Ivybridge Community College. Becoming an academy with over 2,200 pupils and feeder primary schools with the help of PS Financials accounting software

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Oliver Sutton
8 years ago
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1 Ivybridge Community College Becoming an academy with over 2,200 pupils and feeder primary schools with the help of accounting software

2 About Ivybridge Community College The issue Ivybridge Community College is a new academy based in Ivybridge, Devon. It specialises in sport, science and languages, and now has over 2,200 pupils. Teaching students from a catchment area of over 100 miles, and from 14 primary schools, it is heavily oversubscribed and has been described as outstanding by OFSTED. Ivybridge needed to upgrade, from its existing FMS financial accounting software, to meet its new financial reporting requirements as an academy. Financial accountability for academies is exacting because it is very different to those of a maintained school. The need to accommodate new financial reporting requirements When Ivybridge Community College became a directly-funded academy in November 2010, the Principal realised that it would have to undergo a complete and thorough review. As an outstanding school, it would need to demonstrate its innovation, as well as the robustness of all the procedures. Ivybridge realised from an early stage that the financial reporting requirement was not only completely different to that of a school, but that it offered them a great opportunity to review and optimise their financial control system with a new product. Since implementing software, Ivybridge has benefitted from: A more user-friendly system that anyone, not just accounting staff can use Improved management with less time spent chasing up paperwork Better reporting systems, so that monthly, quarterly and annual reports can be easily produced on demand Huge savings of administrative time; Additional reductions in academy operating costs Providing departmental budget holders with up-to-date and accurate information " package is tailored specifically for the education market and they have a proven track record as a market leader in this sector." 02

3 The solution The transition Top-of-the-class solution Installation and support The Finance Officer explains how Ivybridge made their decision: We d heard good things about from other academy users and, after looking at a range of products, we chose PSF. We did look at other companies, but the deciding factor was that was the best solution for an academy and by far the best solution for schools that had aspirations to expand by adding other schools. package is tailored specifically for the education market and they have a proven track record as a market leader in this sector, so we felt a lot more confident about their ability to deliver. Ivybridge implemented Accounting, Purchasing and Academy Reporting Pack. The Purchasing Module handles all purchase order processing, which is now operated online by budget holders instead of the Finance Department. The end result is greater efficiency a large academy operating with only two members of finance staff. The online Budget Holder Report is especially useful because academies have to follow 'Best Value' principles in their expenditure of public money. Having so many processes automated means that they have very accurate information at their fingertips for reporting purposes. "It is very easy to integrate feeder schools and increase the value that the software brings with little additional cost." took four days to install, in October sells directly to the customer, and works with the customer to install the system and provide post-installation support. This approach makes a lot of sense for the customer, since they are talking directly to the people who created the software, with no middle-men. The Finance Officer continues: I m so happy with the software. I help out at other schools and sit with them while they re learning how to use it, it is very easy to understand." Word gets around fast when a product is good and suddenly everyone wants the software. is an example of this. Once you find a product that works well, you stick with it. "I m so happy with the software. I help out at other schools and sit with them while they re learning how to use it, it is very easy to understand." 03 04

4 The benefits The future The benefits Future plans has cut down the process time for requisitioning and purchasing, and increased the number of users who can order themselves without having to go through the Finance Department. Another benefit is that accounting staff can instantly check an order s online status. The key objective of the software is maximum ease of use and minimum data entry. When non-finance staff are using the system, ease of use is extremely important. "The software is easy to use and understand. It also comes with a standard chart of accounts tailored to the specific needs of academies, automating quarterly and yearly reporting." The Finance Officer estimates that this package will pay back the Return-On-Investment (ROI) in two years time, making it very cost effective. In May 2011, Ivybridge incorporated a local feeder primary school with 133 children. This expansion has been completed without the need for any more finance staff. The finance officer comments: It is very easy to integrate feeder schools and increase the value that the software brings with little additional cost. " was the best solution for an academy and by far the best solution for schools that have aspirations to expand by adding other schools." 05 06

5 About is the author of award winning financial accounting, order processing, budgeting, billing, project control, consolidation, and process automation software used by organisations across the globe in Europe, Africa, the Middle East, Asia, Australasia and the Americas. Accreditations The Institute of Chartered Accountants in England and Wales has accredited this software under the terms of its Accredited IT Product Scheme. Purchasers should ensure that the software, its security features and related support meet their own specific requirements, as the Institute will not be liable for any damage whatsoever, incurred by any person, occasioned by the use of the software, or any related products or services howsoever caused. Contact us Ltd Isis House Isis Way Minerva Business Park Peterborough PE2 6QR Telephone +44 (0) Fax +44 (0) Ltd

The Fairtrade Foundation. Increasing efficiency and accuracy with PS Financials

The Fairtrade Foundation. Increasing efficiency and accuracy with PS Financials Increasing efficiency and accuracy with About the Fairtrade Foundation The issues is the independent non-profit organisation that licenses use of the FAIRTRADE Mark on products in the UK in accordance