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 Finance for Academies - Babcock Education

FINANCE

 

Financial advice and guidance for academies and academy conversion

Effective financial management enables your academy to allocate spending wisely, achieve excellent value for money and focus your resources on creating a learning environment where pupils can thrive.
 
No matter whether you’re undergoing the academy conversion process or have been successfully operating as an academy for some time, our school finance services can offer significant benefits:
  • Gain a clearer understanding of your finances, so you can budget and plan spending in ways that will help achieve your overall objectives.
  • Make sure you meet regulatory and reporting requirements by creating workable internal controls for academy finance.
  • Ease the burden of finance management with ongoing support, help at year-end and assistance with everyday financial processing.
 
 

Core finance services for academies

Our core finance services include consultancy and ongoing support to help your academy with budgeting and day-to-day financial management:
  • Budgeting consultancy: to help set and monitor budgets effectively
  • Financial toolbox: includes access to budgeting and monitoring tools
  • Telephone helpdesk: call us for advice and support with common software
  • Online resources: access to authoritative guides and information
  • Annual seminar: attend our annual event for academy professionals

 

Academy conversion support

Startup Service for schools wanting to convert to an academy.  Converting from a school to an academy requires significant changes in financial management and reporting and can cause a temporary additional workload for the school.
 
Setting up a new financial accounting and reporting structure will usually be the responsibility of the School Business Manager. Our consultants can help you steer a smooth path through conversion and ensure you will be able to open on day one with an effective chart of accounts which reflects the required reporting structure and supports the production of year-end financial statements and all DfE submissions required in the first year.
 
We Deliver

 2 half-days of support:
• To ensure the chart of accounts and system mapping supports the production of EFA returns
• Producing your:
    – User defined management report
    – Finance Policy
    – Fixed Asset Register

 Electronic tools and templates:
• Electronic chart of accounts and mapping tool
• Conversion planner checklist
• Finance Policy template

 Advice on:
• Funding and accounting differences for the new academy
• The treatment of inherited assets and liabilities
• VAT returns
 
 
 

Budgeting assistance

No matter whether you’ve been through academy conversion recently or have been running academy budgets for some time, we can provide a valuable new angle on how you create and manage budgets:
  • Budget reviews: evaluate your budget from a fresh perspective
  • Budget support: hands-on help with creating budgets and DfE returns

 

Ongoing support

A range of services to ease the financial management burden faced by your academy:
  • Management reporting advice: develop accurate management reports
  • Comparing performance: how to review your actual position against budget
  • Reconciliation support: including payroll control and other control accounts
  • Internal controls: ensure your accounting records are complete and accurate
  • Your finance manual: develop a practical, comprehensive finance manual
  • Ad-hoc assistance: guidance and advice on the specific issues you face
We are also able to provide year end support to help you prepare for audit, plus financial processing cover on a whole range of accounting systems.
 
 
Find out more about Babcock’s forward thinking finance services:
Call: 0800 030 4760
Email: Servicestoschools@babcockinternational.com
 
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