President Obama, in his most recent State of the Union address, singled out higher education institutions by saying, “Colleges must do their part to keep costs down.” In this environment, it’s more important than ever that institutions, large and small, manage their operating expenditures closely. In fact, budgeting and managing expenses has become mission critical.
We sit down with Ted Dacko, CEO of XLerant, to understand how the company’s technology has helped colleges improve the accuracy and efficiency of the budgeting process.
What is XLerant?
XLerant is a software company that has developed an intuitive “TurboTax-like” SaaS solution that replaces ineffective, error-prone spreadsheets with a practical and incredibly powerful corporate budget preparation tools for mid-sized and large organizations.
How has XLerant solved the budgeting woes of higher education institutions?
Nearly 80% of higher education institutions are trying to use basic spreadsheet software like Microsoft Excel to manage the multi-billion dollar budgets. And 90-95% of the users inputing data into those spreadsheets aren’t financial staff. They are using archaic, error-prone technology during a time when increased transparency and greater ownership of the financial data is imperative.
How is XLerant positioned to tackle the unique challenges within the higher education system?
Institutions are complicated places, with many decentralized departments and schools, each responsible for their own spending and budgeting. The art department has a separate budget from the education department — all reporting to a director in the finance department. The budgeting and allocation process is complicated, with many authors and approval cycles.
XLerant is designed to overcome these challenges. With the ability to collect and integrate multiple sources of information, the software improves collaboration and accuracy, for greater ownership of the numbers; all while increasing transparency. Most organizations need something that bridges the gap on user experience. When personnel have a difficult time using the budget technology it is very difficult for them to budget accurately.
Will XLerant save colleges and universities money?
Simply purchasing XLerant won’t necessarily save them money. However, with the ability to track expenditures and budget accurately, organizations can certainly reduce the risk of error and prevent waste. Not to mention, with an easy-to-use and implement system, it is sure to save the organization time and resources.