Preparing for end of financial year with Bromcom Finance
As the financial year comes to an end, schools and local authorities (LAs) face the daunting task of finalising their year-end returns. This process involves meticulous record-keeping and compliance with local authority and audit requirements. However, with the right tools and system in place, schools can navigate this period smoothly and efficiently. Bromcom Finance, a robust, cloud-based solution, is designed to streamline year-end financial processes, reducing manual effort and ensuring accuracy.
Key Steps in the year-end returns process
1. Understanding your LA’s deadlines and requirements
Each local authority has its own set of deadlines and required forms that schools must submit. It is essential to:
Verify submission deadlines.
Complete necessary LA forms, including details on contracts, leases, staff remuneration, and consultant payments.
Ensure external payroll information, including NI, tax, and pension details, is accurately recorded.
2. Reconciling bank statements and financial transactions
Obtain a copy of the bank statement and deposit accounts for the end of the financial year.
Clear unpresented cheques or income transactions that are over three months old.
Review outstanding purchase orders and ensure all received goods and services are correctly invoiced.
3. Posting and allocating income and expenses
Post all invoices to the relevant budgets for transactions dated up to and including year-end.
Ensure that all received income is recorded and reconciled.
Chase suppliers for outstanding invoices and check statements for any missing invoices.
4. Submitting VAT claims and payroll processing
Submit VAT claims to the LA or HMRC at year-end.
Process payroll information, ensuring that all relevant salaries and deductions are accounted for.
Review data for Consistent Financial Reporting (CFR) or General Annual Grant (GAG) to amend any incorrect transactions.
5. Completing the year-end process
Perform a final bank reconciliation to ensure system balances match statement balances.
Process accruals, including prepayments, debtors, creditors, and payments in advance.
Print and submit system reports to the LA or auditors and retain copies for school records.
Finalise the year-end as per system requirements and ensure all compliance measures are met.
* information was completed using the SBS Finance Year-End Return tool
How can you manage this with Bromcom Finance
Bromcom Finance is fully integrated with Bromcom’s MIS, allowing real-time data sharing and reducing manual input errors. This ensures accurate financial reporting and easier reconciliation during year-end.
With our Bromcom Finance you can significantly reduce paperwork. Purchases made through the parent portal are automatically allocated, eliminating the need for manual data entry. Additionally on top of reducing paperwork our solution streamlines data management, making year-end processes more efficient.
By adopting Bromcom Finance, schools can reduce dependence on third-party financial providers, lowering costs while ensuring access to expert support. Our continuous development, in collaboration with user feedback, ensures that Bromcom Finance evolves to meet the ever-changing needs of schools.
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Year-end financial processes don’t have to be stressful. Bromcom Finance offers a reliable, efficient, and cost-effective solution to simplify your school’s year-end returns.