42% of finance and administrative leaders at U.S. colleges and universities are struggling to manage new categories of spend brought on by the pandemic while, at the same time, attempting to adapt organizational policies to fit work-from-home dynamics.
Higher Ed institutions are following all the rules: social distancing, requiring masks on campus, keeping students, staff, and faculty as separate and safe as possible. It’s what COVID demands for reopening and recovery, but how are institutions dealing with the economic fallout of the shutdown?
41% of Higher Ed institutions Say They’re Not Sure How to Manage Unexpected Expenses
Due to the current situation, expense types aren’t what they used to be. Masks and personal protective gear to faculty and staff when they come into the office are new cost that have to be accounted for. Unexpected, but obvious. What most forget about is the costs of working from home; 42% of finance and administrative leaders at U.S. colleges and universities are struggling to manage new categories of spend brought on by the pandemic while, at the same time, attempting to adapt organizational policies to fit work-from-home dynamics.
Invoices are coming from everywhere: at-home office supplies, paying internet providers, and much more. Remote workers have OSHA requirements to meet at their desks and their home workspaces, which is a bill as well. Without policies in place to manage these expenses, employers face a huge financial risk that damages your internal policies and defies regulatory requirements.
Reporting Standards are Not the Same
Government regulations, donor requirements, internal reporting standards certainly hasn’t loosened in light of the pandemic and the responsibility to track how and where and when spend of granted funds is all on the institution. Audits for these financial things can take years. Seeing and controlling your invoices and expenses under this scrutiny is more challenging and more crucial than ever.
Automation is the ONLY solution
When the expense and invoice processes are entirely automated, institutions gain complete visibility on ALL the details on ALL spending. SAP Concur, the automate solution that integrates travel, expense and invoice management processes, puts policies in place that allows the higher education industry to see where spend is going before it’s spent and access to a data trail to back up every decision and make future financial decisions.
Discover real-time visibility, allowing proactive control of your compliance policies, so in the end institutions not only know how funding is being used and how effective policies are, they know how to adapt as requirements change. (if anything, this last year has shown us, we must be adaptable to changes.)