How Universities and Schools Can Optimize Spending with Automated Expense Reports
It’s not easy to run a university or college facility and campus. It’s not cheap either. Expenses are, however, highly subsidized/deductible, and easier to track than ever before using Expense Management Software like ExpensePoint.
What is an Expense Report?
An expense report is an organizational spreadsheet used to keep track of relevant business expenses for the purpose of claiming tax deductions and/or for tracking reimbursements.
It tracks and itemizes one’s own or others’ expenses in a central form to display the patterns of spending within a business or within certain individuals.
Why Keep an Expense Report?
Expense reports function to maintain organization. They’re a great tool to track and analyze business practices. All expenses can be streamlined in one central place in order to help provide a visual representation of where to prioritize and distribute limited resources.
A table of expenses, and especially a versatile tool like ExpensePoint, can be crucial in minimizing overspending habits, risks, and losses in the business – including the academia-industry.
Keeping accurate records is important in transparent business practices and can help any future tax audits to go more smoothly.
Furthermore, being organized saves time in the long run and optimizes budgeting and returns, so there are more ROIs and more money to go back into resources.
Using an easy expense management software like ExpensePoint can save dozens of hours that most people would spend trying to sort all their expense receipts to input all at once. Business travelers can spend up to 40 hours a month manually inputting late expense entries, often with many inaccuracies.
There are many reasons why a college or university would benefit greatly from a dynamic, user-friendly expense report system.
University and College Expenses
The educational field is a complex web of programs, events, investments, and ventures – many of which are subsidized and deductible.
Often paid upfront, the college or university would then record the transaction to later be reimbursed or credited in taxes.
In an expense report, a school may track things like:
- staff grants
- cost centers
- free tuitions/fees
- research grants
- conference travel
- sports team/non-employee travel
- study abroad programs
- covid testing
- working from home
- phone calls/internet
- food meetings
- visiting professors
- campus housing
- facility maintenance
- or tool repair/supplies/protective equipment.
Just about anything that passes the universal “wholly, exclusively, and necessarily” test is a potential expense to be recorded on a report.
What Kind of Reporting Tool Does the Educational Field Need?
Since the Covid-19 pandemic, it’s become increasingly important to have access to tools, not only in-person and online but on various platforms.
ExpensePoint is a virtual Expense managing software program that is compatible with mobile devices, desktops, proxies, offline use, and various browser types. It’s secure and easy to use.
Users can input data on the go for themselves or others on a variety of report templates, with unlimited expense categories. Tracking information from anywhere in the world in real-time assures accuracy and diligent entries.
Information from credit cards can be remotely and automatedly transferred to reports. Expenses are also analyzed algorithmically to be presented as analytics reports, so users can visually understand where money is being spent and allotted, and at what pace.
With ExpensePoint, you can enjoy free live support and training, so its many features can be optimized and you can get back your highest potential earnings!
Learn more about the extensive features of ExpensePoint here.
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