Accounting for schools and academies
Accounting for schools and academies has never been more important then in the current financial climate. Schools are being asked to provide higher and higher standards, with less and less money available to them. Many schools have the added pressure of converting in to Academies as well.
When schools are looking to become academies, there are a number of areas they may need advice on, which accountants that specialise in accounting for schools and academies can help with. For instance:
- * Helping establish the financial position of the school – this includes assessing buildings, land and other assets, surpluses and funds and other financial liabilities.
- * Advising the school governors of their responsibilities as charity trustees/company directors.
- * Providing advice and step by step support to school officers, finance and business managers on all aspects of the accounting requirements around year-end procedures.
- * Setting up the financial management and reporting systems for day to day management and corporate governance.
- * Advice on the impact and treatment of VAT with special focus on trading activities.
- * Advising on the financial reporting requirements set out by the Company, Academies and Charity legislation.
As well as advising on these issues when setting up the academy, your accountant can help you with the everyday running of the academy by assisting with the financial management in accordance with the DfE guidelines, your year-end reporting, and other various issues that can come up with the funding of you new academy.
They can also take the pressure off you by providing help with the preparation of your annual accounts, give advice and guidance on the interpretation of the accounts to the governors, advise you on corporation tax and VAT compliance, and provide services like internal audits, payroll and risk management.
As with anything, it is always best to look around before settling on which accountant may be the best one to assist you, but many will offer a free consultation for you to sit down with their experts and discuss your individual circumstances before you sign up with them. You can also ask for references of other schools or academies that they act for.