SUMMER ENDORSEMENTS FOR TEACHERS START MAY 13th!

Expand your opportunities. Advance your career. Get SET this summer with summer endorsements for teachers.

Arrow

Finance Team Gains National Recognition With Winning Best Practice

Published: April 13, 2021

Greenville Universitys Finance Office received national recognition this spring for its winning entry in a contest sponsored by The Central Association of College and University Business Officers (CACUBO).

Finance Team Gains National Recognition With Winning Best PracticeEach year, the CACUBO invites colleges and universities to submit descriptions of processes that result in better, more efficient and customer friendly business practices. The team in Greenville Us Finance Office took top honors in the small institutions category with an entry titled Credit Card Implementation.

The Universitys Vice President of Finance Tim Dietz received word of the win on June 6.

It is not easy to get a best practices award amongst the hundreds of small universities in the central United States, he said.

The honor includes a $1,000 honorarium and the opportunity to present at the CACUBOS fall conference in Chicago. Controller Barb Sands will present the teams solution to a problem that challenges many small universities: doing better with less.

And Then There Were (Almost) None

The challenge G.U.s Finance Office faced flowed from a voluntary separation incentive the University initiated in March 2016. The Finance Office shrank from seven employees to two. Restructuring eventually led to new hires, but streamlining processes remained critical.

On the accounts-payable side of operations, the team implemented a campus-wide paperless system of payment by credit card that leveraged online capabilities. The system resulted in a 50 percent reduction in paper invoices and the elimination of nearly 1,000 manual entries of transactions each month.

Benefits

Today, nearly 75 employees carry a university credit card for travel and other expenditures. They easily access their accounts online and immediately upload pictures or scans of receipts, resulting in fewer lost receipts.

Other benefits of the system include

  • realization of a $10,000 cash rebate associated with use of the credit card,
  • elimination of over 500 manually processed reimbursements each month,
  • elimination of paper processing in 90 percent of the reimbursement and accounts payable processes,
  • elimination of many high priority reimbursements and emergency processes,
  • improved cash flow, and
  • savings of 1 FTE (Full Time Equivalent: the hours worked by one employee on a full time basis).

CACUBO will add Greenville Universitys best practice of credit card implementation to its database of best practices.

Learn More About National and State Recognition at Greenville University

National Recognition Times Two for Senior Lindsay Burton
Standing Room Only for ILMEA Session Led By Fairbanks
Water Quality Researchers Earn Top Honors For Presentation

Greenville University values good stewardship of your donor dollars. Thank you for giving.

Ready for your next steps?