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The education sector in the UK is seeing incredible change with the expansion of multi-academy trusts (MATs) and the government’s requirement of all schools in MAT by 2030. This brings unprecedented challenges, but also a huge opportunity for positive education reform.
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The main reason for this challenge for the MAT is the management of financial operations, budgeting and funding in a large number of schools, their ability to grow has been hindered by legacy accounting solutions, allowing new schools to set up, onboard and report. It has become an expensive and lengthy process. He has been brought into the trust.
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Sage, an Amazon Web Services (AWS) partner, is a world leader in financial technology. Sage Intact is the next generation accounting software, which enables the transformation and scaling of financial operations that MAT would need to perform.
Trusts need to consider four key themes when transforming their complex accounting and reporting functions – scale and expansion, automation, integration and reporting.
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Trusts need to grow, scale and expand. Having a system that can support the simple and rapid addition of new schools, or other institutions, is critical to successful expansion. Modern systems like Sage Intact allow this to be done in minutes, eliminating the need for expensive setup costs and waiting for consultants to deliver.
Then there’s automation, which is probably the biggest tool in your arsenal for reducing the time and cost of financial operations. Leveraging automation, Sage Intact can help ease the day-to-day admin of your finance team, minimizing manual jobs and using optical character recognition (OPC) to read and import financial documents accurately. OCR) technology.
The advent of cloud accounting opened the door to unified systems and processes and harmonization of data. External applications such as forecasting tools, accounts payable (AP) processing and approval management all allow huge savings in time and provide superior technology solutions. It is possible to integrate bank accounts and get a daily transaction feed, saving your team another task of importing and collating bank data.
In the end, powerful, fast and accurate reporting is the resistance of your new accounting platform. Offbeat Education and Skills Grants Agency and Education Department reports make sure you have all the correct data you need for government reporting. And multi-unit consolidation allows you to fully monitor the financial condition of the trust.
Sage Intact is built to support growing trusts that need to minimize complexity and maximize impact.
Trusts that want to reduce the cost of financial operations and unlock the challenges of scale and growth need to start by reviewing their accounting infrastructure with expert assistance. SEZ works closely with its education partner, ION, to help deliver the smartest and most intelligent financial solutions to schools. ION has provided Sage Intacct to education to multiple MATs, implemented game-changing software, trained staff to use it, and provided world-class support. This partnership instills trust for success, thereby focusing on education and development, not wasting time in managing finances.
To learn more about the benefits of cloud accounting software for multi-academy trusts, click here.
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