Academisation: Finance Considerations
For those SBM’s and senior leaders who are considering becoming an academy or joining a multi academy trust (MAT) there are a mountain of things to consider across the areas of finance, human resources, payroll and pensions, and facilities management – many of which you may not have had responsibility for previously.
After helping over 200 schools make the transition to academy or MAT status Strictly Education were well placed to advise conference delegates on the key steps and considerations when embarking on this journey.
The biggest change that will occur once your school converts is within the finance function. To ensure focus remains on pupils and their learning it is important that you fully understand your new legal obligations and meet your new reporting deadlines.
The key areas to consider are funding availability, choosing the right finance system, banking and accounting, reporting and budgeting and making sure you have the right skill sets in place.
Whilst academies are responsible for their own financial management, they are subject to public standards of accountability and have to comply with both charity law, and the basic financial management, control and reporting requirements set out in the government’s Academies Financial Handbook – all of which means additional responsibility and workload.