Schools, academies, colleges and trusts face significant budgetary challenges. An efficient finance solution frees up time and budget, which can be used to support students.
Education FinancialsLIVE is our cloud software financial management system for education organisations. Using cloud technology means that the system is ideal for centralising finances. Not only can it grow with your organisation, but it also makes reporting across sites simple.
A consolidated approach
With a clear view of finances across your organisation, you've got access to the bigger picture and the detail. Education FinancialsLIVE provides:
- Multiple cost centres, nominal codes and accounting dimensions enabling you to compare spending across departments, academies or sites
- A view of individual transactions and an overview of your budget, helping you identify opportunities for cost savings.
Designed for education finance teams and with user experience as a priority, Education FinancialsLIVE:
- Is compatible with HMRC's Making Tax Digital
- Lets you customise workflows - create the best possible configuration for your organisation
- Includes the ESFA's Academies Chart of Accounts as standard
- Uses cloud technology to provide real-time access to your data, from any device.
When it comes to your financial data, Education FinancialsLIVE gives you peace of mind. The solution:
- Removes the need for entering information more than once, reducing the margin for error
- Automates much of the 'purchase to pay' cycle - from requisitioning to receipting. This streamlines processes and minimises 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.
Financial management fit for the future
As schools in England continue to join or merge into larger academy trusts, we take a look at how a centralised, cloud-based approach to financial management is helping drive efficiency and savings in MATs.
Why choose Education FinancialsLIVE?
More accurate forecasting and reporting
Increases productivity of staff
Reduces the need for paper-based processes and spreadsheets
Langley Park Learning Trust supports its growth with Education FinancialsLIVE
Implementing Education FinancialsLIVE has seen the MAT make significant efficiency gains and cost savings.
Cloud, Security & Compliance
- Hosted in our secure cloud in the UK, and fully web accessible
- Designed to work well with either centralised or individual finance teams
- Mobile accessible
- Making Tax Digital compliant
- GDPR compliant
- Data validation based on configurable user security
- Fully auditable.
Purchase to pay
- Punch-out to key suppliers
- Request for Quotation (RFQ) management
- Multiple contact addresses per supplier
- Contract management
- User-configurable workflow
- Ability to convert commitments into Year End accruals
- Set different approval limits per cost centre and school
- Budget monitoring
- Send documents as PDF attachments
- Drilldown capability to scanned invoices
- Purchasing card management
- Purchase order consolidation
- Multi-year commitment accounting.
- Split balance sheet
- Journals with authorisation
- Copy and paste function for journals.
Budget & Financial Planning
- Utilises existing chart of accounts
- Supports full five-year forecasting
- Unlimited what-if scenarios
- Integrated payroll budgeting
- Single or multi bank account
- Automatic bank reconciliation
- User-configurable reconciliation rules
- Automatic posting of statement entries.
- Digital scanning
- Suppliers and creditors portal
- Transparency reporting
- Full KPI facilities
- Automated invoice processing.
- Unlimited recovery stages and routes
- Customer online portal
- Emailing of invoices and recovery letters in PDF format.
- Unlimited parent and child associations
- Automatic asset creation
- Full integration with general ledger
- Industry standard depreciation methods
- Multi-book capability/modelling
- Automated scheduling of depreciation and posting to general ledger
- Image, location, ownership and insurance information per asset.
- Assets can be transferred, sold, disposed of and revalued.
Integration & Alerts
- SSIS packages for all major imports
- Data can be 'pushed' online from third party applications
- Import and export using Excel
- Inbuilt user documentation
- Auto error and resubmission of failed jobs.
Management Information & Reporting
- Statutory reports including ESFA and DfE
- 250+ report templates as standard
- Report bursting facilities
- Report customisation and scheduling
- Auto emailing of reports in most outputs
Civica Cloud Suite
Our suite of transformation experts, enterprise cloud software and professional services help public service organisations make every day better by harnessing the cloud’s full potential.
Civica's Education FinancialsLIVE gives me the best of both worlds: really useful reports that quickly give me the insight I need, plus the flexibility to export the data to Excel for further analysis. Other systems are generally too locked down to allow that.
Micon Metcalfe, Chief Operating Officer, Langley Park Learning Trust
Education FinancialsLIVE is available to buy through the Digital Marketplace