Our service at a glance
- To provide schools and academies with a comprehensive range of professional financial services which ensure financial resources are deployed in the most economic, efficient and effective ways
- To ensure all schools are compliant with the latest financial regulations and policies relevant to their school
- To advise head teachers and governing bodies on changes in legislation and the impact on their schools
- To ensure financial records and systems are maintained to high standards to allow accurate and timely reporting
- To provide financial information in a clear and concise format, specific to the individual needs of your school
- Access to experienced school finance staff
- To provide a range of services, which can be purchased individually or in combination to reflect the particular needs of your school or cluster
A high quality financial management support service to schools and academies
Why choose us?
The team are fully briefed on all forthcoming changes and their impact on Walsall as a borough and individual schools, enabling head teachers and governors to focus on improving standards and attainment in the knowledge that they have a good understanding of their financial position.
The next few years will see significant changes to the funding of education nationally, which will have differing impacts on individual schools at a local level.
New processes and procedures will need to be implemented to manage the changes effectively.
Our experienced staff specialise in school finance, providing high quality, excellent value for money services and are well placed to support schools in the time of change.
- Staff are quality assured and fully appraised of all new developments
- Financial records and systems are maintained to high standards to allow accurate and timely reporting
- Financial reports are clear and concise
- The service is split into three service areas, all of which can be purchased separately or in combination to reflect your individual school needs.
The range of financial support services available to choose from are:
Resource Management and Planning service – support via named Finance Consultants:
- Financial consultancy service – support via designated financial consultants
- Consultancy visits tailored to meet the needs of your school
- Supporting Value for Money by challenging budget plans and maximising resources
- Working with senior management in the production of short, medium and long term budget plans, taking into account pupil population, strategic financial developments at both national and local levels, staffing scenarios, curriculum plans and projected levels of income.
- Regular staffing structure cost projections
- Ongoing monitoring of schools spending and formulation of projected year end balances, advising on application of Balance Control Mechanism
- Guidance to ensure appropriate levels of financial control
- Advising on the implementation of changes to funding formula strategies, including financial analysis
- Use of financial benchmarking data to inform budget reviews
- Advising on implications for a school’s individual budget as a result of changes in DfE regulation and legislation
- Advice and guidance to head teachers and governing bodies on the impact of the new legislation and the implementation of relevant policies
- Advice and assistance on the Schools Financial Value Standard – SFVS
- Point of contact for Internal Audit on a range of areas
- Strategic Financial Management advice to head teachers and governors
Governor Support – In addition your Financial Consultant can, on request, attend meetings of your Finance Committee. The support will include the preparation and provision of relevant reports for presentation at each meeting.
Bursarial Service – support via named peripatetic Bursar:
- Designated member of the School Finance Team to work with your finance staff
- A wide choice of support sessions available to best suit your needs
- Assistance with the administration and management of the school’s local bank account
- Preparation and process of bank imprest reimbursement claim forms
- Assistance with transaction/invoice processing on site where applicable
- Assisting with monitoring and reconciliation of financial reports from the LA to internal accounts
- Assist with and undertake budget virements and journals approved by head teacher
- Investigate anomalies related to monitoring reports as raised by the school
- Ensuring the school has received all of the funding to which it is entitled e.g. grant funding with any necessary follow up
- Enter initial budget allocation and any in-year budget adjustment on in house software
- Training staff on operational financial systems and procedures
- Giving advice on financial procedures and systems
- Give advice on the maintenance of accurate financial records and systems
- Closure of year end accounts
Transaction Service – support via Finance Assistants:
- Input invoices for payment on to the Council’s payment system
- Input credit notes on to the Council’s payment system
- Undertake LMST bank imprest reimbursements
- Undertake journal transactions
- Bank cheques on behalf of schools
- Correct anomalies on monthly monitoring reports
- Issue controlled stationery in line with Internal Audit regulations
To find out more
For more information about any of the services available please contact:
Schools and Early Years Finance Manager