High school administrators, teachers, and finance teams are tasked with an ever-increasing number of events to manage with limited resources. Athletics and activities require significant work before, during, and after each event to ensure success. With so many events to oversee at any given time, preparing for an audit can be a daunting endeavor.
Cash transactions create unnecessary risk and administrative burdens that can be avoided with digital payments. From missing receipts and simple human errors to other accounting discrepancies, an audit will surely uncover any irregularities in financial reporting.
High schools that use digital ticketing often have no audit findings for any events, score higher on evaluations and assessments, and save a tremendous amount of time with automated reports and comprehensive data.
Schools and districts that adopt digital ticketing can improve the audit process and outcomes in these areas:
- Achieve financial transparency.
Establishing transparency can be challenging when financial reporting is delayed or inconsistent, which is often the case when reconciling accounts with cash. With digital ticketing and cashless payments, every transaction is documented in real time. This can provide immediate insight into your event sales so you can manage your budget accordingly and take appropriate action. Digital ticketing can also alleviate security concerns associated with counting and monitoring cash, providing more peace of mind throughout the school year and during the audit process.
- Gain visibility of all your events across campus.
With multiple events happening simultaneously across campus during the academic year, it can be difficult to gather accurate financial data in a consistent format. Digital ticketing can be used for all athletics and activities, including sports at all levels and seasons, performing arts productions, homecoming and prom dances, summer camps, and more. Rather than counting cash and making deposits after each event, your staff can view ticket sales information on demand and simplify account reconciliation with digital payments. You can also provide comprehensive data in the proper format to expedite the audit process.
- Improve accuracy and streamline your accounting.
Processing cash payments often requires administrative work that can be prone to errors, especially when managing long lines of fans waiting to buy or redeem tickets. Even the most diligent staff members can make mistakes that can result in accounting discrepancies and audit findings. With digital payments, you don’t have to worry about losing paper receipts, giving incorrect change, or miscounting cash at the end of a long day. When audit season approaches, you can have full confidence in the accuracy of your reports.
- Provide more detailed reporting and documentation.
Auditors expect highly detailed financial reporting in accordance with their specific standards. By gathering all the necessary information for your events as they occur, you can set yourself up for success in your next audit. For example, you may be required to break down your event revenue by the individual gate for each of your athletic events. This level of detail can be challenging to achieve consistently with cash payments but can easily be accomplished with digital ticketing and event management software.
- Establish uniformity across your district.
Schools that use digital ticketing tend to pass their audits easily without any findings, which often catches attention at the district level. By adopting digital ticketing throughout the entire district, you can establish uniform reporting on a much larger scale and operate much more efficiently.
- Save time throughout the year and during the audit process.
By streamlining your accounting and event management with digital ticketing, you can save a significant amount of time during the school year and the actual audit process. With automated reporting and transparent financial data, you’ll be fully prepared for an audit well in advance. Plus, all the time you save throughout the academic year could be spent pursuing other financial and administrative goals.
By adopting digital ticketing, you can transform how you manage all your events and prepare for audits with transparent financial data, improved accuracy, and uniform reporting.
To learn more about how digital ticketing can benefit your school or district, check out the blog post linked below or contact us for more information.