The need for greater financial oversight and transparency
Many schools are keen to improve visibility over their financial operations, particularly around budget management, salary projections, and forecasting. Schools appreciate the ability to drill down into financial reports, enabling them to make more informed decisions. The ability to map online payments and integrate with parent portals has also been a recurring point of interest.
Automation is a priority
A significant focus has been on reducing manual workload through automation. From handling supplier invoices to managing payroll calculations, schools are looking for ways to streamline processes. Features like Making Tax Digital compliance and salary dashboards have been well received for their ability to save time and reduce errors.
Seamless integration with existing systems
Schools and trusts want an MIS that works cohesively with their financial platforms. There has been particular interest in integrating finance systems with local authority compliance frameworks, as well as third-party tools. This ensures smooth data transfers, reducing duplication and improving efficiency.
The importance of training and support
Transitioning to a new finance system can be daunting, so many finance teams have highlighted the importance of training and onboarding support. Schools want reassurance that they will receive hands-on guidance, not just during implementation but also through ongoing expert sessions and troubleshooting assistance.
Budgeting and forecasting flexibility
Schools are increasingly focused on long-term financial planning, particularly in uncertain economic climates. The ability to create and compare different budget scenarios, forecast salary costs, and manage ledger transactions efficiently is a major priority. Schools are also keen to understand how they can gain better insights into expenditure trends to ensure financial sustainability.
Looking ahead
It’s been great to see so many schools taking a proactive approach to improving financial management. As more schools explore how to enhance financial oversight, efficiency, and compliance, I’m looking forward to continuing these discussions and helping schools make the most of their finance systems.
You can find out more about Bromcom’s cloud-based, fully integrated finance system here. To find out how Bromcom Finance could benefit your school, book a 15-minute discovery call with our team.
