As school districts began to see the importance of allocating funds for teachers for classroom supplies, EqualLevel saw the need for districts to have a tool for supplemental funds management. EqualLevel’s MyFunds solution for automates funds distribution, encourages on-contract purchasing, tracks spending, and streamlines the reconciliation and reimbursement processes leading to reduced administrative overhead.
How MyFunds Works
MyFunds allows school districts to allocate supplemental funds directly to teachers for easy access and helps administrators track spending. Teachers can use their funds to make purchases via an online marketplace comprising approved vendors, or quickly submit reimbursement requests for purchases made out of the marketplace. With MyFunds, supplemental funds management is automated, which eliminates paper receipts and forms.
“With K-12 operating under tight budget constraints, school districts need an all-inclusive solution to manage the procure-to-pay process for all district spending. Therefore, MyFunds was designed to complement EqualLevel’s eProcurement and eInvoicing offerings,” explained Orville Bailey, EqualLevel CEO.
Transparency: MyFunds delivers line-item level transparency of every purchase and makes the audit process seamless.
Marketplace: MyFunds equips school districts with an easy-to-use marketplace consisting of products from leading K-12 suppliers. Funds used in the marketplace go further because teachers are shopping from competitively bid contracts.
Savings: The marketplace includes AI-powered technology, called the EqualLevel Savings Advisor (ELSA), that determines the optimal cart for the items being purchased to identify savings that would otherwise be missed.
Automated Invoice Capture: To decrease manual processes performed daily, MyFunds’ automates invoice capture as well as reconciliation with orders and receipts.
Mobile-friendly: MyFunds’ mobile-friendly feature enables online submission of reimbursement requests with receipts for purchases made outside the marketplace.
ACH Reimbursements: MyFunds includes the option for ACH reimbursement payments, so funds are not held up while reimbursement requests are routed for approval.