Section 6: Summary  print

Tue 13. Jun 17 18:26

Summary

School business managers need to have secure knowledge of financial procedures, general accounting and procurement principles to ensure that the school finances are well managed.

They also need to have a clear understanding of the roles and responsibilities of anyone in the school with a remit for finance.

Unit summaries

In Unit 1, 'Principles of school financial management', we considered the principles of managing public money and the need to have robust financial regulations and procedures.

DfE guidelines and the Academies Financial Handbook were referred to as models of good practice for all schools to follow.


In Unit 2, 'Planning and setting the budget', we investigated the structure of the accounts to ensure that they support the financial needs of the school.

Monitoring and reporting were discussed, and a means of understanding and managing variances was identified.

The complexities of evaluating the budget in line with the annual school review of the school improvement plan were noted.


Finally, we introduced you to cash management and the need to manage the school's bank accounts, cash flow and credit control.


The final unit, 'Procurement and value for money', covered procurement processes, highlighting the controls that should be in place to ensure these are carried out with probity.

Tendering and contracting were discussed, together with the need for prompt payment advice.

We concluded by emphasising that while all staff are responsible for ensuring best value is achieved, the school business manager will be the driving force behind this, providing information, support and challenge to any resourcing and procurement requirements.

You have now completed the module.


Further Reading

The 7 principles of public life


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