Top 10 problems solved by Infor SunSystems Cloud in Education.
Problem #1: Budgeting and Planning
This is the first in a series of blogs highlighting ten of the most common challenges faced by finance teams in the education sector. We begin with the issue of budgeting and planning software for education.
The budgeting and planning problem
Colleges and Multi Academy Trusts face a unique set of financial challenges, including:
- Student numbers may be difficult to predict
- Income is highly dependent on enrolment numbers
- Funding comes with restrictions so there is limited flexibility
- Expense structures may be complex
- Income is intermittent but expenditure is constant
- Budgeting processes are decentralised
Despite these challenges, many education providers still rely on Excel for their financial planning. While Excel may be convenient, it falls short compared to dedicated budgeting and planning software for education. It’s familiar, widely available, and inexpensive, but it comes with major drawbacks.
1. It does not scale well
As your organisation grows, so do the spreadsheets. Complex structures become harder to manage and maintain.
2. Excel is not built for collaboration
Spreadsheets are often shared via email with budget holders, leading to multiple versions in circulation. This makes the process slow, prone to error, and dependent on a handful of experts to keep things working.
3. Poor visibility and compliance
Spreadsheets can easily be shared. Sensitive financial data can be edited, deleted, or leaked. The process is risky, lacks proper controls, and there is no audit trail.
These are just some of the risks of using Excel for budgeting and planning. Fortunately, there is a better way.
How we can help
The LAKE Solution for Education includes an easy to use and affordable budgeting and planning tool. No more spreadsheets.
Maintain control
Budgeting and Planning is a Cloud solution, centrally managed by you in Finance, with browser-based access for all users. Instead of multiple spreadsheets, everyone works with one version of the truth.
The solution’s dashboard is the starting point for creating plans and running enquiries. You can track the status of all submissions, view reports by college or school, campus, department, or nominal line. And you can model different scenarios using dynamic parameters and filters.
Simplify the process
Budget holders and authorisers are automatically notified of outstanding tasks. Entries can be as controlled or as flexible as required, with space for comments and supporting documents.
Manage complexity with ease
Built on Infor SunSystems Cloud, the solution includes authorisation workflow that reflects your organisational structure. It connects in real time to your ledgers, simplifying creation of the initial budget and subsequent adjustment entries.
Take the next step
In the next blog in this series, we highlight the problem of fragmented financial data.
To find out how Infor SunSystems Cloud from LAKE could help your organisation, download a copy of our SunSystems Cloud Beginner’s Guide – Education.
By Jon Isherwood