Financial Support For Academy Schools

Financial Support Academy

The Local Management of Schools Team (LMS) offers a Financial Support Service to academy schools which is responsive to client needs in an ever changing financial environment. There are two levels of service:

  1. Transitional Service offers support and continuity to finance staff through the many areas of finance that change when you become an academy. (Length of service to be discussed).
  2. Annual Service offers a comprehensive service to academy schools who will benefit from a dedicated LMS bursar as well as expertise of the whole team.

Included in the service

Traditional Service
  • Meeting with admin staff to discuss changes in financial procedures and requirements
  • Advice on FMS structure (in conjunction with, or in preparation for, set up by Capita)
  • Support new FMS database set up
  • Support and advice for admin of supplier information
  • Training on bank account processes on FMS
    - Payment process e.g BACS
    - Monthly bank reconciliation
  • Support the input of payroll journals on FMS & reconcile the system payroll control account
  • Support to create new financial policies and procedures
  • Cash flow spreadsheets/forecasting
  • Support with preparation of a part year budget following academy conversion
  • LMS Helpdesk support
Annual Service
  • Prepare annual budget statement to submit to EFA by 30th June
  • Prepare a period 7 (March) report for submission to EFA including budget projections for the following 3 academic years
  • Prepare a period 9 (May) report including budget projections for the following 3 academic years
  • Provide support at year end on FMS in conjunction with information from Academy accountants Monthly visit to provide (subject to agreement):
    - Checks & reconciliation of salaries from the payroll provider
    - Input payroll journals on FMS & reconcile the system payroll control account
    - Bank reconciliation
    - Produce VAT documentation from FMS for VAT returns
    - Processing FMS journals
    - Close each month on FMS (if required)
    - Training and support on FMS
  • Salary calculation sheets (as long as you use Wirral’s rates of pay)
  • LMS helpdesk support

Benefits to your School

Traditional Service
  • Support the set-up of the new academy FMS database
  • Assist finance in the smooth changeover from school to academy status
  • Support, advice and training on the areas of day to day finance processes that change when a school converts to an academy
  • Comprehensive advice and/or operational support for new FMS processes
Annual Service
  • Provision of budget setting and budget monitoring reports
  • Projections to assist your school with future financial planning
  • Salary calculation sheets provide assistance with budget setting and monitoring
  • Up-to-date staff salary information for ease of reconciliation
  • Finance related queries answered promptly
  • Regular updates and training notes regarding changes to FMS system
  • Support for new finance staff
  • Regular visits to your school to support finance staff with operational and practical tasks
  • FMS training to ensure financial knowledge on Academy database is up-to-date
  • Staff salary checks to ensure errors on staff salaries are corrected

Further information

LMS can also offer - at an additional charge - visits to schools for further support in various tasks including, FMS training and emergency cover for invoice processing. This is charged by the hour.
Purchase financial support as a maintained school.

Quality Assurance

The service manager will monitor, on a termly basis, the standards set down in the SLA. Any feedback from service users will also be taken into account.

Contact

Call Sue Ashley on 666 4579 or email sueashley@wirral.gov.uk