Let’s Get Digital—Is it time for a change?

More and more of our day-to-day tasks continue to go online. Both personally and professionally, we are in a digital transformation. Digital wallets are now transforming how schools distribute money to principals, teachers, staff, and families.

Is it time for you to take your process digital?

Using P-cards?

Some states and districts have implemented purchasing cards, commonly referred to as P-cards, as a way to distribute money. Employees can use these cards to initiate purchases, but is this really the most secure way to manage spending? Let’s look at a few examples of where purchasing card programs have gone wrong. 

In a 2015 review of spending through the purchasing card program, the State of Mississippi looked at three state agencies and found sixty instances where they had failed to comply with requirements of their P-card program.  

In addition to failure to comply, there are also cases of P-cards being used to commit fraud. In 2016, administrators found a Hanover Elementary School principal was using his P-card for prostitution with over $30,000 in unapproved expenses. Police also arrested a former basketball director at the University of New Mexico for close to $63,000 in P-card charges unaccounted for. 

Rather than maximize efficiency and save money, P-cards have routinely proven to do the opposite. 

There is a Better Way

The good news is there is a better way—ask the 19 state education agencies and more than 6,200 schools that are making the digital transformation with ClassWallet. Switching to a digital wallet solution over P-cards, districts and state agencies are saving time while gaining more oversight.

ClassWallet provides a secure way to allocate funds to those who need it via pre-funded digital wallet accounts. You maintain control and oversight of spending while giving direct access to those who need it. 

The staff has the autonomy and flexibility to purchase the supplies they need when they need them.

Our simple platform automates receipt collection, improving communication between those dispersing and spending funds. We also allow you to establish what can be purchased, where it can be purchased from, and establish budgets on a needed basis, so you’re in complete control. 

ClassWallet gives you greater control of spending while decreasing the time you spend managing receipts and expenses. It also increases transparency and establishes greater accountability through tracking discretionary spending. 

Data transparency gained through digital wallet technology guarantees smoother financial and compliance audits. Auditors might flood you with constant questions regarding specific receipts or purchases with manual processes prone to human error. You could find yourself stumped tracing discretionary spending throughout the district during internal audits. In digitized processes, however, data transparency is a core factor. No longer will you have to track someone down and ask them to explain purchases from months ago–and receipts and budgetary information are available with a single click. 

Digital Wallets Benefit Everyone

Teachers, administrators, principals, and auditors all gain from taking your process digital. 

Teachers no longer have to scrounge around for months of receipts; they can send all purchase receipts within seconds. Those budgeting and dispersing funds can easily track allocation and records through online portals—no more collecting spending records from teachers and staff in time for annual audits. And when it comes time for your audit, auditors will have a much easier time verifying your organized, digitized records. 

ClassWallet helps you deliver the promise of education. Find out more about how we can help your school today.