What Service Providers Should Look for in an Expense Management Platform


Developmental disabilities service providers fed up with cumbersome check systems need a modern expense management solution. But choosing one can be daunting, especially given the importance of keeping operational costs low.
The right tools make service providers more effective and efficient, freeing you up to focus on your mission. Here are some tips on how to choose a technology that will simplify your daily expense management to-do list. 

Look for Real-Time Transaction Tracking

Check systems are difficult to track. When your staff members are making a wide range of purchase to support your organization’s programs, the reconciliation process can become time-intensive and convoluted.
With cloud-based reporting tools, you can see purchases the moment they’re made, and get up-to-date insight into expenses on both your desktop and mobile phone. With greater visibility, you can immediately address any discrepancies and immediately respond to misused funds. 

Find On-Demand Expense Reporting

Service providers face stringent audits and reporting standards. Whether you’re presenting to project managers or the board of directors, you need to be able to customize each report to your audience.
Cloud-based tools that integrate with your existing accounting or financial software make it convenient to plan your budget and get a better sense of your organization’s needs. You can create customized expense reports whenever you need, or import files into QuickBooks or Xero for seamless data entry. Timely reporting allows you to analyze data and improve how you serve individuals with developmental disabilities. 

Prevent Fund Misuse With Smart Spend Controls

Ensuring your organization’s funds are being spent responsibly doesn’t have to mean approving each purchase before it’s made. You would probably want to know if a staff member is about to purchase $500 worth of supplies when you just stocked up, but you don’t need to approve every small, routine purchase.  
With a smart expense management platform, you can limit where purchases are made by merchant category code — allow purchases at grocery stores but prevent spend on entertainment, for example. You can also predetermine how much staff members can spend, setting individual daily limits. Restricted spending amounts and categories allow you to oversee expenses without micromanaging every purchase. The extra layer of accountability for service providers prevents spend abuse without preventing staff from doing their jobs. 

Replace Checks With A Smart Payment Solution

The cost of postage and checkbooks adds up — check systems can cost your organization in the long run. Checks are inflexible, and prevent staff members from making last-minute and emergency purchases. When you need to address a range of different spending needs, checks create unneeded hassle in reporting and reconciliation.
Prepaid cards offer a safe and convenient way to transfer funds. You can easily get needed funds to staff members without having to write last-minute checks or worry about your credit limit. Prepaid cards reduce the risk of fraud by controlling the amount of available funds. 

Get 24/7 Mobile Access

You need a flexible solution so your staff can make unexpected purchases, from emergency facility maintenance to last-minute activity supplies. Any expense management platform has to be able to keep up with last-minute purchases to best serve individuals with developmental disabilities.
Platforms that connect to mobile apps allow you to access funds and approve requests from any smartphone or computer. Users can request funds transfers via text message and finance managers can then approve them remotely, ending delays and inefficiencies. With mobile apps, staff members can also review their transactions in real time, empowering them to better self-regulate their purchases. The increased visibility can actually make spending more efficient and save money for your organization.
PEX is a leader in next generation expense management solutions that offers all of the above capabilities. PEX helps service providers manage staff spending and maintain control in ways they never could before. With PEX, developmental disabilities service providers can better manage expenses, establish budget controls and regulate cash flow — all of which reduces your monthly expenses and saves time on expense reporting.

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