Being part of a multi-academy trust offers a number of benefits – wider support networks, greater power to negotiate, more staff opportunities, to name a few.
With great power comes great responsibility! School leaders are under a huge amount of pressure to evidence their organisation’s efficiency, and strategic financial planning is key to ensuring the success of a growing MAT.
Our expert education team have put together a few top tips to make managing school finances straight-forward, smooth and successful!
Tidy finances save time! Although it may appear a time-consuming task to squeeze into your busy schedule, regularly reviewing your finances helps your finance teams work efficiently.
Collect debts and receipts quickly, identify and manage over and under spending, and spot potential issues before they become real problems. A monthly review of expenditure, for example, brings detail to the surface that may otherwise slip through the net; as a result, finance teams are better placed to provide accurate forecasts. In the long term, a consistent end-of-month finance procedure ensures sustainability, based on strategic, reliable and proactive planning.
Save time with strategic software
Make the most of integrated financial management software tailor-made for the education industry. Designed with the needs of Multi-Academy Trusts in mind, PS Financials is one option, which allows you to view the financial position of the trust right down to a single department, in real-time. The figures are always in balance and with no need to manually consolidate figures into separate ledgers,
our software offers unrivalled flexibility in producing complex reports quickly – freeing up time for other important tasks.
PS Financials meets everyone’s requirements, providing the option to create multiple views for different users. To support your monthly procedures, the PS Financials Rules Engine automates complex tasks, such as calculations, month-end allocations, prepayments and interest calculations.
Keep your audience in mind
From week to week, month to month, you are likely to produce reports for the same teams, many of which require a different view of the same information. So, it’s important to tailor your reports for your audience rather than assume that one size fits all.
For example, your senior leadership team probably want lots of detail on where money is being spent and what on; this way, they can compare to what is budgeted and act accordingly. In comparison, you would be better placed to present only a concise summary for governing bodies – and remember, not everyone has a financial background, so avoid confusing jargon and keep the message clear.
PS Financials includes a complete suite of complimentary modules to support you every step of the way in efficient financial management. Get in touch to find out how PS Financials can help you to improve efficiency and streamline your financial processes.