Schools Financial Management Services

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£7,500.00
The benefits of using the council’s traded services support, is that we provide a bespoke close down service to your school’s specific needs, continuation and stability; all provided by a professional finance service dedicated to delivering a high standard of support. Our services will be continually developed and modernised in response to our system transformation project. NOVUS will help school business managers to effectively work with the council traded services team on school closure of accounts. We will also provide information sharing forums for better working relationships between school colleagues and the council traded services team.

The new financial advisory services in Haringey Council is a fee-based service provided by the Local Authority at a reasonable cost to your school. Our linked adviser will work with your school on a longer-term basis to ensure school financial support is robust, efficient, effective and economical.

All schools using our service level agreement are assured of a first class, consistent, integrated management service which works professionally with all stakeholders to meet their needs and ensure strategic support available to your schools.

To help schools to manage their budget effectively we have now a dedicated team to provide high quality, professional, value-for-money services to schools on a traded service offer. Our advisers are suitably qualified and have experience of over 10 years working within the education sector to provide school leaders with strategic support to help manage their budget effectively.

Scope of Work

 Annual budget forecast preparation for schools business manager, headteachers, governors and LA submission. 

  1. Automation of schools accounting system with the spreadsheet for budget forecast and LA reporting
  2. Development of budget forecast excel template for your school
  3. Preparation of monthly and quarterly financial forecast in line with any changes in funding or staffing structure
  4. Budget monitoring report including variance analysis along with action plan for any adjustment
  5. Financial Health check to ensure your school is compliant with Internal Audit program
  6. Preparation of 12-month Cash flow forecast to identify your school’s cash flow requirement over the next 12 months
  7. Review of Consistent Financial reporting and reconciliation of your grant income to ensure your school is compliant with the LA reporting
  8. Review of control accounts such as payroll reconciliation and VAT reconciliation
  9. Advice and support with VAT, accounting for capital projects, financial systems, financial reports
  10. Assistance with month end and year end submission of accounts to the LA
  11. Assistance with the preparation of SFVS
  12. Helpdesk support providing prompt response to all financial queries

Why choose us?

We offer experienced, dedicated staff, most of whom have offered financial support to schools for many years.

We support all the maintained schools in Haringey Council and the traded service benefits from the strong links and information exchange within the Council core services, for example developing the school’s formula and ongoing discussions with the Schools Forum.

We have ready access to all the other elements of Council's support services to schools such as payroll, HR etc to offer a seamless service informed by in-depth knowledge of the school’s circumstances.

We aim to develop and maintain strong relationships with the schools we support so that we can offer bespoke services to suit every individual school.

Service Levels Agreement

The school’s finance team undertake to;

To provide virtual / remote support service to respond to general enquiries, queries raised are resolved within 5 working days.

Provide School account clousre services to school.

The service is based on 12 days financial support from a dedicated resourses. 

Schools are required to complete all month end process for period 12 where possible.

School Finance team will work with SBMs for submsion of accounts to NOVUS.

Take action on constructive feedback received at termly information sharing sessions.

Provide a user satisfaction questionnaire to continually develop and improve our services year on year.

Issue year end close down reports to schools within six working days following the account closure for headteacher and school business manager . 

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