Colleges & Universities
Colleges & Universities
Expense management for colleges and universities
A seamless way to track expenses for higher education
As large and multifaceted entities, colleges and universities face the challenge of managing an unfathomable amount of expenses that keep their academic and research programs running efficiently. From the ever-changing needs of various departments, each with its unique spending patterns and budgetary requirements, to travel expenses and conference costs for faculty, the landscape of higher education expenses is far from black and white.
Throw in research and grant spending to track events that need to stay on budget, and dozens, if not hundreds, of faculty and staff who need to turn in expense reports, and you’ve got a headache waiting to happen. Often, the weight of these financial responsibilities falls on administrative staff, who are burdened with decentralized, outdated systems prone to errors and inefficiencies.
While some educational institutions utilize dedicated higher education budgeting software for strategic planning, Expensify's robust higher education expense report software complements these efforts by providing a transparent and accountable way to track and manage spending across different departments.
Back to school with Expensify
Upgrading to an advanced expense management for higher education platform is not just beneficial but essential. With a user-friendly interface and comprehensive reporting tools, Expensify is tailored for every higher education department, ensuring meticulous management of travel and event-related expenditures, and maintaining accuracy in research and grant financial reporting.
By simplifying the reimbursement process and providing realtime visibility into expenses, Expensify equips universities and colleges with the control they need to effectively manage their funds.
Here are some of the features we know you'll love.
Invoicing and bill pay
Take charge of your vendor relationships and recurring payments through Expensify’s invoicing and bill pay system. Streamline the process of managing invoices and ensure timely payments on autopilot.
Expensify Cards for all
With the Expensify Card, the hassle of overspending or unauthorized expenses becomes a thing of the past, tailored to the needs and roles of staff and faculty. Smart Limits allows for realtime control and adherence to spending policies and budgets.
Book travel
Expensify Travel makes arranging travel easy. Booking logistics for conferences, research trips, and other academic travel are simplified, ensuring that policy compliance is seamlessly incorporated into every itinerary.
Ditch paper receipts for SmartScan
The days of handling (or losing) paper receipts are over. SmartScan lets you instantly capture receipts with just your smartphone. Automating data entry and matching receipts to transactions reduces the time and errors associated with manual entry.
Next-day ACH reimbursements
With next-day ACH reimbursements, once a college or university expense report is approved, funds are transferred quickly, encouraging faculty and staff to turn in their reports on time, thus boosting financial morale.
Easy, all-in-one mobile app
Accessible from any smartphone, Expensify's all-in-one mobile app allows users to manage expenses whenever and wherever necessary. Track expenses, capture receipts, and submit expense reports all on the go.
“Expensify has enabled us to create a necessary culture change where staff now self-serve their own expense management tasks rather than relying on the finance team to do everything for them.” - Michelle Marcantonio, Senior Manager of Process Improvement
FAQs about expense management for colleges and universities
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The biggest expense for most universities typically lies in personnel-related costs. This includes salaries, benefits, and pensions for faculty and staff members. Universities often allocate a significant portion of their budget to maintaining a qualified and competent workforce to uphold their academic standards and reputation. Substantial funds also go toward student financial aid, research, and facility maintenance, but personnel costs usually take the lion's share of the budget.
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Higher education accounting software can offer numerous benefits to higher education institutions. It can centralize the process of tracking and approving expenses, reduce the likelihood of errors, and save time by automating many aspects of expense reporting. The software provides increased spending visibility, which is essential for maintaining budgets and identifying spending trends. Additionally, expense report software for higher education enhances compliance with spending policies and offers a streamlined reimbursement process for faculty and staff. By implementing such systems, universities can better handle their financial operations and allocate resources more effectively.
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Higher education expense management software, such as travel and expense report software designed for higher education, allows users to view travel requests and submit expense reports. Platforms like these offer an all-in-one solution to manage travel authorizations, expenses, and reimbursements. These tools are vital in providing transparency and control over travel expenses and ensuring adherence to the university’s travel spending policies. The best vendor for travel expense management in higher education will likely offer robust features for realtime reporting and integration with other university budgeting software and accounting systems for a seamless experience.
Ready to streamline approval workflows and automate expense tracking with Expensify?
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