Bento Blog

7 Unique Reasons Why Educational Institutions Need to Capitalize on Expense Management

education

Summer vacation may be on but the work for the staff at educational institutions is far from over. Be it schools or higher educational institutions, there’s a lot that goes into planning for the next academic year – budget forecasting, course mapping, resource procurement, etc. 

Specifically diving deeper into budget forecasting, expenses need to be planned for staff salaries, research grants, exchange programs, athletic programs, seminars, etc. Another gray area that may be difficult for accountants in the education sector to account for is the hybrid learning model post the pandemic that brings unprecedented expenses. 

Take note, a majority of the effort is not just in planning but also in managing and tracking these expenses. So how can accountants in the education field not only manage but effortlessly track these expenses? What is the key to keeping track of a complex financial environment with many moving parts?

We’ve got a solution for you – you need Bento. You need a spend management partner, that one solution that gives you all the tools you would need to do all of the above and more. 

Bento for Business is the only card-based spend-management platform that gives you complete power and control over your finances with industry-leading controls and reconciliation tools. Not only that, what if we told you that you can get deep insight and analytics into these expenses in real-time, along with the ability to get automated reports in just a couple of minutes? This alone saves you not only valuable time but a ton of money down the road. 

Let’s dive deeper into how expense managers in the education field can capitalize on adopting a spend management platform:

Easily Add and Remove Users – Things move and change quickly in dynamic educational environments and our platform is equipped to adapt to your speed of change. Bento allows you to quickly and easily update your roster on the platform as and when required. 

Different Cards for Different Needs – Bento has different card options for any and every type of requirement that educational institutions may encounter. You can create separate cards for per diems, class trips, bill payments, etc. The possibilities are endless!

Customized Card Controls – For each card you create, you can set dedicated funds and card controls to pre-authorize when, where, and how each card can be used. This eliminates the need for teachers to submit expense reports and chase reimbursements. Read more about our different card controls here

Real-time Data and Expense Tracking – Get an overview of all spending without having to reach out to Accounting and Finance teams for interim reports.  Bento gives you full access to all the data and insights for each card you in real-time to manage budgets strategically. 

Close Your Books Faster – Free up valuable time to focus on high-value tasks. No more having to manually chase expense receipts and create reports. Each time a card is used, the cardholder can upload receipts to our mobile app. Enable continuous syncing to your general ledger so that you won’t be scrambling at the end of the month to pull up the numbers and balance your books. 

One, Unified Platform – Using siloed systems for all expenses related to your educational institution is difficult to keep a track of and therefore highly inefficient. The Bento for Business spend management platform allows you to manage all aspects of your business expenses on one platform. 

60-day Free Trial – No contracts. No setup fees. No sweat. Bento is free to use for the first 60 days from the day your application is approved. Come experience the seamlessness that Bento brings to managing your expenses. 

We know that time is of the essence before your doors open for the next academic year, and we’re here to help you figure out a customized solution to managing your expenses as quickly as we can!

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