School is back in session and now is the time to put your budget to work! Expected and unexpected school and department level expenditures will quickly show how thorough and efficient your budget planning may or may not have proven to be. Is your chart of accounts working for you, or against you?
Read up on five of the most common chart of accounts concerns that face many districts today along with our proven recommendations.
1. Are you able to track your expenditures to the school and department level?
A healthy chart of accounts provides location codes for each school and department allowing you to reliably report on expenditures and spending habits.
Balance Manage allows you to track expenditures to the school and departmental levels, allowing you to keep a pulse on the spending at each school within your district. Having accurate data at your fingertips engenders strategic planning and intentional spending that directly benefit students.
2. Are you struggling to meet state and federal reporting requirements because of complicated crosswalks?
A chart of accounts revision can help you align and reduce the level of effort required each time you need to report out, saving your valuable finance office resources for other important tasks.
3. Is there a logical structure to your codes?
If your related codes don’t “roll up” together, it’s time to reevaluate. A properly structured chart of accounts is crucial to improve usability, scalability, and better monitoring of your expenditures and spending.
Balance Manage makes it easy to structure your chart of accounts to allow you to accurately track and make adjustments with minimal effort. Contact us to discuss our chart of accounts revision services.
4. Are you able to track program spending with fidelity, and does your spending connect to your strategic plan and district goals?
Resource allocation is a critical part of ensuring student success, and Balance Manage helps you connect finances with student outcomes. Attributing expenses to district goals is vital for aligning district spending to actual student outcomes.
Balance Manage provides an easy-to-read interface that clearly displays not only the account balances of specific goals, but allows users to filter those goals and spending by location, object, function, and more. Access to granular levels of data and spending analysis at the push of a button allows districts to focus on what works and quickly reallocate what doesn’t.
5. Do you have a comprehensive, up-to-date, reference for all your financial codes?
Having a complete guide to your chart of accounts saves time and can help districts and budget owners answer questions before they’re asked; a crucial asset to have during budget season. If you don’t have one, let us help you create one!
A poorly executed chart of accounts for your district will not only create stress and hinder success, it will severely impact your ability to maximize opportunities for students in your district. With a little effort up front, a properly structured chart of accounts can be the foundational asset that helps your district thrive.
Contact us at firstname.lastname@example.org for more information or to schedule a chart of accounts revision consultation for your district today.