Six Best Practices for Fiscal Year End

Posted by Matt Berringer on June 20, 2014

BudgetFor administrators and board members, managing a school district’s financials and fiscal year end can be a huge task. Fluctuating wages of teaching and supporting staff, as well as the rising costs of property maintenance, classroom materials, professional development, and more must be carefully planned as to not exhaust the district’s budget.

Budgeting is crucial and allows for proper delegation of financials within schools, helping the schools to run more efficiently. Not operating within a prescribed budget can break public institutions that are supported by government/taxpayer money and private schools that are funded by tuition payments.

Preparation for the end of the fiscal year and advance planning for the upcoming one can make handling financials a more seamless process. Consider the following six best practices:

  1. Generate comprehensive year-end reports and conduct a complete overview with your financial team, accounting for all school-allocated funds that were received and how the money was spent.
  2. Determine if the school budget was met. Adjust accordingly if it was not.
  3. To achieve the above, be sure staff keeps careful records of invoices, receipts, and all related records. Today, most schools keep digital records of this information.
  4. If an invoice was not paid on time, determine why and take steps to not repeat this practice moving forward. Keeping up good community relations is particularly important for schools. Plus, you don’t want to be hit with late fees or unnecessary interest charges.
  5. Don’t set yourself up for unwelcome surprises. Year-to-year end reviews are necessary, but month-to-month reports will help better determine your school’s financial forecast as the year progresses.
  6. Ensure all income and expenditure reviews are properly reported, carried out, and are in accordance with predetermined/required time frames.

Strive to effectively manage funds so that the budget and the school district’s overall plan are properly aligned. To seamlessly achieve this goal, successful school districts use the financial management software offered by SunGard K-12 Education—eFinancePLUS and BusinessPLUS.

Let SunGard K-12 be your partner in managing your school’s financials effectively. If you use one of SunGard K-12 Education’s financial and human resources solutions, please visit your Customer Service portal for a full list of seminars and services from our Professional Services team that can support you with your fiscal year-end and other financial needs. If you’re not a SunGard K-12 customer, learn more about our solutions by clicking here to sign up for a product demonstration or calling (866) 905-8989 to speak to a SunGard representative today.

Topics: efinanceplus, businessplus