The Benefits of Outsourcing Your Finance Team for Schools and MATs
Managing school and Multi-Academy Trust finances requires precision, compliance, and strategic oversight. As financial pressures on education institutions grow, many schools and MATs are considering outsourcing their finance function rather than maintaining an in-house team. Here, we explore the key benefits of outsourcing your finance team and why it could be a smarter choice for your organisation.
Ways to Outsource Finance Tasks to SBS
Schools and MATs can outsource finance tasks in several ways, depending on their needs:
- Full Finance Department Outsourcing – SBS can act as your entire finance function, covering all tasks from payroll to financial reporting.
- Interim or Part-Time Finance Support – If your school or MAT needs temporary assistance, SBS can provide finance professionals to fill gaps due to staff absences or transitions.
- Specialist Finance Projects – SBS can support specific projects, such as financial health checks, internal audits, or funding applications.
- Software Training – SBS assists with training at all levels of financial software, tailoring the software to the school or Trust’s needs and ensuring staff can use tools effectively.
- Ongoing Consultancy and Compliance Support – Schools and MATs can retain SBS as a long-term financial advisor to ensure ongoing compliance and strategic financial planning.
Benefits of Outsourcing Your Finance Team
- Cost Savings and Budget Efficiency
Outsourcing your finance team can lead to significant cost savings. Hiring, training, and retaining in-house finance staff comes with high salary costs, pension contributions, and other overhead expenses. By outsourcing, schools and MATs only pay for the services they need, avoiding the financial burden of permanent staff and reducing administrative costs.
- Access to Expertise and Best Practices
An outsourced finance team consists of specialists with experience in school and MAT finance, ensuring compliance with the latest regulations and funding policies. They bring best practices from working with multiple institutions and provide insights that an in-house team may not have access to.
- Improved Compliance and Risk Management
With increasing scrutiny on school finances, compliance with DfE guidelines, ESFA regulations, and financial reporting requirements is critical. An outsourced finance team ensures accurate reporting, timely submissions, and adherence to regulatory changes, reducing the risk of financial mismanagement or audit failures.
- Scalability and Flexibility
Schools and MATs experience fluctuations in finance workloads throughout the academic year. Outsourcing provides the flexibility to scale support up or down depending on needs, whether it’s preparing for year-end accounts, handling budget reviews, or supporting financial audits.
- Focus on Core Educational Priorities
Managing an in-house finance team requires time and oversight from school leaders. Outsourcing shifts this responsibility to experienced finance professionals, allowing school leaders, CFOs, and COOs to focus on educational outcomes and strategic planning rather than operational finance tasks.
- Continuity and Reduced Staff Turnover Impact
Staff turnover can be disruptive, leading to knowledge gaps and inconsistencies in financial management. Outsourced providers offer a stable and continuous service, ensuring financial continuity.
- Technology and System Integration
Outsourced finance teams are often equipped with the latest financial software, tools, and integrations, such as SBS Financial Planner. This ensures smoother workflows, real-time financial insights, and seamless integration with existing school finance systems like Xero, Sage Intacct, and IRIS Financials.
Is Outsourcing Right for Your School or MAT?
Every school and MAT has unique needs, but outsourcing can be a strategic decision that enhances financial resilience, improves efficiency, and frees up leadership teams to focus on education. At School Business Services, our experienced finance professionals provide tailored support, from day-to-day bookkeeping to full CFO-level expertise.
To learn more about how outsourcing your finance team can benefit your school or MAT, contact us today for a consultation.
