From the CEO
When we talk about the man-hour cost of the purchase order process from requisition to reconciliation to payment, $97 is a number most agree on. So when in one week ClassWallet reconciled and settled 10,536 transactions in a completely automated, paperless and cashless manner for our customers, we estimated a cost savings of $1,021,992. Not bad for one week’s worth of service.
More and more business officers are recognizing the value of replacing purchase cards and traditional purchase order tracking processes with a more nimble and flexible software like ClassWallet, especially for the smaller, school-level expenditures. Since ClassWallet integrates with any ERP and has approval workflow, there is no disruption to internal reconciliation policies.
New districts from Ohio and Florida signed up in February and many more are in various stages of conversation with us. If you are interested in learning about being a cashless, paperless school district simply reply to this email and we can schedule a call.
ClassWallet Enters Ohio, Expands FloridaLast month ClassWallet welcomed Toledo Public School District, the 4th largest school district in Ohio as a customer. Ohio legislature is considering significant constraints to purchase card usage due to quality control issues. ClassWallet is the perfect antidote to districts seeking a more risk-averse, yet equally convenient purchasing solution. In addition, the school districts of Osceola and Lake County Florida signed as customers as well.
ClassWallet's 1 Million Week, 10,536 Purchases Reconciled and PaidClassWallet reached a milestone by reconciling over 10,000 transactions in one week. The 10,536 transactions totalled $1,012,841.59, an average of $96.13 per transaction. Included in this number are 3,669 reimbursement transactions. For all, customers did not have to collect a single piece of paper, reconcile a single invoice or cut a single check. We estimate the man-hour cost savings to our customers at over $1 million.
ClassWallet on the Forefront of Cashless SchoolsThe recognition of ClassWallet’s groundbreaking financial technology continues. Last month, in an article published by the Heritage Foundation, author Jonathan Butcher notes how ClassWallet is pioneering the use of digital wallets in education. Click here to read the article.
Cocktails in the BayouFor Louisiana school districts, ClassWallet will be hosting a cocktail reception on the eve before this year’s annual Louisiana Association of Business Officer Association Conference. Ascension Parish, the 11th largest of 113 school districts in Louisiana, is a ClassWallet customer. More details and event RSVP can be found here.
Say Hi in Person! Find UsLouisiana Association of School Business Officers New Orleans, LA March 14 - 16 California Association of School Business Officers Sacramento, CA April 4 - 7 Southeast Association of School Business Officers Memphis, TN April 15 - 19 Utah Association of School Business Officers Provo, UT April 16 - 18 Ohio Association of School Business Officers Columbus, OH April 16 - 18 Alabama Association of School Business Officers Orange Beach, AL May 2 - 3 New York Association of School Business Officers Albany, NY June 3 - 6 Florida School Finance Officers Association Conference Orlando, FL June 11 - 15
ClassWallet addresses the pain of managing checks, reimbursements, paper receipts, and the paperwork associated with tracking expenditures for school systems. The platform makes the accounting and audit trail very easy and helps reduce administrative costs.