Schools risk errors, fraud, due to lack of accounting controls
KEV came across the following article outlining the Indiana State Board of Accounts’ recommendations for school districts, and their warning that failure to add bookkeeping staff could lead to undetected errors, fraud and other problems.
In today’s economic climate, many district officials are experiencing pressure to reduce costs by reducing headcount in accounting and bookkeeping roles. At the same time districts are being asked by state governments for greater transparency into their fund allocations, and are also being asked to improve processes to tighten up their books, particularly for student activity funds. In fact the New York State Governor has stated that districts can address their upcoming budget cuts by eliminating fraud and abuse in their school systems, and has challenged his school systems to identify and eliminate fraud and abuse as a way to increase revenues.
With bookkeeping and accounting headcount being reduced, many districts have chosen to automate their Student Activity Fund Accounting process to reduce the risk of fraud. KEV Group’s School Cash Suite of products can help districts:
- Easily implement a consistent activity fund accounting process district wide, including role-based segregation of duties with ironclad and immutable audit trail
- Quickly identify and investigate any violations of district cash handling policy by proactively building auditor recommended reports through robust audit tools
- Reduce the total amount of cash handled in schools by enabling schools to receive activity fund and lunch payments online through a parent portal
- Provide full drill-down traceability from ledger transactional history to deposit statement and finally direction of cash including student fee sources
KEV’s unique School Cash Suite of products will help districts do more with less when school boards and state legislation demands more accountability and process. To learn more about how KEV Group can help your district, simply attend one of our upcoming webinars by completing the form listed below.