Financial services - maintained schools
Our Financial Services team offers a range of accounting and financial management services, which can be tailored to meet the individual needs of maintained schools.
Our Financial Services team has many years of experience in supporting schools to meet their financial management and planning responsibilities.
Outside of Hertfordshire? Services can be tailored to ensure that a school is compliant with their local authority requirement.
Schools can either opt for regular support contracts or pay-as-you-use services. Our team can either deliver a full bursar service or work with your school’s finance staff to ensure that reporting and management responsibilities are met.
For further information on any of the services listed here, contact:
Barbara Elliott, Senior Delivery Manager
Tel: 01438 843299
This service is for schools maintained by Hertfordshire County Council and consists of an accountancy support and financial management advisory service, which can be tailored accordingly.
There are three levels of contract support on offer:
- full bursary service (shown as plan A)
- enhanced support service (shown as plan B)
- termly contracts – one visit per term
Please note it is recommended that schools using FMS6 should process their own financial transactions.
This service is for schools that want regular half-day or full-day support – weekly, fortnightly or monthly – depending on individual requirements.
The service includes the provision of routine financial processing, financial reporting and budget‑monitoring services. Financial Services also provides RM Finance or FMS6 financial management systems, including access to a helpline, as part of the package. A named adviser is provided as lead support. This service can include support on governors’ capital accounts and fund accounts. Fund‑account audits are also available, as a pay-as-you-use service.
This service is for schools that wish to and are able to take responsibility for routine financial processing, but desire additional support in meeting reporting and budget‑monitoring requirements, for submission to Hertfordshire County Council (HCC).
A school may purchase a block of time, based on its own requirements, and will be provided with a named adviser. Most schools seeking this service purchase a monthly visit from a member of the Financial Services team. Schools selecting this service will also need to purchase the financial management software support package relevant to their financial management system as an additional package. Information on this package is provided in the financial management systems support package section.
Termly contracts are for schools confident in the operation of their financial management system and processes, but welcome additional support. Financial services can offer advice on managing systems, to ensure compliance with HCC’s termly forecasts and production of year-end financial statements. Schools purchasing this service will need to purchase the financial management software support package relevant to the financial management system. Many schools using this plan purchase three full-day visits.
Our team supplies and manages software that is compliant with Hertfordshire County Council’s requirements; the software used is RM Finance and FMS6.
In addition to the software, this package includes regular bulletins to guide staff on financial management issues arising and routine tasks to be completed, as well as access to a helpline to respond to any financial queries staff have about accounting procedures and use of Financial Services‑supported software.
A budget planning service using Financial Services‑supported software, HCSS budgeting, is also available. This service includes the preparation of the three-year budget plan, and advice on developments and issues schools are required to consider when setting school budgets. The budget planning service also includes “what if” scenarios.
We also offer regular training courses at the Hertfordshire Development Centre and can also deliver training in a school setting to both staff and governors. Training is also offered in areas such as using RM Finance and FMS6, office procedures, and financial management for governors.
In addition to regular service options, our team offers a number of pay‑as‑you‑use services, including:
- emergency bursar cover
- training for staff and governors
- audit and independent examination of school fund accounts
- set-up of financial management systems
- financial management system health checks, to ensure that the system is working correctly and reconciles
The Financial Services team is also able to offer bespoke service plans, based on individual school needs, whether in our out of Hertfordshire. For further information please contact us so that we can discuss further.
This service is for schools that are either considering or have applied to convert to an academy status. Academies have to be compliant with a set of requirements, in terms of financial reporting, which are quite different from those of maintained schools. The financial processes, procedures and systems have to meet those demands and provide school staff with the right tools to manage an academy, both now and in the future.
Our Financial Services team also understands that, despite all of these new requirements, a school still needs to understand how they are using resources and how much money is required to support achieving plans for an academy.
We can support schools with the following, with an “out of the box” service, which provides the key tools required as a school moves into the exciting new world as an academy.
- provision of financial policies and procedures
- support in choosing an accounting system
- advice and configuration of finance systems
- advice and set‑up of reports and audit trails to meet audit purposes