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Financial Management Standards in Schools This service is designed to enable schools to comply with DCSF and audit requirements and provide a capacity for developing effective policies, procedures and practices. We have local knowledge and a good understanding of school funding and will be able to support schools response to assessment issues. Our accountants have several years of experience in successfully supporting and assessing schools to achieve the standard. Our main objectives are:
To support school staff and governing bodies in the achievement of the standard
To support schools in benchmarking and achieving Best Value
To keep schools informed of changes in financial regulations and DCSF requirements
To check policies for compliance
To diagnose strengths and areas of development
To provide examples of good practice

DCSF has now confirmed that FMSiS will continue as separate assessment from the internal audit, the most difficult element of FMSiS is the Governance. We can offer the following support service to schools and the Governing body
Provide INSET top-up on school finance administration for governors, this will include FMSiS
Complete the school self-evaluation with management; this will enable the school identify weaknesses in internal controls and put them right prior to an internal audit
Assist the school with completing annual mandatory documents; Statement of Internal Control and Best Value Statement
Build and review the evidence file for financial management in school external assessment ( we have been involved in FMSiS assessment from start in April 2006)
Assist the governors with the completion of Governor competence Matrix
Assist the school with drawing core documents; financial procedures, Internal Scheme of delegation.
Liaison with Clerk to the Governing body and HT to ensure that minutes of the GB and finance committee reflect the ‘Critical Friend’ elements at all meetings throughout the year

Budget setting Service
Linking of budget to school improvement plan
Three year budget planning
Forecast of pupil numbers
Analysis of funding formula
Checking of standard funds
Checking of funding completeness
Use of latest budget setting software

Budget monitoring service: This service will benefit schools that require interpretations of budget situation and it also consists of general financial advice throughout the year.

Bursar service: In order to utilise this service, the basic school records e.g. payments of invoices and receipts of income, must be kept up to date. Our accountants will need to access computers The services provided will include all elements of budget monitoring plus:
inputting of invoices and cheques into FMS6
production of cheques for suppliers( only for schools using pre- printed cheques)
inputting all income receipts onto FMS6
compiling the bank reconciliation on FMS6
inputting central charges and income onto FMS6

Management support service This service provides strategic advice to schools and includes:
reviewing long term projections for budgets
sharing of good practice and benchmarking information with governors
working with schools to produce best value statements
giving advice on administrative organisation in a school

Consistent Financial Reporting (statutory requirement by DCSF) The DCSF requires all schools to report their financial information to the Consistent Financial Reporting Format.
Year end closing procedures I. mapping ledger codes to appropriate ledger groups II. dealing with error messages III. collating and returning the returns to the DCFS

DAS/VAT Returns
Many schools experience difficulty in preparing and submitting their quarterly DAS/VAT returns within the timescale required. In order to assist schools that do not purchase other services we are offering to prepare the DAS/VAT return on their behalf providing that the school system is kept up to date.