Education finance panel discussion 2024 write up

The beauty of this discussion lies within the diversity of the panel. You’ve got a CFO from a large trust, a Head Teacher of a large, LA-maintained primary school and a School Business Manager from an LA-maintained school - three different perspectives, all sharing their thoughts on one of education’s biggest topics: education finance.

You can watch the full episode by following this link, but we know you’re all incredibly busy.

That’s why we’ve put together a quick roundup (video snippets included) so you can skim and explore the bits most relevant to you.

It’s always great to hear stories about what led certain schools to adopt technology.

And, sometimes, things outside of our control often force us to make the change. That was certainly the case for St Benedict’s, as Jackie Fowler shared. A devastating cyber-attack deleted the school’s data, exposing the limitations of their existing manual systems, including their vulnerable MIS database and outdated financial software.

As Jackie explains, this forced them to transition to a cloud-based solution, which has significantly improved their administrative and financial operations.
Despite initial costs, Jackie notes this transition has been instrumental in their progress over the past three years.

See the short clip below to learn more.

Every setting has a unique approach to navigating budget challenges. When you’re in charge of the finances within a large multi-academy trust, the challenges are prevalent – with factors such as pay variances adding a layer of complexity.

Nathan Bates was on hand to discuss his approach to navigating budget challenges. In this clip, he shares his experiences with collaborating with the board of governors and trustees to make informed decisions.

He also shares how his team prepares for multiple scenarios, which gives him the flexibility to make necessary budget adjustments. 

When it comes to the use of education software, it’s useful to understand how different settings leverage the software features – especially if you’re in the market for new solutions.

In this clip, Nathan shares how the De Curci Trust uses Access Education finance and budgets to help manage central operations across the entire trust. Nathan also discusses the integration between Access Education Finance and Access Education Budgeting software, and how it can aid in the entire financial management process of the trust. 

So how can financial management software help those within an LA-maintained school? In this clip, Bernie Cassidy from St Georges Primary School shares how the use of software can provide headteachers and governors with various scenarios to monitor - and therefore adapt - to changing situations.

Drawing on specific examples, such as an influx in students with SEN, Bernie highlights how the user-friendliness of modern software can help schools make more informed decisions easily, while allowing for effective monitoring and proactive planning. 

A key talking point in education right now is academisation. While the Labour manifesto doesn’t mandate that all schools should be part of a trust by 2030, as the previous government’s did, schools will still be considering academisation as an option.

Bernie discussed his approach to evaluating opportunities like academisation, drawing on the importance of strategic leadership across all levels – from governing bodies to business managers. 

Learn more: What is academisation and why do schools do it?

Wondering how schools can become part of a trust? Want to know what the process involves? In this clip, Nathan shares The De Curci Trust’s journey as a group of schools who partnered to become a trust.

Nathan discusses, at length, their approach to partnerships and growth, highlighting the advantages of becoming a trust – including cost savings, enhanced services and opportunities for substantial capital investments across the schools. 

Let’s face it, we’re always looking for new strategies to effectively manage our budget. Thankfully, Bernie has you covered. He discusses how the use of tools like Access Education Budgets and Finance is invaluable for financial tracking and planning.

He also talks about the need to distinguish between essential and desirable expenses to ensure schools operate efficiently and make strategic investments in things like staff development.

In this final reflection from our fantastic panel discussion, we hear from Nathan as he provides insights into De Circi Trust’s vigorous budgeting and financial management processes across their schools. He covers things like initial budget approval to monthly management reports – as well as how their use of software fits in with it all.

Nathan also discusses the importance of KPIs and benchmarking, and how they contribute to making informed decisions, allowing the Trust to optimise resources. 

And that’s the round-up from our most recent finance panel discussion. From cyber-attacks to academisation, we explored the breadth of issues surrounding financial management in both LA maintained schools and multi-academy trusts.

Don’t forget, you can access the entire episode by following this link.

We also have newly updated product brochures for our budgeting and finance software. They’re full of our latest features, including centralisation functionality for MATs, new budget scenario features and much more. 

• Budgeting software brochure
• Finance software brochure

Further reading

If any of today’s topics interest you, we’ve got a treasure trove of great resources. 

• How can schools improve collaboration with their local education authority?
• What is the best financial accounting software for schools?
• The ultimate guide to education finance software
• Five key benefits of centralisation for Multi-Academy Trusts