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EqualLevel Launches MyFunds to Automate the Management of K-12 Supplemental Funds

ROCKVILLE, MD, Apr. 13, 2022 — EqualLevel, the leading procure-to-pay compliance platform, announces the launch of MyFunds, a solution for K-12 school districts to manage supplemental funds.

MyFunds will allow school districts to allocate supplemental funds directly to teachers for easy access and to track all spending. Teachers can use their funds to make purchases in an online marketplace or to quickly submit reimbursement requests. As an innovative solution, MyFunds will automate the fund management process, and eliminate 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 & eInvoicing offerings”, explained Orville Bailey, CEO of EqualLevel.

MyFunds Features
The EqualLevel MyFunds solution will transform K-12 fund management practices by automating the fund distribution, shopping, tracking, reconciliation, and reimbursement processes. This collapses the supplemental fund management cycle and minimizes administrative overhead. Having visibility into the spending of allocated funds and access to real-time reporting is also paramount for school districts across the country. MyFunds delivers line-item level transparency of every purchase and makes the audit process seamless.

MyFunds equips school districts with an easy-to-use marketplace of leading K-12 suppliers. Funds used in the marketplace will go further because teachers can shop from competitively bid contracts. In addition, the marketplace is AI-powered with the patent-pending EqualLevel Savings Advisor (ELSA) – technology that determines the optimal cart for the items being purchased and identifies savings that would otherwise be missed. To further streamline resources that school districts may find cumbersome, MyFunds automation of invoice capture, and reconciliation with orders and receipts, will decrease manual processes performed daily.

Teachers may also make purchases outside of the marketplace, therefore MyFunds has a mobile-friendly feature for online submission of reimbursement requests with receipts. Funds are encumbered while reimbursement requests are routed for approval. With an option for ACH reimbursement payments, EqualLevel has modernized the fund management process for school districts leaving no detail unnoticed.

EqualLevel continues to be a leader, providing a compliance platform that delivers full automation of the procure-to-pay process to ensure transparency and eliminate savings leakage. EqualLevel’s products provide solutions that are innovative and tailored for their customers.

For additional information contact info@equallevel.com or call 301-560-1492.

About EqualLevel

EqualLevel’s mission is to enable more effective and efficient public sector spend management that helps agencies streamline operations and optimize spending. EqualLevel combines the best eProcurement marketplace and eInvoicing capabilities into a seamless solution that is easier-to-use, faster to configure and deploy, and more cost-effective than any other procure-to-pay platform available today. With deep domain knowledge in procurement, a best- in-class cloud platform, a fast-growing network of public sector buyers and sellers, and industry-first innovations like ELSA (an AI-powered savings advisor), EqualLevel is leading the way in helping the public sector to increase the value of every dollar spent.

News

MHEC Launches the i-buy marketplace

Amherst, MA – April 6, 2022 – MHEC, the not-for-profit buying consortium for its New England members, announced today the launch of their new e-commerce site, i-buy marketplaceTM. This new free capability simplifies purchasing for MHEC members, regardless of contract, supplier, or product/service they desire. Like many other online shopping sites, i-buy equips members with the capabilities to compare products and pricing, brands, and suppliers. As a buying consortium, a key member benefit of i-buy, is its ability to enable members to buy from multiple contracts during the same shopping episode from reliable, vetted suppliers. Now, members have a tool that can serve as a “one stop” shopping experience.

Michael Di Yeso, executive director of MHEC spoke of the benefit to MHEC’s members saying, “We have over 2100 members that range from large university systems to small local libraries, from municipal government offices to K-12 schools, with varying levels of support for the purchasing function. Our i-buy marketplace delivers a powerful capability for a member organization to target their search and purchase specifically to what they need, regardless of size, sector, location, or purchasing operations. It’s a game changer and I’m proud to offer it to our members.”

The MHEC, known for its vast and diverse offering of over 25,000 products and services, began searching for an online platform following research conducted in 2020. Findings indicated members desired a simpler means to access and purchase from the 50+ contracts currently in the MHEC portfolio. Chris Raymond, director, contracts and operations noted, “It was a difficult task to find a platform that could embrace everything that was needed. We have many contracts, many products and services, and many suppliers. We needed a purchasing platform that could enable a many-to-many capability to meet the requirements identified by our members; including system integration. We found that in provider, EqualLevel.”

Michael Di Yeso added, “MHEC’s staff has over 300 years of collective experience in understanding the needs of those who buy. This is the team that supports our members. Their experience, training, and passion is what distinguishes us when it comes to sourcing products and services, bidding contracts, and delivering service. Our research led us to offer i-buy, but it also told us that service is our number one attribute. And that’s not going to change.”

A training video, a PDF with a list of steps, and Frequently Asked Questions (FAQs) are available on the mhec.net website.

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MHEC is a not-for-profit Group Purchasing Organization. The organization was created in 1977 as the Massachusetts Higher Education Consortium to provide purchasing contracts for the state’s higher education systems. Its membership reach has expanded to include any not-for-profit organization with an educational component located in the six New England states. For this reason, the organization now identifies itself as MHEC to eliminate confusion over its regional coverage and the additional sectors beyond higher ed such as K-12, Municipalities (Cities and Towns), and Libraries.

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