Financial Services

Overview

Financial Services offers a high quality comprehensive range of financial management advice, information, guidance and support to schools and academies.

Our customer focused services are delivered by a highly committed, dedicated and experienced team that understands all the complexities of schools and academy finances.

Our professional expertise includes qualifications in accountancy, school business management and ICT. Financial Services offers a high quality comprehensive range of financial management advice, information, guidance and support to schools and academies.

What the service provides

• Supporting school leadership teams in the detailed budget preparation, construction, monitoring and forecasting for multiple-year periods
• Provision of bespoke user-friendly financial management reports that meet schools and national reporting requirements. These can be purchased as a separate package by any school that does not buy into the full School Bursary Service
• Supporting schools with all of the strategic aspects of school business management, from reviewing administrative processes through to major project developments
• Termly visits to your school, or more if circumstances or additional support is required, including attendance at Governing Body meetings by invitation

Benefits to your school

Our highly experienced and specialised service provides you with all essential budget management information, monitoring, guidance and support which enables Bury's schools to maintain their excellent financial management reputation.

We take pride in our extensive knowledge and in-depth experience of individual schools and tailor our support to directly relate the financial complexities into realistic and appropriately costed plans and visions.

Further benefits are included at each service description.

Overview

This exclusive service delivered by your dedicated finance professional incorporates the following, plus all as specified within the Standard Package and much more as detailed in the full SLA available on request.

What the service includes

• Production of a detailed multiple year strategic budget plan, which uses a high quality budget planning tool, developed by our Financial Services.
• Precise monitoring of expenditure and income throughout the year for both staffing and non-staffing costs and assist with the forecasting of the budget out turn.
• Meetings with the Headteacher to discuss the budget to enable the Governors to approve your school budget by 31 May.
• Provide advice in connection with budget setting and evaluating different options to deal with situations which may have a significant impact on plans, e.g., decreasing pupil numbers.
• Detailed costings for each member of staff employed in the school, plus estimates of non staffing costs.
• Comparative financial statement with the previous year's out turn.

Benefits to your school

Partnership working with your school to maintain the high standards of financial management that contribute to strong academic performance.

Value for Money achieved through the highly competitively priced service which contributes to efficiencies essential to sustaining balanced schools budgets.

Access to a diligent, dedicated and experienced finance professional who appreciates and understands your school's specific needs.

Complete confidence that budget resources and plans, plus any external funding opportunities, are monitored on your school's behalf and any errors or issues are dealt with effectively in liaison with schools and all relevant internal or external parties.

Costs

The School Finance & Business Management Consultancy Package is available at an annual lump sum charge per school plus an additional amount based on pupil numbers.

Overview

This package provides schools, not buying into the full School Finance & Business Management Consultancy Service, with essential financial information in a format designed and tailored to fully meet statutory and regulatory requirements.

The information is provided on a monthly basis to all schools purchasing this package and has been developed in liaison with schools to ensure it meets all your financial management reporting and reconciliation requirements.

What the service includes

• A summary of your school's approved revenue delegated budget and variance analysis
• Provision of a multiple year budget template to ease required budget submissions in the format determined by the Authority
• Monthly financial budget monitoring and detailed payroll and non-payroll transaction statements
• Year-end final accounts information
• Production of schools annual Consistent Financial Reporting (CFR) submission
• Correction of errors, including journals and virements

Benefits to your school

The information provided has been developed to ensure individual schools benefit from user friendly and prompt financial management information.

Schools receive monthly budget management and detailed transaction reports electronically within a prompt timescale to ensure up to date and effective budget monitoring and any queries may be considered.

Costs

The Standard Package is available at an annual lump sum cost per school

Overview

The alternative to payments being made through the Authority's transactional systems is for schools to operate their own bank account facility.

The 'Guidelines for the Operation of a School Bank Account' (SBA) should be read in conjunction with Section three of Bury's approved Scheme for Financing Schools.

Schools are not empowered to have overdraft facilities, credit cards or any loan arrangements.

What the service provides

Whole Budget Account

Schools receive the total delegated budget in instalments into their bank account.

Schools make all payments, including payroll and all associated on-costs.

Partial (Non-Staffing) Account

Schools receive the non-payroll budgets, except for internal recharge headings, in instalments into their bank account.

Schools make all non-payroll payments from this account.

The Authority's Financial Management Section will facilitate and advise on the use of a school bank account and undertake to process and reconcile all transactions into the Authority's financial system.

Schools must submit monthly SBA (School Bank Account) returns within required deadlines.

Benefits to your school

Schools can make payments direct to providers of goods and or services.

Schools can produce their own cash flow statements.

As a separate arrangement to School Bank Accounts, schools may benefit from the provision and operation of a Purchasing Card.

Costs

The cost of this service reflects charges incurred by the Authority associated with separate bank account arrangements, and is set at a lump sum amount per school.

Schools are also responsible for any additional costs incurred by them operating their own bank account, e.g. bank statements and cheque stationery.

Overview

Our highly experienced Accounts Payable team is integral to our Pay Services operation and works closely with colleagues in payroll and pensions to ensure a comprehensive service to our customers.

We provide schools with a comprehensive and cost effective invoice management and processing service and operate a 'Centre of Excellence'. Our commitment is always to strive to exceed our customer's expectations.

What the service provides

• Comprehensive recording, processing, payment and management of invoices
• Invoice query management for schools and suppliers
• Creditors invoices, once authorised by schools, are paid through the Authority's bank account - thereby cash flow problems are eliminated for schools
• VAT reclaimed through the Authority's financial systems thereby reducing the burden on schools
• Construction Industry Scheme (CIS) payments are made on behalf of suppliers to ensure compliance with HM Revenue and Customs regulations
• Full compliance with the requirements of payments legislation, industry good practice and internal and external audit
• Full service details can be found in the comprehensive SLA

Benefits to your school

Operating in a 'spirit of partnership' ensures that our services are tailored to meet your needs. In addition we have a proven track record of delivering first class, quality, cost effective services to the education sector through our dedicated, professional team. Your Pay Services are in good hands leaving you free to concentrate on your core business.

Costs

Costs will be based on the number of transactions processed for each school over the last academic year.

Additional information

In the past 12 months our Pay Services Accounts Payable Team have paid around 80,000 invoices 99.1 per cent plus of which within terms averaging just seven days to pay.