Using Xero, Accounting for Schools has developed a monthly reporting system that monitors the school’s financial position throughout the year. We’ll produce accrual-based reports for your school, giving an accurate view of your uncommitted funds at the end of every month – not just at the end of the financial year – so there are no surprises when the year-end financial statements are prepared. You’ll be able to assess your school’s ability to invest in additional resourcing in real time.
In addition to our monthly reports, we include a commentary summarising information about key income and expense impacts and movements within the balance sheet – particularly in regard to cash on hand and asset changes. Our commentaries add valuable insight, especially around forecasting cash positions, and to alert boards of trustees to key financial issues that may need addressing.
In line with our values, we try to limit our monthly commentaries to one-to-two pages. We keep them as clear and concise as possible, so that staff and trustees get the key information they need without being overburdened with pages of detailed data. We do provide more detailed reporting packs whenever more in-depth financial analysis is required, usually for the principal and finance committees.
With your school’s financial information flowing into Xero on a daily basis, monthly and year-end reporting processes are significant more efficient than any other system. We always strive to have management reports ready for presentation at least seven days prior to monthly board of trustee meetings. This ensures school staff and trustees are always reviewing current financial information. On top of that we can also attend important board of trustee meetings, if agreed, to discuss what’s contained in the reports – adding valuable insight, and assisting with future-planning.
We customise the format of financial statement reporting to best meet your school’s individual preference. Xero also makes it possible to export data in Excel, PDF, and Google Docs. As they say, a picture tells a thousand words, so we also incorporate straight-forward charts and graphs to provide a high-level snapshot of what’s happening.