-time. Whether it is 1 purchase or 10,536, the goal remains the same, to save the school business office time while getting teachers the supplies that they need in a more efficient way.

To learn more, contact us for a free trial to see how we can help your team free up time managing small transactions that consume a disproportionate amount of time.