Our client is a Non-profit organization that has helped transform lives in a positive way. Nonprofits care about doing good and making radical change. They focus on fundraising, community service and volunteering. The ultimate goal is always to make a difference in the society. If you're a charity that relies entirely on fundraising, you've got to stretch the money you're raising—it's got to push it to the limit, serve a multitude of purposes, and the organization needs to keep accurate records. Nonprofits and NGOs need to closely monitor spending and ensure spending is carefully monitored to ensure compliance with funding regulations and other internal policies.
An area that is often overlooked is expense management. Unlike their counterparts, they do not work for profit, but still incur expenses. Expenditure management is just as important in NGOs as it is in other companies. Not-for-profit organizations need an efficient expense management solution that outlines how staff or volunteers receive funds to make purchases on behalf of the organization. With multiple receipts and spreadsheets, expense management has become a time-consuming and human error-prone process.
TrackEx co-created an expense management solution with the Non-profit firm. TrackEx decided to manage their receipts and expenses digitally, eliminating all the slow, messy and error-prone administration work. Speed and efficiency is now felt throughout the organization. For the employees, it provides a quick and easy way to update out-of-office expenses. And it replaces manual tasks with fast and efficient automated processes.
Using TrackEx has proven beneficial in many ways, has an improved user experience, more streamlined workflows and an easy transition, in addition to improving the following:
- Time saving: The administration time for processing declarations has been reduced.
- Employee Empowerment: Employees are empowered and engaged to better manage their expenses and track their expense downloads.
- Data Information: The ability to view expense data provides information to senior management. You get real-time insight into the expenditure and where the expenditure is in the flow/process.
- The analytics dashboard enables you to better understand spending patterns and easily refine guidelines to save your business money. Any fees that violate the guidelines will be flagged for managers to review.
- TrackEx is a cloud-based solution and requires no maintenance. Customer support is available 24/7 for all issues and questions that arise.