From the CEO
Greetings,
When we talk about the man-hour cost of the purchase order process from requisition to reconciliation to payment, $97 is a number most agree on. So when in one week ClassWallet reconciled and settled 10,536 transactions in a completely automated, paperless and cashless manner for our customers, we estimated a cost savings of $1,021,992. Not bad for one week’s worth of service.
More and more business officers are recognizing the value of replacing purchase cards and traditional purchase order tracking processes with a more nimble and flexible software like ClassWallet, especially for the smaller, school-level expenditures. Since ClassWallet integrates with any ERP and has approval workflow, there is no disruption to internal reconciliation policies.
New districts from Ohio and Florida signed up in February and many more are in various stages of conversation with us. If you are interested in learning about being a cashless, paperless school district simply reply to this email and we can schedule a call.
Exciting News
ClassWallet Enters Ohio, Expands Florida
Last month ClassWallet welcomed Toledo Public School District, the 4th largest school district in Ohio as a customer. Ohio legislature is considering significant constraints to purchase card usage due to quality control issues. ClassWallet is the perfect antidote to districts seeking a more risk-averse, yet equally convenient purchasing solution. In addition, the school districts of Osceola and Lake County Florida signed as customers as well.
ClassWallet’s 1 Million Week, 10,536 Purchases Reconciled and Paid
ClassWallet reached a milestone by reconciling over 10,000 transactions in one week. The 10,536 transactions totalled $1,012,841.59, an average of $96.13 per transaction. Included in this number are 3,669 reimbursement transactions. For all, customers did not have to collect a single piece of paper, reconcile a single invoice or cut a single check. We estimate the man-hour cost savings to our customers at over $1 million.
ClassWallet on the Forefront of Cashless Schools
The recognition of ClassWallet’s groundbreaking financial technology continues. Last month, in an article published by the Heritage Foundation, author Jonathan Butcher notes how ClassWallet is pioneering the use of digital wallets in education. Click here to read the article.
Cocktails in the Bayou
For Louisiana school districts, ClassWallet will be hosting a cocktail reception on the eve before this year’s annual Louisiana Association of Business Officer Association Conference. Ascension Parish, the 11th largest of 113 school districts in Louisiana, is a ClassWallet customer. More details and event RSVP can be found here.
Upcoming Events
Say Hi in Person! Find Us
Louisiana Association of School Business Officers
New Orleans, LA March 14 – 16
California Association of School Business Officers
Sacramento, CA April 4 – 7
Southeast Association of School Business Officers
Memphis, TN April 15 – 19
Utah Association of School Business Officers
Provo, UT April 16 – 18
Ohio Association of School Business Officers
Columbus, OH April 16 – 18
Alabama Association of School Business Officers
Orange Beach, AL May 2 – 3
New York Association of School Business Officers
Albany, NY June 3 – 6
Florida School Finance Officers Association Conference
Orlando, FL June 11 – 15