Account submissions are over for another year, and as we hear school leaders throughout the education sector breathe a sigh of relief, it may be tempting to put the entire process behind you for the next 12 months. However, as we regularly tell our peers, practice makes perfect, so with the latest account submission still fresh in mind, now serves as an ideal opportunity to look back over this year’s process.
By reflecting on successes and challenges of this year’s submission, we can prepare for the next, bearing in mind what went right, what went wrong and what processes can be put in place now to make next year stress-free, straight-forward and efficient.
Our education sector specialists have pulled together some top tips for auditing your latest submission process to give you a helping hand and take the stress out of submissions in 2020! So, what tips can we take from this year’s submission?
1. Start early!
It’s a timely process, and there’s no way of avoiding that. However, was there a mad rush towards the end of the submission that could be avoided next year? Given the extent of the information required, one crucial error institutions make more often than not is leaving their accounts submission to the last minute. Failure to make the submission on time is against the law, and with no deadline extensions allowed, it’s vital to be prepared. By being proactive with the requirements, staff can ensure the “added stress” or additional workload to teams is kept to a minimum, in addition to leaving time to relieve any issues or problems faced along the way. Best of all, you will ensure you’re on time and adhering to the law!
Share the submission dates and responsibilities with appropriate team members in advance so they can plan their workload and prepare accordingly. By doing this, everyone is aware of their responsibilities and how they are contributing to the submission, so tasks will flow better, and timings can be handled with greater ease.
3. Check new requirements early
Don’t be caught off guard by new fields requested for return. Ensure you have the required information prepared and ready to go! If you have all the information to hand, completing your annual return should only take around 20 minutes. PS Financials’ financial management software is a sophisticated and functionality-rich system which enables you to acquire all relevant information essential to submitting your annual accounts, without the fuss.
4. Avoid rejection; be thorough – attention to detail is key
One vital point to consider here is how your accounts are submitted. If your account submission is attempted via post or email, it will be rejected, and your institution will be marked as overdue. The submission can simply be made online through forms visa the government portal (IDAMS). Additionally, be confident all your data is accurate and up to date, leaving no room for error. Updating in real-time, PS Financials ensures you always have the most up to date information at a high level of accuracy as a result of integrating with the PS solutions suite. As a result of this integration, you only need to input data once, reducing the opportunity for error with duplicate data entry and leaving more time to focus on the submission!
To learn more about our system and how it can aid you to submit your accounts on-time, every time, visit www.psfinancials.com/solutions/ps-financials