Switching your school’s finance system is a major decision. Done well, it can save time, reduce errors, and give your bursary team more insight and control. Done poorly, it can cause disruption, frustration, and wasted effort.
Before committing, ask yourself these seven sets of critical questions to ensure your new system is a success, supporting all school departments towards your growth goals.
Cost savings and ROI
Budget is always a key consideration. You need to understand both the total cost of ownership and the potential return on investment for your school, and consider whether that aligns with your expectations and budget management.
- Are all costs clearly outlined? This includes support, upgrades, disaster recovery, and any additional modules.
- Will you only pay for the functionality your school actually needs? Avoid paying extra for features you won’t use.
- What benefits can you quantify? For example, could a member of staff save 10 hours per week on reporting, which is time they can redirect to strategic planning or supporting academic initiatives?
Scalability
Your finance system should grow with your school, not limit it. The right system should bear this in mind and be as flexible as you are.
- Will it cope with new sites, expanded student numbers, or additional trading subsidiaries?
- Can you add functionality as your school’s requirements evolve?
- Think about your school’s growth plans over the next few years and choose a system that can scale without a costly upgrade or replacement.
Functionality, usability, and technical fit
The system must meet the practical needs of your finance team and integrate into your day-to-day operations.
- Is it easy to use? A user-friendly system reduces errors and speeds up adoption.
- Is it cloud-based? Cloud solutions are secure, accessible anywhere, and future-proof.
- Does it cover all the features your school needs, both essential and nice-to-have, without unnecessary complexity?
Integration
A finance system doesn’t work in isolation. Integration is key to efficiency for all departments. You need a system that works with your existing daily drivers.
- Does the system have an open API to connect with other platforms like student management systems, payroll, or EPOS?
- Can it integrate seamlessly with banking, CRM, or reporting tools to minimise duplicate data entry and manual processes?
Timing
Choosing when to implement can make all the difference. Work with a provider that understands the unique time scales of schools.
- Avoid peak periods, such as year-end or exam term, when staff are busy with critical deadlines.
- Plan the changeover well in advance: smaller schools may take a few weeks, while larger organisations may need several months.
- If switching mid-year, ensure that historic data is accurately reproduced in the new system to avoid inconsistencies.
Reliability and security
Trusting your school’s financial data is non-negotiable. It’s what drives your growth and enables smarter financial decision making.
- Does the system have robust disaster recovery capabilities?
- Are security protocols and user access controls regularly tested?
- Are offsite backups performed, and are business continuity plans in place?
Services and support
Even the best system is only as good as the support behind it. Take the time to learn about the team behind the software.
- Will you have a dedicated implementation manager to guide you through the rollout?
- Is ongoing support available, with a dedicated Account Manager and clear service-level agreements?
- Can the provider demonstrate a track record of supporting schools like yours?
Common challenges when changing your school’s finance system
Even with careful planning, some issues can arise. For example:
- Unprepared or incorrect opening balances
- Inaccurate data migration
- Missing features or functionality
- Difficulty learning the new system
Being aware of these risks and asking the right questions before you start working with a new software will help your school avoid common pitfalls and make the transition as smooth as possible.
Switching to iFinance gives your school a cloud-based, scalable, and fully supported finance system that grows with you. From planning and implementation to post-go-live support, our team ensures the change is seamless and your finance office gains efficiency, accuracy, and insight.
Watch a demo below to see how iFinance can transform your school’s accounting processes.