Best financial software for schools and trusts

A note about the CoA for academies

This is the DfE’s standard framework for how trusts record, code and report financial information. In other words, it’s a common language for finance data across the sector. This makes it easier to compare, benchmark and consolidate results nationally.

But here’s the kicker. If your FMS supports the academies CoA, it can automatically upload your financial data to the DfE. Therefore:

1. The AR can be largely pre-populated
2. The BFR can be partly filled in automatically
3. Trusts can also draft financial statements, saving prep time

For trusts, this means increased efficiency, better quality data, standardisation and reduced compliance burden.

Importantly, over 60% of trusts now use the academies CoA, and many are realising the benefits of automation in their reporting. And the more trusts that join, the stronger sector-wide data becomes, making it easier for you to stay compliant and efficient.

A quick note if you’re an LA-maintained school: The academies Chart of Accounts (COA) won’t apply to you since they underpin academy returns such as Accounts Return (AR) and Budget Forecast Return (BFR). Instead, your statutory reporting is through the Consistent Financial Reporting (CFR) framework. That said, LA maintained schools can still use the DfE’s FMS comparison matrix because much of the criteria are still relevant. In other words, keep on reading!

Before we compare specific software vendors, make note of these “must have” features when comparing providers.

Scalable to school or MAT level

Your finance system should fit your school/trust now and adapt as it grows. A solution that only works for, say, one primary school may not cope with a 20-school trust. So, choose software that can grow with your organisation. The last thing you need is a costly switch further down the line.

Designed by education specialists

Schools and trusts don’t operate like commercial SMEs. In some cases, your school finance person may not have a formal accounting background. Also, you’ll be reporting into governors, so oversight needs to be clear. And finally, reporting cycles are very unique to the sector. So, choose an FMS that is designed by those who have walked in your schools and understand your challenges.

DfE and ESFA compliant

You’re probably fed up with hearing this, but compliance isn’t optional. Your system should support statutory returns whether that’s CFR for maintained schools or AR/BFR for trusts. Built-in compliance features save time, reduce risk and will help you avoid errors.

Cloud-based

While most of the market has shifted to cloud-based, not all solutions are. Hybrid or hosted options still exist, and we also speak to many schools that are still operating on legacy installs like FMS6 or Sage.  But, in honesty, remote, secure access is no longer a nice-to-have. Going cloud-based means authorised staff can work from anywhere, and it makes collaboration super easy and efficient. For MATs, it’s a no-brainer, since you can’t achieve centralisation without cloud-based control.

Reporting power and ease of use

When it comes to reporting, you need quick, accurate insights and your SLT needs clear reports that they can act on. The Best financial software for schools allows staff to easily generate and understand reports, regardless of whether they’re a finance specialist or not.

For a deeper dive…

We recently wrote an in-depth article which builds on these principles and looks specifically at how today’s leading systems stack up against the DfE’s automation and CoA standards. Go ahead and give it a read - What is the best accounting software for schools?

Now let’s take a comparative look at several financial management systems that are relevant for schools, academies and trusts, with respect to their automation readiness.

Note: this information has been drawn from the DfE’s FMS comparison matrix, the “Quick automation guide”, vendor documentation and public sources. But always double-check with vendors for the latest updates. The tech space is rapidly evolving and providers are constantly updating and improving their tools. 

✅ Supported for DfE automation (AR, BFR etc.)

• Access Education (Finance / Budgets etc.)
  Widely used in schools and trusts. Education-specific design with strong budgeting and finance integration. Fully cloud-based.
• IRIS Financials (Education / PS / IRIS suite)
  Strong MAT focus with a unified ledger. Offers robust reporting and analytics as part of a broader education software suite.
• Bromcom (Finance + MIS integration)
  Unique advantage is seamless integration between finance and MIS. Ideal for schools already using Bromcom or trusts wanting tighter data flows.
• Dayta / Sage (200 / Intacct / ION / “Sage for Education”)
  Good option for trusts already using Sage products. Strong general accounting pedigree with wide integration options.
• Xero for Education (via Thorne Widgery / variants)
  Cloud-native and simple to use. A strong fit for smaller schools or trusts looking for a straightforward, low-admin solution.
• ESS / SIMS / FMS6
  Longstanding provider familiar to many school finance teams. Easier transition for schools already using SIMS or FMS6.
• Iplicit
  Modern, cloud-first system that’s agile and easy to deploy. A good choice for trusts looking for a future-proof platform.
• Hoge 100
  Niche but education-focused system offering flexibility and strong value for smaller trusts or those seeking alternatives.
• Solutions for Accounting (Sage partner)
  Acts as a bridge for trusts using Sage products, enabling automation through Sage 200 or Intacct.

⚠️ In development

• De Novo (Oracle-based)
  Enterprise-grade platform being adapted for the education sector. A potential future fit for larger or more complex trusts.