Generally speaking, we all have a habit of sticking with what we know. This is also true of school software, particularly in Independent schools – where spending must be strategic. However, that habit can often result in reduced efficiency and an inability to get the most out of the school budget.
It’s important to stay abreast of changes in the education software market, and this extends to school accountancy software. Features and functionality continue to expand in order to empower the school bursary. Take the time to regularly assess the software available on the market and make sure you’re maximising performance wherever possible.
But how do you know when you should consider finding a new software solution? Here are some of the key warning signs that have caused school accountants to consider a new system.
- Complicated manual methods
- Data security concerns
- Financial reports lack insight
- School systems aren't integrated or sharing data
- Desktop software is over-complicated
- iFinance: A cloud-based solution for Independent schools
Complicated manual methods
There remains a number of schools still using time-consuming, manual methods to manage their accounts. Excel has always been a popular solution but, ultimately, it cannot be fit for purpose – particularly as schools begin their growth trajectory.
Consolidating data in excel often resembles a labyrinth. This only compounds as the school grows and more elements are handled within the school budget.
If your department is still predominantly operating using spreadsheets, it might be time to find a more efficient solution. With the right provider, data migration is seamless, and your teams can truly optimise their output. With better money management, your school can better prioritise its budget and make smarter, faster decisions on spending.
Data security concerns
Legacy systems, Excel spreadsheets, or paper-based records all present a security risk. It’s likely that, if not haven’t already, all school departments will be encouraged to implement software that better supports the data security efforts of your IT teams.
Financial data is some of the most sensitive information that your school holds. This is particularly a target for cybercriminals, as they may look to take advantage of both your school accounts and those of your fee payers.
Legacy methods of financial data management run the risk of duplication, loss of data, or data falling into the wrong hands. Ultimately, it’s your school's responsibility to ensure that risk is minimised as much as physically possible. If the strength of your current systems’ data security is in question, it is likely time to consider an alternative solution.
Financial reports lack insight
Efficient and insightful reporting is key to your capacity to optimise your budget. You need to understand where your current funds are going, where they are achieving expected goals, and where your school’s money could be better spent.
This ensures that you’re making the most out of every penny. However, manual reporting often lacks the timeliness and level of insight that the accounting department needs to reach its full potential. This is especially true if your school is still managing its budget in spreadsheets or paper-based records.
The right software will work with or provide in-built reporting solutions to provide you with real-time information to back budget decision-making. Make sure you’re fully informed on all areas of your school finances in order to make the best moves for school performance – with software that understands your reporting needs.
School systems aren’t integrated or sharing data
Your school database is the powerhouse of your daily operations. It’s valuable for all school departments, including your finance managers. It’s also vital that your financial information can be reflected in your base school database, and vice versa.
However, this becomes extremely complicated with manual methods – or when using a legacy, disparate system to manage your accounts.
The benefit of integrated systems isn’t only the promise of consistently up-to-date data across your software, but also the reduction of repetitive tasks and admin for your department. This empowers your accountants to better optimise their time and focus on making swifter decisions for the growth of the school.
Consider searching for a financial management system that is flexible, comprehensive, and reaps the rewards of integrations and API technology.
Desktop software is over-complicated
If you’re already working with legacy systems, it can be daunting to consider a switch to an alternative – particularly if they seem simpler than your current solution. While desktop software or on-premise systems might be more complicated, that doesn’t necessarily mean they’re the best option for your school, nor providing the best outcomes.
Clunky on-site financial solutions are more likely to be overcomplicating processes for your staff, resulting in reduced efficiency and more complex time management. The vast majority of your tasks are carried out on a regular basis and, chances are, you’re not using the majority of the superfluous functionality.
It’s more efficient to work with systems that have the functionality you need, with a user-friendly interface, rather than those that offer unnecessary extras. Consider where your finance department could perform better, and choose a software that prioritises these goals.
iFinance: A cloud-based solution for Independent schools
The iFinance financial management software was built with schools in mind. We understand the unique requirements of the education sector, and work to continuously develop the system to meet school’s evolving needs. Seamlessly integrated with the iSAMS system, iFinance boasts in-built reporting and cloud-based security for your sensitive school data.
Considering updating your accounting solution? Learn more about iFinance below: