“Without Budgetly, we’d still be spending a lot of time chasing receipts. Now that our staff can add transaction notes in the app we have saved a whole week every month of admin time, not having to chase staff for receipts."
Yullim Kim, Finance Officer.
Overview
Faith Christian School is a Queensland-based education institution that employs administrative staff and QLD Registered Teachers for their day-to-day programs and events. In addition, the organisation runs various community workshops, sporting carnivals, and teacher-led clubs for its students and communities.
To fund these events, staff and teachers would use company credit cards to manage transactions, which were restrictive for the following reasons:
- Long wait times for company credit cards. Banks would take two to four weeks to organise and ship company credit cards, significant paperwork and long wait times.
- Card-sharing system. Due to the long wait times, staff would share company credit cards, which made it difficult for finance teams to track each item spent by the staff.
- Chasing and managing receipts. Finance teams spent too much of their admin time chasing staff for receipts and confirming transaction details.
- Lack of budgeting control and tracking. The bank credit cards didn’t provide functionalities such as setting spending limits and instant card cancellations. This made it difficult for finance staff to control and track staff spending.
Budgetly Solution
Budgetly supplied 24 prepaid corporate cards to Faith Christian School, available in physical and digital formats. Budgetly’s virtual cards were set up instantly upon application, allowing staff to add their Budgetly cards to their mobile wallet and begin using them immediately.
Meanwhile, the physical cards are shipped out within three business days. This quick process eliminate long wait times for bank credit cards and lengthy paperwork. Using the Budgetly cards, company staff can transact, capture their receipts using a smartphone, and upload them to the app.
Example of the Budgetly app
To make it easier for finance teams and staff, Budgetly’s expense management software automatically records transaction details such as vendor names and transaction amounts. Managers and administrators can also see transactions in real time, giving them greater visibility and control over staff spending.
Example of Budgetly’s transaction view
To better manage payment for events and lessons across Queensland, finance teams can also allocate separate Budgets and set spending limits on each staff card. Additionally, these budgets can be automated to reset or rollover every fortnight.
Example of Budgetly’s budgeting functionalities
With Budgetly, finance teams also have the following expense management functionalities to help them manage company funds:
- Cancel or freeze cards with a click of a button
- Instantly issue an unlimited number of visa debit cards
- Flag any unnecessary transactions with Budgetly’s real-time view
- Eliminate receipt-chasing
- Automatic reconciliation of each transaction
- Sync all transactions with Xero
- Generate easy and quick transaction reports for audits
Results
1. Immediate access.
With Budgetly, Yullim Kim can now stop waiting for company credit cards from the bank and apply for Budgetly’s preloaded cards whenever she needs them.
“Before Budgetly, we were using credit cards which was horrible! We would have to track which staff had the cards and it took 2-4 weeks to organise cards with the bank and even then, sometimes they didn’t arrive. We can now do all of that ourselves, which is great.”
Yullim Kim, Finance Officer.
2. Save time.
Budgetly has significantly reduced Yullim’s administrative time and allowed her to focus on higher-value tasks.
3. More control.
Besides that, setting budgets for staff and managing preloaded cards efficiently through the software has also given Yullim better control over company funds.
“Being able to control our staff’s spending is fantastic. We can now issue and cancel our own cards when we need to. We’ve also been able to put some responsibility and accountability back on our staff around their receipts which has been amazing. So I’d say Budgetly has definitely solved our initial problems.”
Yullim Kim, Finance Officer.
1. Improved finance process
As a finance administrator, Yullim can see improvements in her company’s expense management process for staff and management.
“The amount of time we’ve saved is incredible, and Budgetly’s support is fantastic overall. The team is very approachable and always prompt in their response. I’d absolutely recommend Budgetly to other companies in my industry.”
Yullim Kim, Finance Officer.
For more information on Budgetly and how we work for businesses, schedule a demo with us today, or watch a 10-minute recorded demo.
About Faith Christian School
Faith Christian School of Distance Education is a registered education provider offering high-quality programs, online lessons, camps, workshops, and learning support to over 1200 distance education students across Queensland. The organisation educates students in regional and metro areas from primary to senior secondary levels in regional and metro areas.
About Budgetly
Budgetly is an Australian prepaid corporate card and expense management software provider. We’re committed to making expense management easy for all companies and improving their expense processes. Our service is adopted by many NDIS providers, aged care providers, charities, and businesses across Australia.