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.
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.