Education FinancialsLIVE

Improving financial management in schools, academies, MATs and colleges

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In order to provide the best possible education for your students, it is important that your back office systems are efficient and hassle-free. Schools, academies, colleges and trusts face significant budgetary challenges, and so a robust, secure and reliable financial management information system (FMIS) is a vital element in the delivery of a sustainable financial strategy.

Education FinancialsLIVE has been designed to support the requirements of education organisations and is easily scalable should you join a trust, merge or gain new academies. Civica has over 25 years’ experience of supporting education finance teams with technology solutions designed to cut costs and improve productivity, and FinancialsLIVE is our most comprehensive solution.

A consolidated approach

With a clear view of finances across your organisation, you can see both the bigger picture and focus on the detail. Education FinancialsLIVE provides:

  • Multiple cost centres, nominal codes and additional accounting dimensions – enabling you to compare spending across departments, academies or sites
  • The ability to view individual transactions or gain an overview of your budget, helping you to identify opportunities for cost savings.

 

Improved experience

Designed for education finance teams and with user experience as a priority, Education FinancialsLIVE:

  • Offers customisable workflows which allow you to create the best possible configuration for your organisation
  • Provides real-time access to financial information, securely hosted in the cloud, from any device.

 

Increased accuracy

When it comes to your financial data, Education FinancialsLIVE gives you peace of mind. The solution:

  • Is designed to eliminate the need for entering information more than once, reducing the margin for error
  • Automates many of the key aspects of the ‘purchase to pay’ cycle – from requisitioning to receipting – streamlining processes and minimising risk.

 

Faster, more useful reporting

Providing comprehensive reports to all stakeholders is quick and easy; with Education FinancialsLIVE you can:

  • Create and schedule bespoke, regular management reports on any data in the system
  • Make better decisions informed by real intelligence.

General Ledger

  • eBudgeting with budget holder hierarchy
  • eForecasting with inflation schemes
  • ePayroll budgeting
  • Multi-dimensional drag and drop coding
  • Project/capital monitoring
  • Sophisticated online enquiry tools
  • Cross-company reporting
  • Automated enquiries for academic and support staff.

Creditors

  • Digital scanning
  • Suppliers and creditors portal
  • Transparency reporting
  • Full KPI facilities
  • Automated invoice processing.

Procurement

  • Multiple approval facilities
  • Real time budget checking
  • Payment requests
  • Punch out technology
  • Procurement hub
  • Central procurement options
  • Contract monitoring
  • Multi-year commitment accounting.

Asset Management

  • Unlimited parent and child associations
  • Full integration with general ledger
  • Industry standard depreciation methods
  • Multi-book capabilities/modelling
  • Image and location information per asset.

Debtors

  • Easy integration for lettings of facilities
  • Unlimited recovery stages and routes
  • Arrangement handling
  • Legal recovery integration
  • Customer online portal
  • Emailing of invoices and recovery letters.

Cash Management

  • Income and expenditure reconciliation
  • Standard bank files for all UK major banks
  • Cash flow forecasting
  • Automated matching – one-to-one, one-to-many and many-to-one.

Integration & Alerts

  • SSIS packages for all major imports
  • Import and export using Excel
  • Inbuilt user documentation
  • Data validation with user security
  • Auto error and resubmission of failed jobs
  • Data can be ‘pushed’ online from third party applications.

Management Information & Reporting

  • Statutory reports including ESFA and DfE
  • 250+ report templates as standard
  • Report bursting facilities
  • Report scheduling
  • Auto emailing of reports in most outputs
  • Financials/third party archiving.
We have used Civica’s finance package since becoming a multi academy trust in 2015. As a central finance function, the system allows us to see each of our schools individually but also consolidate the information to report on the MAT as a whole.

Jane Stringer, Chief Finance Officer, Bedford Catholic Schools

Find our more about how we can improve financial management in your organisation