Managing school finances has become increasingly challenging, with growing regulatory requirements and complexities in funding from the Department for Education. To help schools meet these demands, the Schools Finance Service has rolled out a new finance system across its partner schools. This update provides a consistent and efficient way to handle financial information, enabling schools to manage budgets more effectively and make well-informed decisions.
The improved system has made it quicker for Finance Advisers to access the data they need to support schools, helping to model budget options and plan for the longer term. These updates have delivered practical benefits, including improved budget control, better risk management, and clearer reporting. Schools now have the tools to navigate financial pressures with greater confidence.
In addition to the new system, the Schools Finance Service has introduced the Workforce Planner, a tool specifically designed to help schools manage their staffing costs—typically 80% of their budgets.
By integrating staffing data with payroll systems, this tool provides highly accurate forecasts, reconciling figures to within £100. Schools benefit from a clear link between planning and actual costs, ensuring tighter control and more reliable resource allocation.
The Schools Finance Service continues to offer personalised support through its experienced advisers, providing regular on-site visits, tailored training, and financial reports that meet the specific needs of governors and school leaders. By combining practical tools with expert advice, the service ensures that schools have the support they need to manage their finances efficiently and effectively.