Financial benchmarking has never been easier!
Times are unpredictable and financial management is more critical than ever. Schools face the challenge of maintaining fiscal responsibility while ensuring that every pound spent supports student success. This is where financial benchmarking becomes a game-changer, offering a clear perspective on performance and enabling informed decision-making.
From providing real-time data insights to streamlining reporting, our comprehensive finance solution empowers schools to compare their financial health with peers, uncover areas for improvement, and achieve greater efficiency.
Let's dive together into the key areas of financial benchmarking and how Bromcom Finance can help you with it.
How can Bromcom Finance help
1. Salary Projections for Informed Decision-Making
Staffing represents one of the most significant expenditures for schools and trusts, making it crucial to manage this area with precision. Bromcom Finance’s salary projections tool provides an intuitive way to explore and compare different pay scales, giving you a clear understanding of how staffing decisions will impact your overall budget. Whether you’re assessing the costs of incremental pay rises, planning new hires, or reviewing cost-saving strategies, this feature ensures you have the data to make informed decisions.
By offering a clear summary of pay scales and allowing for scenario planning, Bromcom Finance empowers schools to align their staffing plans with both short-term priorities and long-term sustainability. Additionally, the tool provides anonymised data that can be easily shared with senior leadership teams (SLT) and governors, fostering transparency and collaborative decision-making.
2. Budgeting Dashboard to Track Trends
The key to effective financial management lies in understanding how your institution has performed over time. The budgeting dashboard in Bromcom Finance gives you a detailed view of historical trends, enabling you to identify patterns in income and expenditure, detect anomalies, and uncover opportunities for optimisation. This tool goes beyond numbers, turning raw data into actionable insights that inform your strategic planning.
With easy access to these trends, schools can build budgets that are not only accurate but also resilient, adapting to both expected challenges and unforeseen changes. The budgeting dashboard acts as a guiding compass, ensuring that financial decisions are grounded in a solid understanding of the past.
Recommended by LinkedIn
3. CFR Mapping for Accurate Benchmarking
Benchmarking is a critical process for any school seeking to evaluate its financial performance against similar institutions. Bromcom Finance simplifies this process with its CFR mapping feature, which breaks down and categorises financial data according to the Consistent Financial Reporting framework. This clarity ensures that comparisons are accurate and meaningful, helping you identify strengths, highlight areas for improvement, and make targeted adjustments to enhance financial efficiency.
By understanding what is included in each benchmarking area, Bromcom Finance allows you to align your financial data with industry standards and make confident decisions based on reliable comparisons.
With these advanced features, Bromcom Finance transforms the way schools approach financial management. From detailed insights to strategic tools, our solution ensures that your institution not only stays on top of its finances but also excels in making data-driven decisions.
Why do you have to consider migrating from your current MIS and Finance system
With December upon us, many schools that have MIS contract renewals due in Spring are now making their final decisions to either switch to a cloud-based MIS or stick with their legacy system before the deadline for giving notice. Schools that miss this deadline won’t just be missing out on the many benefits of a cloud MIS like Bromcom – they will also be stuck with an outdated, expensive system for several years until the opportunity arises again for them to switch.