In this video we explain what accruals accounting is and why schools, academies and trusts should do it. Looking at the main items in schools that are affected by this we explain how accruals accounting can ease the burden of these costs to a school. We also consider what impact this has on reserves that a school may have especially for academies. The academies handbook states that every academy should be doing accruals accounting so we can assist with any academies that are not currently doing this. 

 

Accounting for the Education Sector 

 

Our goal is to make the financial side of running a school as straightforward as possible. Many school managers are understandably focused on the teaching and learning, and statutory financial obligations aren’t prioritised until a deadline is looming. This creates a highly stressful situation for everyone involved. 

Capital funding is a question that we get asked a lot about and we look at CIF and SCA when we deal with our clients. We also look at UCS for emergency funding for schools. We also explain to our clients about how capital loans work and what grants can be used for. 

 

 

Accounting for the Education Sector 

 

Our goal is to make the financial side of running a school as straightforward as possible. Many school managers are understandably focused on the teaching and learning, and statutory financial obligations aren’t prioritised until a deadline is looming. This creates a highly stressful situation for everyone involved. 

Do you think that a school academy trust can't borrow money? Think again, we can help with this and advise on how it can be done along with dealing with repayments of the loan too. We help academy trusts with long term financial planning and how to forecast for future plans. 

 

 

Accounting for the Education Sector 

 

Our goal is to make the financial side of running a school as straightforward as possible. Many school managers are understandably focused on the teaching and learning, and statutory financial obligations aren’t prioritised until a deadline is looming. This creates a highly stressful situation for everyone involved. 

We talk about Xero accounting software and why we use it for all of our schools, academies and trusts that we work with. If you're not familiar with Xero we explain what it is and how we have tailored it for schools and multi academy trusts despite it not being an education specific accounting software programme. It can also be compatible with existing school systems that you may already be using. For multi academy trusts there are unlimited licences that can be used for different schools. 

 

Accounting for the Education Sector 

 

Our goal is to make the financial side of running a school as straightforward as possible. Many school managers are understandably focused on the teaching and learning, and statutory financial obligations aren’t prioritised until a deadline is looming. This creates a highly stressful situation for everyone involved. 

Do the resources that are employed in your school offer values for money? Mike Giddings of MLG Education Services looks at this in this video and answers questions such as what tools are available to schools and academies to help with this, what is ICFP - Integrated Curriculum Financial Planning, what costs are involved, what schools who are in need of investment can do to get that investment and what tools are available from the Department for Education. 

 

Academy trusts in particular that need assistance with their self assessment of efficiency, can get in touch with MLG Education Services with any questions that they may have. 

 

Accounting for the Education Sector 

 

Our goal is to make the financial side of running a school as straightforward as possible. Many school managers are understandably focused on the teaching and learning, and statutory financial obligations aren’t prioritised until a deadline is looming. This creates a highly stressful situation for everyone involved. 

Mike Giddings from MLG Education Services looks at the issues around management accounts and answers some of the key questions that we are asked from our clients in schools and academies including whether academy trusts need to produce the accounts in the school holidays, how frequently they need to be sent out, can they be produced at the end of the year, the importance of KPIs and what to do if you are struggling to produce them. 

 

Accounting for the Education Sector 

 

Our goal is to make the financial side of running a school as straightforward as possible. Many school managers are understandably focused on the teaching and learning, and statutory financial obligations aren’t prioritised until a deadline is looming. This creates a highly stressful situation for everyone involved.