Finance Support
Finance Support for Academies
The Schools Finance Service delivers customer focused financial services to support academies in all areas of financial management.
Academy Finance Support Packages 2024/25
Each package contains the following services:
Budget Population and Advice Service
- This service provides a number of budget planning tools to aid with the preparation of the budget, complete forecasts and prepare the monthly management accounts
- The web based budget planner can be used for setting the budget, completing monthly forecasts, and completing the Medium Term Financial plan.
- The web based budget planner also includes a pay reconciliation tool.
Full Telephone and Email Support
- A personal non-automated landline telephone helpdesk on accounting, FMS and BPS queries.
- This operates between 8:30am and 4:50 pm during term-time; (9.00am-4pm in school holidays).
Remote assistance to resolve queries
We will log into your system to help to resolve any issues you are having with financial systems or returns.
Benchmarking
We will complete the benchmarking annually for the school and forward the completed report to the school for review by the Governors and Head Teacher.
Finance Support Packages
It is assumed all meetings will be virtual however should an on-site meeting be required for a specific purpose this is possible.
Virtual meetings are a standard 3 - 3.5 hours, On-site meetings are a standard 3 hours the meetings are flexible and can be utilised to support the Finance Officer to undertake financial tasks such as:
- Budget preparation
- Preparation of monthly forecasts/monthly management accounts
- Preparation of the Schools resource self assessment management Tool
- Preparation of BFR3Y
- FMS/BPS training
- Support on cash management
- Support on bank reconciliation
- Support on payroll reconciliation
- General accounting tasks and financial advice
- House-keeping of accounting system
- Preparation and submission of VAT126 returns
- Year end support, including accruals, system balancing and balance sheet adjustments.
Bursar Support Packages
Bespoke Bursar support packages are available to meet the needs of the school, these can be used to cover a short term workload issue, a period of illness/vacancy or as a long term solution to workload planning.
The following tasks will be completed by a Finance assistant:
- Ordering
- Invoicing
- VAT returns
- Payroll reconciliation and journal completion
- Payroll reconciliation in the Budget planning software
- Bank reconciliation
- School fund preparation and reconciliation
The following tasks will be completed by a Finance Consultant:
- Budget Planning updates
- Preparation of the budget plan
- Preparation of monthly forecasts/management accounts
- Preparation of the BFR3Y
- End of year accruals, system balancing and balance sheet adjustments
- Query resolution
School Fund Audit
We will audit your school fund and complete the audit certificate.
Contact
To discuss your school's specific financial support requirements, or to obtain further information about our services, please contact:
Patricia Lockhart
Commercial Business Partner
Telephone 0115 876 4615
Email: schools.finance@nottinghamcity.gov.uk
Finance Support for Schools
This service aims to support schools in the daily management of financial affairs whilst ensuring compliance with financial regulations and policies.
School Finance Service Packages 2024/25
Each package contains the following services:
Budget Population and Advice Service
We provide a web-based budget planner to all maintained schools that we support. This service will populate your planner with your school's teaching and non-teaching staff. The planner can be used for setting the budget and to complete the outturn forecasts and the Medium Term Financial plan.
Full Telephone and Email Support
A personal non-automated landline telephone helpdesk on accounting, FMS and BPS queries. This operates between 8:30am and 4:50 pm during term-time; (9.00am-4pm in school holidays).
Remote assistance to resolve queries
We will log into your system to help to resolve any issues you are having with financial systems or returns.
Benchmarking
We will complete the benchmarking annually for the school and forward the completed report to the school for review by the Governors and Head Teacher.
Finance Training
We deliver a range of finance training, including:
- Budget Management Training This course aims to provide an overview of budget planning, monitoring and controlling process.
- BPS: Budget Planning System Training This course aims to provide an in depth guide to budget setting, the completion of outturn forecasts and the 3 year plan.
- FMS: Financial Management Systems Training This course aims to provide an overview of key functions, budget monitoring and year-end process in FMS
Bursar Support Packages
Bespoke Bursar support packages are available to meet the needs of the school, these can be used to cover a short term workload issue or as a long term solution to workload planning.
The following tasks will be completed by a Finance assistant:
- Ordering
- Invoicing
- VAT returns
- BPS payroll reconciliation
- Bank reconciliation
The following tasks will be completed by a Finance officer:
- Budget Planning updates
- Preparation of the budget plan
- Preparation of outturn forecasts
- Preparation of the MTFP
- Preparation of the Benchmarking element of the SFVS
- End of year accruals and system balancing
It is assumed all meetings will be virtual however should an on-site meeting be required for a specific purpose this is possible, to enable us to manage the meetings please give us notice of any on site requirements at least 1 month in advance of the meeting.
Virtual meetings are a standard 3 - 3.5 hours, On-site meetings are a standard 3 hours the meetings are flexible and can be utilised to support the Finance Officer to undertake financial tasks such as:
- Assistance with budget preparation and year-end process
- Preparation of LA returns
- Outturn preparation
- FMS updates & processing
- Guidance and support with the completion of the Schools Financial Value Standard
- Query resolution
Contact
To discuss your school's specific financial support requirements, or to obtain further information about our services, please contact:
Patricia Lockhart
Commercial Business Partner
Telephone 0115 876 4615
Email: schools.finance@nottinghamcity.gov.uk
