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Cummins Allison Explains How Educational Institutions Can Embrace Technology to Cut Operational Costs

AUGUST 26, 2015, Mt. Prospect, IL – Today, many educational institutions struggle with budgetary concerns. Overall, schools in the U.S. are receiving less federal funding, costs are rising, and state support for schools is far less than it was before the 2007-2009 recession. In fact, at least 30 states provided less funding to schools per student for the 2014-2015 school year than they did before the recession.¹

Due to cost cutting and declining budgets, many schools need to continue to find additional ways to save money, including reducing reliance on personnel. And those institutions that make appropriate investments and integrate technology into their internal processes will be best equipped to better serve their students with added resources while keeping costs down. Cummins Allison, the leading innovator and provider of check, currency and coin handling solutions outlines key benefits for educational institutions of integrating new technology to count and deposit cash and checks.

1. Better use of internal resources. Manually counting and sorting money at schools can be a time-consuming and error-prone task, often straining limited internal resources and staff. Particularly, there is often a large amount of cash and check counting associated with the following situations:

  • Tuition payments

  • Student fees and non-tuition payments

  • Ticket sales for sporting events

  • Stadium concession and gift sales

  • On-campus bookstores

  • Meal plans and cafeteria purchases

  • Booster club activities or fundraisers

High-speed and cost-effective currency counting equipment can reduce the time it takes to complete the necessary task of counting money received in the above situations. Dual-purpose equipment that can process currency and checks on one machine further reduces the time spent, eliminating errors and providing a record of all sales.

  1. 2. Access funds faster. Educational institutions receive funds from ticket sales, tuition checks and various purchases on a weekly, if not daily, basis. The right technology solution can greatly reduce the time spent preparing deposits and delivering them to their school’s bank. Advanced currency and check processing solutions automatically prepare, audit and electronically deposit checks into the school’s bank account, improving cash flow and eliminating time-consuming manual steps.

  2. 3. Ensure accuracy of deposits. Durable and highly-reliable currency and check processing equipment can be easily integrated into daily operations for use by volunteers and/or staff. Additionally, easy-to-use currency and check processing systems with the ability to scan and store check images in an electronic database simplify record-keeping and make it easy to retrieve check images.

With the right technology in place, processing money at your school can be simplified, working within budgets and giving schools more resources to serve students and advance their education. To learn more, visit www.cumminsallison.com/go/education.

 

Sources:

1 “Most States Still Funding Schools Less Than Before the Recession.” Center on Budget and Policy Priorities. http://www.cbpp.org/research/most-states-still-funding-schools-less-than-before-the-recession

 

About Cummins Allison

Cummins Allison is the leading innovator and provider of check, currency and coin handling solutions, as well as full-function ATMs. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit www.cumminsallison.com.