6 Benefits of Outsourcing Your School and MAT Finance Team

 Managing school and academy finance isn't a small feat; it's a constant juggle between limiting budgets and meeting deadlines and stringent compliance needs. It's hard to stay on track when dealing with the day-to-day pressures of running an organisation that puts children and their futures first.

That's why a growing number of schools, academies, and trusts are choosing to outsource some, or all, of their finance functions. However, outsourcing your finance department isn't about handing over control; it's about making sure your finance operation is operational and ready to adapt to any circumstances in the long run while having the ability to grow sustainably.

Here are six clear benefits we've seen when outsourcing finance:

1. Finance Experts That Understand Education

Finance for schools is a different world from commercial finance. If you've ever tried to explain GAG pooling, DfE reporting, or academies accounts to someone outside the sector, you'll know what we mean!

Outsourcing responsibilities to a team that lives and breathes education finance means not wasting any time picking things up.

2. No Gaps When Someone Leaves

When someone in a key finance role moves on, suddenly processes stall, reporting slips, and the pressure rises. Sounds familiar? Recruiting good finance staff in education is hard work.

Outsourcing finance for schools and trusts provides consistency. You get a team with built-in cover, so the work gets done regardless of sickness, holidays, or leavers. Avoid the sudden disruption from turnover that can lead to inconsistencies in your school finances. With an outsourced finance team for your school from Keystone Knowledge, you have peace of mind knowing that your finances keep ticking over, no matter what. 

3. Support That Scales With You

Whether you're growing your MAT, merging, or expanding, your financial needs will change over time. But is building an in-house team the right decision for you? This move can be expensive and time-consuming.

When your school or MAT's financial workloads change over the year, finance department outsourcing gives you the flexibility to dial support up or down as your school or trust evolves, or at peak demand times throughout the year, such as preparing for audits or year-end accounts.

4. More Value, Less Overhead

High-quality finance staff come at a cost, and when you factor in recruitment costs, training, software, and overheads, the bill quickly adds up. Bringing on an outsourced financial team for your school or MAT brings clarity; you know what you're paying for, what's being handled, by whom and at what cost. Often, it works out far more cost-effectively in the long run than building an equivalent in-house team.

5. More Time to Focus on the Bigger Picture

Because managing an in-house finance team needs time and monitoring from senior leaders, too many leaders find themselves stuck in untangling the various problems in operational finance, whether it's chasing reports, troubleshooting systems, or firefighting issues. That's not where your time is best spent.

Outsourcing takes that weight off your shoulders and shifts this responsibility to experienced finance professionals so you can focus on strategic planning and building desirable outcomes, rather than solving operational problems. 

6. Better Financial Compliance and Risk Management

With increased scrutiny on finances, schools and academy trusts are under increased pressure to comply with DfE guidelines, ESFA regulations, and financial reporting requirements. Even with a full-fledged in-house finance team, managing these compliance tasks may seem difficult and may even lead to missed deadlines and heavy fines.

By choosing finance department outsourcing from Keystone Knowledge, you receive expert advice from seasoned financial experts who've been in your shoes and know what it takes. We can help you with accurate financial reporting, timely submissions, and meeting changes in regulations. Not only do you benefit from timely support from experts, but you also reduce the risk of audit failures and financial mismanagement. 

Considering Outsourcing Finance with Keystone Knowledge?

As education consultants, we know the sector inside out. Whether it's budget setting, multi-year financial planning, or meeting key deadlines, we can help you keep all your financial functions running smoothly.

We understand each school or MAT has unique needs, which is why we offer you flexible services, short-term interim cover or long-term support. We take care of the financial responsibilities, while your leadership team can focus on what matters most: your pupils.

Our support isn't off-the-shelf; we built around what you need. Here's what you can expect from our school finance services:

• Experienced, qualified accountants and finance experts with 20+ years of working in education
• Meeting requirements in the Academies Trust Handbook
• Assistance in statutory annual returns, statutory accounts, BFR, and BFRO
• Support with compliance, submissions, budgeting, reporting, and more
• Strategic finance leadership or day-to-day operational support
• Training for your finance team in the best practices in education finance

Contact us today to find out more about our CFO and Finance Support services.