Hampered by antiquated software and processes and a lack of impartial advice and support, schools and academies are struggling to cope with unprecedented financial pressures, caused by the combination of budget cuts and rising costs.
However, by outsourcing your financial management, you can prepare for an uncertain future and focus on maintaining the highest possible education standards.
Here are some of the benefits of outsourcing school financial management:
- Save money
The right support can save you money by helping you implement efficient and effective processes to generate cost savings. Outsourcing financial management can be a cheaper alternative to hiring a full-time staff member/team.
- Impartial advice
Outsourcing your financial management opens up the knowledge pool to a whole company, so you’ll receive not only impartial advice but a wealth of knowledge from a team of experts.
- Cost-effective
When outsourcing your financial management, you only pay for the work that is done and the time spent, meaning you don’t have to pay for anyone’s sick days, coffee breaks, or annual leave, which can also lead to delayed work.
- Quick results
Some streamlined systems and processes can be implemented in minutes, making you more efficient from the outset. Outsourcing financial management can save school administrators valuable time, allowing them to focus on their core responsibilities, such as providing quality education to students.
- Boost staff capabilities
Outsourcing school financial management not only offers immediate financial benefits but also guarantees your team's ongoing professional development through effective training. By partnering with experts in the field, your staff gain access to specialised training programs that address the unique challenges of the education sector.
- Governor confidence
Accurate financial information gives governors peace of mind. When the data demonstrates that your school or academy is managing its finances transparently, efficiently, and cost-effectively, governors will have the appropriate tools to make strategic decisions with ease.
- Accuracy and consistency
Outsourcing helps you deliver accuracy, consistency, and best practice in your financial processes. A financial management firm will be able to pick up and resolve any problems quickly and accurately, and your consultant will have the option to draw on the knowledge of the wider team to find a solution.
Outsourcing your school's financial management emerges as a strategic lifeline, particularly in the face of the unprecedented financial pressures gripping educational institutions today. By embracing the benefits of outsourcing, educational leaders can not only navigate these challenges effectively but also set the stage for a future marked by financial resilience and educational excellence.
Looking to outsource your financial management?
If you’re interested in finding out more about our financial management services, get in touch!