Not many teachers, or head teachers went into education to be involved in financial management of schools; yet that’s where many find themselves. Some Academies have Business Managers to help, but most School Business Managers are not Accountants, they’re expert in managing business. There is a better way! This article is based on a podcast by Chris James, our Academies Finance Specialist, click here and listen to it.
Converting to Academy status
The first academy we took on converted in 2011 and we have worked with them for three years. When they were going through the conversion process they realised there were at a turning point where they had done some serious work which was sponsored by the ESFA.
Ongoing Financial Management for Academies
Once this work had been completed they decided they needed ongoing help with their finances, managing them, improving ongoing budgeting, and ensuring that auditor reports are actioned.
We’ve been working with Stratford School Academy since then, and we help with:
- Tendering internal and external audit services
- Monthly Management accounts for Trustees
- Interviewing process for finance department
“Alan Patient & Co have assisted us through a period of change. They have helped update our financial controls, advised on and implemented new accounting software and aided us in maintaining budgetary controls to help us grow from 900 going up to 1,500 pupils.”
Mr Seager, Stratford School Academy
Financial Management for Schools
We also help schools with their finances, even when they are not planning to convert to Academies. They struggle with many of the same issues, albeit they get some extra support from he local authority. We help them with:
- Budget Forecast
- Pre-conversion work
This article is a very brief summary of a discussion between Chris James and Tim Warneford, about Accountancy services to schools. Click here to hear the whole article.
We help Schools and Academies with their financial management, see the results of good practices (and hear about less good practices). If you would like to discuss how to improve financial management in your school, please call. In the last few weeks we have been able to give good schools ideas simply by talking, visiting, or as part of a paid project.