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Control costs with effective school financial planning

Being in control of a school’s finances can feel like a real juggling act at times. To make the most efficient use of available financial resources you must plan ahead, consider spending carefully and create workable budgets.
  • Control costs with tight budgeting and rigorous monitoring
  • Stay compliant by producing and filing required accounts and reports
  • Make good decisions with access to appropriate, accurate reporting
In a general climate of cost-cutting where Ofsted is placing increased emphasis on leadership and management in schools, having rigorous financial procedures in place has never been more important.

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

Core school finance service

Our school finance services are available independently, so you can pick and choose the combination of consultancy and resources that will be fit your school financial planning needs. Our core school finance services are:
  • Access to a financial consultant: an expert member of our team able to advise on all areas of school finance including planning, budgeting, accounting and cost control.
  • Helpdesk support when you need it: get practical, plain-English help from our experienced helpdesk staff. You can contact them by phone or online, with quick questions or detailed queries.
  • Salaries budgeting and monitoring tool: an easy way to plan your spending on staff salaries, and then monitor how well you’re sticking to your plan. Helps you stay right on target.

Other school financial planning options

To meet your school finance requirements, we offer a range of other services, including:
  • Budgeting: professional help creating single and multi-year budgets.
  • DfE returns: we’ll guide you through the process of completing DfE returns.
  • Funding projections: assistance building realistic future projections.
  • Reconciliation: finding the best way to perform period-end reconciliation.

Find out more about Babcock’s forward thinking finance services:
Call: 0800 030 4760
Email: Servicestoschools@babcockinternational.com

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