Running an academy brings a whole lot of freedom, but with that freedom comes the need for tight management controls.
Amongst those controls is the need for firm financial control to make sure that everything is progressing exactly as it should. Putting in place the right accounting and payroll system is at the backbone of the efficient running of any academy and choosing the right partner for that process is extremely important.
At UHY Hacker Young we have a team of specialist academy advisers and accountants who can advise you from the outset, which is of particular importance, on thecorrect procedures and processes for your school.
We will work with you to set up your accounting and payroll systems in the most efficient way. In particular, we will focus on:
Getting the right software package in place
There is an abundance of academy software packages on the market which promise to do a great job for you, but in many cases the best option is to adapt a tried and tested accounting system to your specific needs. We have the right people in place to do this effectively and efficiently. At all times we will be working with your specific requirements in mind and ensure that we also meet the requirements of the Department of Education, so that your package is individual to you and is adaptable enough to change as and when your needs change.
Setting up your accounts and financial policies after conversion
When your school converts from Local Authority status to academy status, there are specific accounting procedures to be carried out. Thanks to our academy experience, we are fully up to date and conversant with how your accounts need to be treated during the conversion process and well beyond. We can even help you determine and agree your academy financial policy.
Dealing with funding, funds and property appropriately
As soon as your academy is awarded Central Government funding or a start-up grant, those payments need to be treated according to the relevant rules. Add to this the appropriate management of school funds and the transfer of assets and you begin to see how the academy accounting process can become extremely complex. Enlisting our help at the outset is a great way of making sure you do not inadvertently fall foul of any rules.
If you are in the throes of converting to an academy or are in charge of an established academy and would like to explore what we can bring to your school call Scott Rouse on 01763 247321, email him at firstname.lastname@example.org visit the team website.
We would take on as much or as little of your accounting procedure as you would like us to, leaving you to do what you do best: run your school.