How Weel is helping not-for-profits distribute funds anywhere, instantly
February 26, 2021
By Ben Grossberg
Here’s the major issue affecting not-for-profits
The biggest challenge affecting not-for-profit organisations probably isn’t the one that you would expect. Surprisingly, collecting donations isn’t the primary issue that charitable organisations are now facing. Rather, the massive operational issue impacting not-for-profits is fast, reliable, and compliant distribution of funds. As donations start to flow, teams must quickly consider how best to get funds to those who need them the most. Often the teams on the ground need access to funds immediately to start making a difference to those in need, and any delays can be measured in lives. However, sending funds quickly and ensuring that purchases align with their intended purpose is far more complicated than it seems on the surface, particularly as not-for-profit organisations have unique regulatory constraints that other businesses don’t need to consider. For example, when the bushfires hit, and many families required emergency accommodation, not-for-profits were left scrambling to find ways to distribute funds.
Six important questions that not-for-profits have been asking for far too long:
- How do we send funds instantly with minimal red tape?
- How can we ensure that funds are only used for specific purchases?
- How can we make sure that funds are distributed to the right people and available immediately for use?
- How can we restrict purchases to specific categories to reduce misuse?
- How can we track purchases by category or location to assist with planning?
- How can we reduce the costs associated with distributing funds?
Why Weel's virtual corporate card and expense management platform is the answer
In the past, there was no single platform that delivered a solution to all of these requirements, and not-for-profits used unreliable, ad hoc methods to distribute funds. Previously, the best solution available involved anything from reloadable prepaid cards to gift cards or sending cash in the mail. Australian startup Weel. has developed a brand new solution that provides not-for-profit organisations with the flexibility to instantly distribute funds anywhere they are needed. Additionally, expenses can be immediately reconciled at the time of transaction, introducing significant time savings for finance teams. Weel was custom designed from inception to meet all of the needs of not-for-profits and charitable organisations from funds distribution to reporting.
Here’s how virtual corporate cards are changing the way not-for-profits operate forever
Faster funds distribution with complete control
Weel is fundamentally changing the way not-for-profit organisations control and track spending. Finance teams or managers can quickly and easily create virtual corporate cards for team members in the field. Individual cards can be created in seconds and installed immediately on the recipient's smartphone, ready for use. Significantly, the funds allocated to virtual corporate cards can be restricted to specific categories or merchants, ensuring that spending aligns with the intended purpose and eliminating potential misuse. When cards are no longer required, they can be cancelled with a single click for maximum peace of mind. Rich transactional data is available anytime that a payment occurs and can be automatically exported to the organisation’s accounting software for faster reconciliation.
Instant visibility of spending by individual, category and location
Shared corporate cards and reloadable cards obscure spending visibility and provide minimal information on individual usage. Weel is helping not-for-profit organisations understand precisely where their funds are being used and track spending by individual, category and location. Develop a comprehensive understanding of the way funds are being used throughout your organisation and enhance future budget planning by introducing virtual corporate cards.
Fully integrated with all leading accounting platforms
Weel seamlessly integrates with all of the leading accounting platforms to reduce the time required to track fund distribution and usage.
Weel is changing everything for these leading not-for-profit organisations
Uniting AgeWell - 91% of admin time saved a month
“Weel has changed things in a big way” - Rubi Bhonsaria, Accountant
The Uniting AgeWell team was spending almost 480 hours per week managing their expenses using prepaid debit cards before they were introduced to Weel. Every transaction had to be manually entered and receipts forwarded to their finance team for approval. Now, as soon as a purchase takes place the transaction can be immediately reconciled with a few taps. More than 100 hours saved each week can be redirected to providing additional caring for United AgeWell’s clients.
Autism Association of Western Australia - 66% reduction in transaction processing time
“Our Caregivers are hired to take care of people in the community with Autism, not complete expense reports” - Keval Shah, Senior Accountant
Before the Autism Association of Western Australia introduced Weel their finance team was pain-stakingly withdrawing cash from ATMs and delivering it by car to over 60 different locations across Perth, every week. Caregivers were required to collect receipts and manually complete expense reports each week. The entire process was a time consuming logistical nightmare for the team. Weel revolutionised the Autism Association of Western Australia’s cash based processes and reduced the time taken to process expenses by 66%.
Supporting not-for-profits with preferential pricing
Weel is committed to supporting not-for-profits and charitable organisations. Preferential pricing is available to assist with streamlining funds distribution and expense management for the vital organisations that support our community.