career-header career-t career-m

The Bottom Line

    Posts by Tag

    See all

    Trick or Treat? What's Lurking in Your School Finances?

    Even if you happen to find a skeleton or two, it’s better to find out on your own than through a public audit. Proactively reviewing your financial accounts, identifying any issues, and taking corrective action can only help your district thrive.

     Written by
    https://cdn2.hubspot.net/hubfs/6553608/spooky.png

    While you're digging up last year's costume from the back of your closet, we thought we'd do some digging of our own. Last year, we dispelled the top three fears we heard from superintendents, chief financial officers, and budget managers from around the country. In case you missed it, read our suggestions on finally conquering your finance fears.

     

    How am I EVER going to understand all the complexities of my district’s spending patterns? I just don’t have the time!

     

    Start small. Reviewing your financial situation in a more strategic light doesn’t mean having to review every single thing that involves money at your district. Make a list of your fundamental questions or improvement goals, and then pick one that you can tackle now.

     

    If I spend more time on financial review, I’ll have to sacrifice the time I spend on everything else.

     

    Eliminate the waste. Identifying and removing the waste from your financial management process will maximize your staff’s time and capacity, helping your district run more efficiently. Pinpoint the processes with unnecessary steps or convoluted elements that bottleneck productivity, and work to improve them.

     

    For example, one of our district partners used to spend hours pulling their data from their ERP system and compiling reports. After investing some of their time and effort to implement Allovue, they now accomplish these tasks in a fraction of the time, freeing up valuable hours to work collaboratively with their schools.

     

    I’m afraid that I will find something so bad that it will make me regret taking a closer look at my financial data or processes.

     

    Do it anyway. Fear of the unknown is perhaps the biggest reason districts are reluctant to look under their financial hood. What you don’t know can hurt you. Take the initiative to unravel the tangled web of your district’s financial processes, and you may discover valuable information that improves your decision-making.

     

    Even if you happen to find a skeleton or two, it’s better to find out on your own than through a public audit. Proactively reviewing your financial accounts, identifying any issues, and taking corrective action can only help your district thrive.
    Allovue
    ABOUT THE AUTHOR

    Allovue works with districts and state departments of education across the country to allocate, budget, and manage spending. Allovue's software suite integrates seamlessly with existing accounting systems to make sure every dollar works for every student. Allovue also provides additional services such as chart of accounts and funding formula revisions.

    RELATED POSTS

    Trust, but Verify: What to Ask Your Finance Team

    What is the DoED's Student-Centered Funding System Pilot?

    Education Finance Glossary

    The Future of Education Finance Summit 2017: A Recap