Reviewing your Accounting Provider

Many Boards of Trustees and Principals like to review how the accounting and reporting arrangements are going at this time of year when they are also setting budgets for the year ahead.

Regardless of whether you are anticipating change or not, here are a few good questions to think about:

1. Are we getting up to date information in good time, in order to stay ahead of financial indicators?

2. Are we getting reports the Board members can understand?

3. How did our year end process go? Did we supply auditors with all they needed ahead of time and easily meet audit deadlines? Did our annual report provider communicate well with the auditors, and in a helpful manner?

4. Are current school accounts employees well supported to work efficiently? Do they have someone to call on should transactions or events occur outside of their area of expertise?

5. Do we have management staff currently involved with finances who are overwhelmed with their portfolio?

Whether you have a business manager, school executive officer, finance accounts staff, or an outside provider co-ordinating your monthly and annual reports, the answer to these questions can help you assess the suitability of the current situation.