When it comes to financial reporting within the school / academy environment, it can be an incredibly comprehensive and lengthy process and is a distinct requirement for academies as set out in the Academies Handbook and for schools in reporting back to their respective Local Authorities. Whilst you may already know the importance of financial reporting, it is also beneficial to know the impact it can have on the overall financial management process; from day-to-day operational tasks, to strategic assignments such as budgets and medium-term financial plans.
Financial reporting is used to communicate the financial position of your school / academy to key stakeholders such as governors and trustees. Typical techniques of illustrating this information would be financial analysis, usually computed from the financial statements i.e. Statement of Financial Position and Statement of Profit or Loss. Essentially, it is a tool used to monitor financial health.
Financial reporting is certainly a tool that schools / academies should take advantage of, it can make a significant impact on the current and future success both operationally and financially, ensuring that any potential errors are avoided.
SAAF Education's team of Finance Consultants work with a range of schools, academies, free schools and multi-academy trusts across the country to support them with financial management. Click below to find out how we can support you too.