What is the best accounting software for schools?
The best accounting software for schools should improve the automation, flexibility and visibility of educational finance management and operational processes. With the right software, school finance managers and non-finance staff should feel empowered to make data-driven decisions for their school or Multi-Academy Trust.
With this in mind, how do you know what to look for when researching the best accounting software for your educational institution? There’s a number of essential features that you need to consider, and we’ve outlined them here to help make your decision as easy as possible.
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?
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.
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.
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.
