The advantages of academy or free school status include direct government funding and in-house control of finances.
While academies and free schools enjoy greater financial freedoms, robust budgeting and financial management are crucial to their ongoing operational success.
Budgeting goes far beyond knowing how much money is available, allocating funds and keeping track of expenditure.
Academies and free schools also need to look at a much bigger picture that takes into account short, medium and long-term goals and objectives as well as ongoing costs and commitments. By working in this way, academies and free schools can put in place sustainable, profiled budgets and financial plans designed to achieve their desired outcomes.
At Haslers, our education team will work with you to explore in detail your likely income and expenditure and draw up budgets to match resource allocation to your academy or free school’s priorities and development plan, working within realistic parameters.
- Budget planning, preparation and profiling
- Reporting against budgets
- Cash flow forecasting
- Preparation and interpretation of monthly or quarterly management accounts
- Recommendations for suitable or more effective accounting software to support budget planning and monitoring
- Advice on improving existing financial systems and controls and implementing chances
- VAT and taxation advice
To find out more about Haslers’ Essex-based accountancy and tax services for academies, free schools and independent schools, please contact us.