Academies Support School
Academies Support School|
Bespoke Financial Support|
Year End Accounts|
Academy Conversion Service|
3BM’s Academies’ Team is experienced, professional and has in depth knowledge of the financial requirements of academies gained through working with the education sector for 25+ years in various capacities.
We will have an initial meeting with you, identify the projects that need to be tackled, agree a timeline and allocate responsibility for them. We can provide full project management or a ‘light touch’ service, depending on your needs.
We can also provide Academies that have converted with a range of financial support services, such as termly system checks required by your governing body and support for the school’s Responsible Officer.
We provide on and off site support, financial analysis reports, assistance with creation and updating policies and procedures, advice on improving processes, advice and support on creation of chart of accounts (cost centre, ledger code and fund structure on accounting system), finance and administration support.
Meeting EFA Requirements
Advice, support or creation of EFA budget forecast return, assistance with the production of any EFA financial return, advice and support on meeting the requirements of Academies Financial Handbook.
Capital Funding/Accounting Service
Advice and guidance on capital bids can be provided through our Building and Architectural Team, advice and support on creating and maintaining a fixed asset register, accounting for capital items, advice on depreciation calculations.
Our experienced team provide Helpdesk Support, to enable remote trouble shooting.
Our well established team is led by two qualified accountants with a proven record in quality and reliability. We have extensive experience of working both in schools and education managing school finances, budget planning, monitoring, advising on finance policies, enhancing accounting structures, user defined reporting, closing of accounts, academy conversion and all other aspects of schools financial support.
The team also delivers bespoke financial training, from one to one FMS system training to financial efficiencies training for groups of governors.
We provide a full and comprehensive service in Budget Planning and Control, including:
• Provision of budget planning tool
• Review of funding formula in relation to your Academy
• Budget monitoring support and advice
• Provision of budget monitoring reports for discussion at finance committee meetings
• Salary, monthly, bank and VAT reconciliations
• Production of cash flow
• Value for money analysis
Year End Accounts/Audit Support
We provide support and guidance in producing year end accounts, liaising with external auditors, offering pre-audit advice as well as post-audit reconciliation of accounting system to published accounts.
We can offer a range of in-school, bespoke, training on any aspect of FMS. Tailoring training to your specific needs ensures a cost effective solution to your training requirements. We can also provide financial management training for school staff and governors.
For further information see our Training Page
Our experienced team can provide tailored support for schools considering converting to Academy status. We can help you project manage the whole process or provide help as you require.
Through the conversion process we can help ensure that you meet all the requirements of the Education Funding Agency and Companies House. This can include; selecting auditors, the set-up of new financial systems, budget forecast returns, advice on HMRC requirements, VAT returns, completion of the Financial Management and Governance Self-Assessment (FMGS).
Through our unique partnership with Prospects and Winckworth-Sherwood, we can provide support and guidance in all areas for both pre and post conversion.
Internal Financial Control
The Academies Financial Handbook emphasises the need for academy trusts to “have in place a process for checking its financial systems, controls, transactions and risks”.
Our testing service gives independent assurance to the trust that these scrutiny requirements are being met, through delivery of a termly inspection of relevant areas followed up by a written report highlighting our findings.
The exact programme will be agreed with the academy trust but areas covered can include:
• Financial Management Policy
• Monitoring Systems
• Payroll processing
• Payments systems
• Income systems
• Bank Reconciliations
• Risk Management
• Related party transactions
“3BM has recognised that academies have specific needs when it comes to financial support and have built a specialist team to assist. 3BM is very responsive and professional as an organisation with an excellent depth of knowledge and expertise to call upon.”