Education

Challenges

From generating reports for grant requests to sharing student information across multiple departments, education institutions must deal with complicated financial and human resource management quickly and efficiently. Moreover, there is increasing demand to improve teaching and learning opportunities for instructors and students and make education administration more successful.

  • Financial and human resource management system with an infrastructure that meets administrative demands, monitor your budget, track your expenditures, and generate customized reports.
  • Staying within budget, complicated by the need to track encumbrances—purchase orders or other commitments for goods that have not yet been provided, or for services that have not been performed.
  • Preserve your financial integrity and reduce budgeting surprises.
  • Managing funds that fuel multiple projects requires careful reconciliation, a tedious task with manual accounting, and transferring balances between accounts can be risky and subject to errors.
  • Some system implementation require months of staff training.

Solutions

See some of the business issues that a business management solution can help distribution companies address.

Financial and human resource management solutions

When it comes to financial and human resource management for educational institutions, just any system won't do. You need an infrastructure that can meet administrative demands, monitor your budget, track your expenditures, and generate customized reports. All without requiring months of training to implement.

Commitment Management

When you plan and account for future expenses, you help strengthen and preserve your financial integrity and reduce budgeting surprises.

Commitment management applications give you superior budget control and acute visibility into your organization’s expenses by pre-encumbering requisitions and providing account-level budget information to the people within your business who generate and authorize requisitions.

Automated commitment management provides account-level budget knowledge to the people who generate and authorize requisitions, helps reduce overspending, gives you necessary control of your budget, offers flexibility without halting the purchase order process and seamlessly adds committed purchases to any of your financial reports.

Encumbrance Management

Encumbrance management applications help you analyze expenditures against budgets and track encumbrances at any time. With an automated financial system, managers can easily set aside funds for future contracts, as well as plan and stay on track for utilizing the appropriation.

Typically, encumbrances are recorded in the general ledger as reductions to the budgetary accounts. Budgetary accounting combined with encumbrance accounting helps to ensure that total actual expenditures plus related commitments do not exceed appropriations. Without encumbering these funds, subsequent purchases could result in overspending funds in an account. But with automated systems, you can set up automatic messages to alert local officials that a particular purchase order would result in the over-commitment of a certain line item.

Automating encumbrance tracking helps reduce the risk of overlooking providing a report on specific expenses during the year, which helps to avoid problems and extra work during year-end processes. Budget systems further enable proper control over expenditures by reducing the risk of overspending, a key piece in a financial system.

Fund Management

Make transferring balances between accounts an accurate, seamless process. It will help reduce the errors you might make when manually reconciling funds while eliminating the need for manual journal entries. Automatic processing will save employees time and minimize the need for accounting personnel to know all related accounts. Moreover, reporting will be made easier and report results more accessible, ensuring reporting guidelines are met on time.

Grant Management

Grant management systems can help cut costs and improve the productivity of those who process applications, make awards, and administer and close grants. Automated grant management allows you to streamline transactions, easily monitor daily expenditures, and deliver timely reports for optimal grant performance by providing many functionalities.

At Youngland, customer satisfaction is highly prioritized because we firmly believe that taking care of customers takes care of business. Our staff is dedicated to bring you exceptional care and support. With this as our business model, we are dedicated in providing our customers with the best services because their satisfaction is our reward.

If you are interested in knowing more, please take a look at our SWITCH! Program that offers the product with FREE assessment and discount.

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