Realize the Full Potential of Public Funds with Digital Wallet Technology
Each spring, school district leaders find themselves under pressure to spend unused funds before the end of the fiscal year. What if there was a better way? With the right partner, the hassle and frustration of waiting to see if you have enough funding at the end of the year, followed by a mad dash to spend, can be a thing of the past. By embracing a shift to a digital wallet purchasing and reimbursement platform for public funds, schools can streamline processes and ensure compliance and smarter spending.
What’s The Situation?
As the end of the year approaches, you may find yourself in a “use it or lose it” situation. Did you know districts spend an average of 4.9x more in the last week of the fiscal year than any other week during the school year — and most of the funds disbursed are used to purchase technology, student process monitoring tools, and school supplies?
It does not have to be this way.
Why Does It Happen?
Even though most districts are underfunded, many find themselves with unused funds at the end of the year. How does this happen? There are many reasons school districts find themselves in this situation. In recent years, supply chain and staffing issues have made it difficult for districts to allocate federal relief dollars in a timely manner. Sometimes, a lack of visibility into how each department is spending, changing regulations, and politics are contributing factors, which can create what feels like processing purgatory. While every district is different — it is common for funds to get stuck somewhere in the process.
Ultimately, this impacts students’ learning experiences and teacher satisfaction levels. How can we simplify the process? Our patented digital wallet technology was built to radically transform funds management. With ClassWallet, finance teams can:
- Empower staff by quickly disbursing spending budgets
- Establish spending rules and restrictions on how funds are spent
- Authorize purchases with pre-approved vendors and service providers
- Automate payments and reimbursements
- Access real-time spending data so you always know the balance for each funding source
ClassWallet In Action
Your mission is about more than just managing money. ClassWallet helps you stay focused on your larger mission by transforming manual, paper-based processes into digital workflows. Finance leaders love us because the technology provides clear visibility into all transactions, regardless of how big or small. Montgomery Public Schools, a ClassWallet client, has been able to increase efficiencies, modernize processes and ensure every allocated dollar is used in full for its intended purpose. This digital transformation has empowered the district to:
- Save Time
Montgomery Public Schools saved 6,300 hours using ClassWallet to eliminate manual, time-consuming processes
- Fast-Track Purchasing
Montgomery Public Schools cut purchasing process approvals to 48 hours with ClassWallet
- Streamline Fund Distribution
Montgomery Public Schools increased fund distribution by 42% in the first quarter
Embracing the latest digital innovation can help districts overcome spending hurdles and accelerate budget allocations for those who need it most — the students. Arthur Watts, Jr., Chief School Finance Officer for Montgomery Public Schools, summed it up best when he said:
"We want teachers to receive the goods that they need to be able to provide the instruction needed for the students because, at the end of the day, that’s what it’s about."
What About Those Leftover Funds?
If you do find yourself in a situation where you need to spend leftover money before the end of the year, ClassWallet has the solution. With our eCommerce Marketplace, ClassWallet has over 80 vendors where teachers and staff can shop in a secure and compliant manner.
ClassWallet’s Marketplace removes all the manual paperwork and manual process around receipt collection and keeps a digital footprint of all purchases made, and enables staff to document any particular information that may need to be captured to ensure the purchase fits the appropriate spending guidelines.
Digital Wallets Are The Way To Go
Whether you are looking to spend year-end funds or end the year-end scramble, ClassWallet is the way to go. We are a dedicated team committed to revolutionizing how public funds are managed with our patented digital wallet technology. We are also the leading digital wallet purchasing and reimbursement platform, supporting over 6,200 schools and 20 state departments. With over $1.5 billion in funds managed, we offer built-in compliance, streamlined funding, audit-ready reporting, and top-notch security.
Schedule a demo today to learn more about how you realize the full potential of public funds for your district.