According to the most recent report from the U.S. Bureau of Labor Statistics, the Consumer Price Index (CPI), February consumer prices increased by 3.2%. As inflation rises, so does the cost to schools who are paying more than expected for expenses including fuel, school meals, insurance, and utilities. The latest numbers from the CPI also showed a 2.3% increase in energy costs.
Schools continue to be challenged by the impact of these inflationary times, which is driving up the cost of everything from classroom supplies to field trip fuel and transportation costs. This is putting a significant strain on already tight K-12 private and independent school budgets. In the current inflationary time, adopting a purchase card program can be highly beneficial.
Not only do purchase cards, also known as P-cards help schools keep spending under control, but they also offer several advantages to help private schools say within budget. Purchase cards streamline the purchasing process by eliminating the need for purchase orders, enabling teachers and staff to make purchases quickly and efficiently. Diamond Mind’s purchase card gives administrators real-time tracking of spending and a clear overview of expenses, helping them identify areas for potential cost savings.
By using the reporting Diamond Mind Purchase Cards provide, schools can rapidly assess all payments and status details, viewing a comprehensive picture of school expenditures. Individual purchase card activity statements are accessible online to school staff as well. When needed, staff can easily filter and group payments according to date, status, payee, and amount, as well as quickly view detailed payment specifics.
Purchase cards can streamline school field trip expenses, including fuel, purchasing group tickets, and even managing meal or souvenir shop purchases. P-cards also reduce the manual tasks and errors that might occur in expense reporting and petty cash handling.
Additionally, Diamond Mind’s purchase cards let schools earn cash rebates on every dollar spent, and there are no annual fees and no accrued interest charges. Here’s an additional benefit to consider: P-cards can help schools stretch their budgets further during inflationary times. The cash rebates can add up over time, providing valuable resources for schools. Combined with the elimination of annual fees and no accrued interest charges, P-cards are a beneficial and cost-effective solution for managing school expenses.
P-cards offer a multifaceted approach to improving a private school’s financial operations. From streamlining processes and empowering staff to potentially generating rewards and reducing costs, P-cards are a valuable asset for any private school looking to optimize their budget and free up resources for what matters most: their students’ education. Given the increasing effects of inflation, this might be the ideal time for your school to add a P-card to your financial strategy.
Ready to see how the Diamond Mind purchase card can benefit your school? Contact us for a customized demo.