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What is the best accounting software for schools?

If you’re out there searching for the best accounting software for schools, chances are you’re fed up with your existing processes. Perhaps you’re tired of juggling spreadsheets. Or maybe you’re dissatisfied with your current provider.

Truth is, financial management in schools is hard. You’re trying to do a lot with very little. And when you’re underfunded, you need the right tools in place to understand where (and how) every penny is being spent.

Stick around to find out what features to look out for when searching for the best accounting software for your school and how we stack up against others in the marketplace.

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The best accounting software for schools should be

Exclusive to the education sector

While there are plenty of finance management solutions available, choosing software which is exclusive to the education sector can provide a wealth of benefits. Schools and trusts have unique requirements, regulations and processes, from DfE and ESFA compliance to the reporting complexities of growing MATs, which would benefit from additional support.

While generic accounting software may provide the basic functionality required for school finance managers, it’s unlikely to provide the level of specialist support that would be offered by school accounting software. Instead, prioritise software which is exclusive to schools, academies, Local Authorities and Multi-Academy Trusts for complete confidence.

Designed by education specialists

As educational institutions have unique requirements, it follows that the best accounting software for schools would be designed by education specialists. By leaning on the expertise of leading education figures, accounting software should be designed to tackle common challenges and processes faced by educational institutions, with the ability to respond to these with ease.

Importantly, school accounting software shouldn’t be so complicated that only finance professionals can make sense of how to use it. Education specialists will be aware of the variety of individuals who are involved in educational finance management, and ensure this is factored into the usability and design of the software.

The end result is accounting software that is intuitive and easy to use for school finance professionals and non-finance staff alike.

DfE and ESFA compliant

Possibly the most important factor to consider, make sure you check that your prospective software provider offers compliance with key regulations. In particular, accounting processes need to follow DfE and ESFA requirements, and the best software will also offer support in the production of statutory CFR and SOFA returns.

When completing your research into the different software providers, look out for software that supports DfE automation. Not only will this ensure that your school, academy or trust remains compliant, but it will also foster growth and scalability.

Cloud-based

In today’s modern world, educational institutions should be opting for cloud-based accounting software. This enables 100% secure access anywhere, anytime, for authorised users only.

Thanks to its remote access, cloud-based software perfectly meets the needs of hybrid or remote teams, or those managing the finances of a MAT. No more trawling through archaic systems or trying to access siloed data to find the information you’re looking for.

Instead, users can view a top-level picture of a school or trust’s financial performance or dig deeper through detailed financial reports. By having financial information easily accessible for authorised users and stakeholders, employees experience a much more streamlined and positive working culture.

Built with reporting in mind

Getting the data you need when you need it shouldn’t be a difficult task. Whether you’re a finance or non-finance professional, the best school accounting software should make it simple to produce comprehensive reports that provide insights into the organisation’s performance.

If your school accounting software offers clunky or limited reporting capabilities, it can lead to unnecessary roadblocks that will cost you time, and crucially money, especially if issues are not found early enough.

When accounting software is designed with reporting in mind, trends, issues and opportunities can be identified with ease. Staff can act proactively, rather than reactively, making data-informed decisions before issues have even come to the surface.

Suitable for the scale of your organisation

There are different requirements for small private schools, to large state schools, to Multi-Academy Trusts. When deciding on your provider, make sure you choose a scalable education software solution or one tailored to your institution.

Although choosing software which is heavily tailored to your current situation may seem like the best option, if you’re planning on growing at any point, it would be best to opt for a scalable solution. Otherwise, you’ll face challenges further down the line, such as the need to research and implement new software, leading to slowed growth and additional costs.

Can my school use generic accounting software?

Accounting software designed for SMEs could theoretically be used in schools, but it is not guaranteed to help with essential functions, such as:

Complying with education-specific regulations
Getting the information you need at a glance
Having a customer service team that understands the requirements of a school

Choosing school accounting software which has been designed by educational specialists is likely to provide better functionality, streamlined workflows and, most importantly, tailored support from people who understand your situation.

Watch the video below to see how an education-specific tool can make all the difference:

Watch Access Education's Financial Management Suite in Action

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What is the best accounting software for Multi-Academy Trusts?

When it comes to accounting for MATs, centralisation is key. You need a software that’s purpose built for the scalability of growing MATs.

Take one of Access Education's customers, The Circle Trust, for example. They were a growing trust and needed a better way to support their schools by bringing the majority of the back office work under one roof. As a result, they decided to invest in Access Education’s Financial Management and People Management suite.

The results were clear:

Faster onboarding of new schools
Better oversight across all schools
Reduced admin burden
A trusted partnership with a supplier who is responsive, familiar and always available

Of course, every MAT is unique. Watch the video below to learn more about how Access Education’s Financial Management Suite is suited to MATs of all shapes and sizes.

What accounting software is best for your school?

In some cases, school accounting software will not include all of the features listed above, so you need to determine what is the minimum needed for your institution.

Consider the needs of your school, academy or large-scale MAT

Do you have a hybrid, remote or mixed-location team that needs off-site access to your accounting software? Are you a Multi-Academy Trust who needs centralised control over banking, journals and purchase invoices? Then cloud-based software should be your priority.

Will you have different members of staff from non-financial backgrounds downloading reports to present and analyse performance? Is your institution a small private school with very unique requirements? You’ll need to opt for software which has been made for and designed by education specialists.

What happens if you want the best accounting software for schools without any compromise?

Fortunately, Access Education’s cloud-based financial management system offers all of the listed features and functionality, as well as DfE automation and specialist support for schools of all sizes. If you’re concerned about disrupting your existing processes, Access Education also offers remote implementation and training by a team of experts, helping your institution adapt to change smoothly.

How does Access Edcucation stack up?

There are many financial management solutions out there to consider. For a more in-depth overview, read our guide: Comparison of accounting software for schools, academies and MATs.

For a quick run-down, watch the video below:

School accounting software FAQs

Can my school use generic accounting software?

Accounting software designed for SMEs could theoretically be used in schools, but it is not guaranteed to help with essential functions, such as:

Complying with education specific regulations
Getting the information you need at a glance
Having a customer service team that understands the requirements of a school
Choosing school accounting software which has been designed by educational specialists is likely to provide better functionality, streamlined workflows and, most importantly, tailored support from people who understand your situation.

What accounting software is best for your school?

In some cases, school accounting software will not include all of the features listed above, so you need to determine what is the minimum needed for your institution.

How can Access Education help streamline financial reporting across multiple academies?

Access Education Finance enables real-time, consolidated reporting from all your academies in one place, eliminating the need for manual data compilation and reducing the time spent on budgeting and financial oversight.

Find out more by reading our customer story, The Swan Trust.

We're struggling with payroll errors and administrative inefficiencies. Can your system help?

Yes. Access Education HR and Payroll automates payroll processes, significantly reducing manual entry and errors. This ensures staff are paid accurately and on time while freeing up HR teams to focus on strategic initiatives.

Our current finance systems feel clunky and disconnected. Can Access help?

Yes. The Access Education Financial Focus Bundle brings all your finance and budgeting tools into one seamlessly integrated platform - eliminating the inefficiencies caused by disconnected systems.

We’re juggling multiple suppliers and contracts. Is there a simpler option?

Absolutely. With Access Education, you get one supplier, one contract, and one predictable per-school price - reducing administrative overhead and simplifying support.

View our software pricing bundles to find out more.

What next?

With everything we’ve discussed in mind, it’s clear that the best accounting software for schools leave no stone unturned when it comes to scalability, usability and compliance. Choosing a solution that works for you will require considerable thought about your institution’s unique needs and plans for the future.

If you’re currently looking for specialist software to implement for your educational institution, you can learn more about Access Education’s school accounting software or find out how to choose the right financial system for your school in our helpful report.

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