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SupervisorNet - a finance perspective

MonitorIT's powerful SupervisorNet software is the core element to your cashless solution but let's see it from a finance perspective. 
You may have already read our blog on SupervisorNet but we thought we would come at it from a finance perspective this week as it’s important to understand not only how much the solution can do for you but also how much it can contribute to savings in operating costs.
SupervisorNet is basically your organisations savings account, it’s an intelligent accounting system that can capture all transactions within your establishment; it holds all these transactions for you in a closed loop system.
In a closed loop system, the user will be more likely to keep spend on campus, they’ve paid into their account and are therefore more likely to want to use this money to pay for goods and services on-site rather than going off site where they would have to pay by using extra funds. This can increase on campuses spend by as much as 20%.
SupervisorNet has been built from the ground up, which has created a strong accounting system for any organisation that want to accommodate different systems and at different locations.
So let’s get technical to show you how this works…  each user is identified by a “primary number” basically like a bank account number and each of these users can have multiple primary numbers (bank accounts) within SupervisorNet. For example a student,  may need to pay for printing, course fees, canteen purchases, laundry, trips, sports membership and so much more… so multiple accounts under one user may be needed. This is all achievable in SupervisorNet or they can just have one account – it depends on your organisational policies and infrastructure, whichever option is opted for, makes it very easy for you to see where money is being spent and also makes it very easy to report on spending activity in each area of your organisation.
As well as individual accounts, shared accounts can also be configured for things such as departmental budgets. These work in much the same way as an individual account, whereby each has a unique number, except they are accessible by more than one person and can be used for various purchases, it is very useful option for knowing departmental spending.
When it comes to integrating MonitorIT’s transaction management solution with other existing infrastructure you already have, SupervisorNet has a powerful API to facilitate this. This gives you the ability to continue to use existing solutions rather than having to pay for anything new.
How does it save you money and increase revenue? We’ve already discussed it being a closed loop system that can increase on campus spends by up to 20% but that’s not all, with the solution there are minimal transaction costs and no minimum transaction amounts as the balance in the users account is held by you, the organisation. There is one transaction cost only when the user tops up their account. That’s it! You don’t have various different parties taking a slice of that transaction. 
A system that can integrate with existing infrastructure, increase revenue, make life easy and better for students and staff and give you a centralised accounting system. What’s not to love?
If you would like to learn more about our core solution click here. Alternatively email us at solutions@monitorit.co.uk or call us on 01494 565 066
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