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7 benefits of outsourcing your school’s financial management

Date published: Date modified: 2024-02-09

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:

  1. 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.

  1. Impartial advice

Local authorities may offer their available services, but it’s worth researching all your options before deciding to ensure you choose a service that’s right for you.

  1. 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.

  1. 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.

  1. 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 gains access to specialised training programs that address the unique challenges of the education sector.

  1. Governor confidence

Having accounts broken down in detail 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 accurate information to make strategic decisions with ease.

  1. Accuracy and consistency

Outsourcing helps you deliver accuracy, consistency, and best practise in your financial processes. It can reduce the risk of financial fraud or mismanagement. Financial management firms have strict controls and procedures in place to prevent financial fraud or errors, ensuring the school's finances are secure.

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! 

Download our infographic - 7 benefits of outsourcing your school’s financial management

By SAAF Education
SAAF Education 340 110

30 January 2024

Categories

Schools
Education
Finance

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