Budget planning and control are some of the many responsibilities that fall on the shoulders of finance leaders, CFOs and other board members. However, ensuring that budgets are accurately adhered to, can be a major challenge for schools.
Research carried out by Think Tank indicates that more than 60% of primary and secondary schools in England overspent their income. As expenditures increase, finance leaders need to regain control of budgets. This will not only help to reduce deficits but also allows finance leaders to give more strategic oversight of the financial year ahead and enables them to plan annual costs more accurately.
COVID-19 has only intensified the pressures on CFOs. With schools now having to spread their budget across more necessities such as remote working equipment and PPE, the pandemic has caused a major increase in expenditure. According to EPI over half (57%) of all schools are now using their reserves to meet COVID related costs.
With a higher demand for money and a huge uncertainty around the pandemic, is this the time for schools to transform their finance operations?
HOW CAN I TRANSFORM FINANCES WITH CLOUD ACCOUNTING?
Sage Intacct for Education is a robust, cloud accounting platform designed for the needs of schools and MATs.
Offering a live view of budgets and expenditure reports, the platform is the perfect solution for finance teams wanting to gain more control of budgets whilst tightening spending.
Accessed through a web browser, Sage Intacct for Education is ideal for remote workers or finance teams who work at different locations. All data on the Sage Intacct for Education platform can be accessed from anywhere, improving team collaboration, minimising IT support, and reducing overall admin times.
Ensure you are making critical business decisions at all times with Sage’s true cloud platform. Access data on the go and work at your own schedule with Sage Intacct for Education.
STAY ON BUDGET AND TRACK SPENDING WITH SAGE INTACCT FOR EDUCATION
Empower the decision-making unit with customisable dashboards - Get a real-time view of budgets, expenses, and percentage variables that give a deeper insight into what budgets are being utilised, and at what cost.
Make more strategic decisions based on real-time data such as forecasted vs actual spend - Delve deeper into budget reports with Sage Intacct for Education's powerful reporting functionality, split out into monthly and quarterly spending.
Give key stakeholders relevant information to make more informed decisions with reports that are embedded with all required budget and forecasting knowledge. Add new columns and customise the report to showcase an unlimited amount of budgets with just the click of a button.
INTERESTED IN SAGE INTACCT FOR EDUCATION?
Equipped with a team of Sage Intacct for Education Specialists, ION is on hand to transform the finance processes for schools, academies, and MATs.
As verified Sage Intacct partners, we have adapted the solution to align perfectly with the requirements of the education sector. Interested in Sage Intacct for Education? Watch the free demo here or speak to our specialists.