Four Best Practices in Financial Reporting

Posted by Matt Berringer on January 15, 2015

Financial ReportingEvery school district is required by law to participate in the auditing of financial accounts at the end of each fiscal year. Good financial reporting is essential for districts to assess past financial strategies and plans, compare them with current ones, and to develop future financial goals and objectives.

Reporting is important for institutions to take complete financial responsibility and to be fully accountable for monetary decisions. It is essential for a complete understanding of your district’s financial state. Some districts have even become widely recognized and have received awards such as the Certificate of Achievement for Excellence in financial reporting for exceptional accounting principles and going above and beyond financial reporting expectations.

To ensure that your district practices the highest standards of accounting principles, consider the following best practices:

  • Employ a comprehensive K-12 fund accounting system which conforms to all governmental requirements and allows for seamless management of fiscal, purchasing, and budgeting information.
  • Issue timely financial statements and run comprehensive year-end reports to keep track of monthly and annual financial activities and expenditures.
  • Commit to financial transparency for a thorough inspection of district’s assets, expenditures, budgets, and other pertinent financial information.
  • Keep track of financial trends by closely monitoring your district’s fiscal development, growth, and success.

For district financial directors, it is important to have a system which adheres to all GASB, GAAP, and GAAFR requirements. SunGard K-12 Education’s school software provides this and other effective solutions for financial management and reporting, fund accounting, procurement, vendor access, and more. SunGard K-12 also works closely with school districts to develop a comprehensive and efficient implementation plan to get them up and running quickly.

Take advantage of SunGard K-12’s many professional and development services. Set up a business process review with the SunGard K-12 Professional Services team by calling (866) 905-8989 today.

Topics: business process review