Finance and financial management is probably one of the biggest challenges schools & MATs face, so we asked all MIS providers:
Tell us about your finance system.
- Is it online or on-premise?
- Is it fully integrated into your own MIS?
- Could it be used as a separate ‘bolt on’ service to other systems?
Rather cheekily we also asked:
How do you feel about SME platforms like Sage / Xero suggesting they offer a finance system for schools?
This is what they told us:
As always, we ask all suppliers the same questions and we list MIS supplier responses received in strict alphabetical order:
If you’d like more information about any of the providers listed below, please see https://www.whichmis.com/your-mis-in-your-own-words/
As part of its Core ERP, Academia can capture 90+ data reports across Fees and Payments.
We also recognise that institutions may have their own preferred finance platform and as such we readily integrate ‘out of the box’ with key providers such as Tally/Quickbooks and Sage.
Our own Fees and Payments functionality is fully integrated and cloud-hosted.
Online or Onsite?
Bromcom Finance is a fully integrated, cloud-based finance solution that runs seamlessly alongside both Bromcom MIS but also the MyChildAtSchool parent app. Bromcom services have been fully cloud-based since 2010, hosted on Microsoft Azure, ensuring security, reliability and flexibility.
Fully Integrated?
Bromcom Finance is fully integrated with Bromcom MIS, meaning that data is updated in real time, with no delays or sync time. Having a fully integrated solution provides many benefits, including:
- Increased data security
- One less system to log into or pay for
- A familiar Bromcom interface
Can it be used separately?
Whilst fully integrated with Bromcom MIS, Bromcom’s Finance solution can also be used as a standalone solution. An example of this is our partnership with Brighton and Hove City Council, and we are happy to discuss the individual finance needs of any establishment.
How do you feel about SME platforms like Sage / Xero suggesting they offer a finance system for schools?
Bromcom’s finance solution was purpose-built specifically for schools and academies, it is not an SME solution that has been configured or modified to work for schools. Bromcom Finance ensures that maintained schools can be local authority compliant, and that academies can be DfE compliant, offering the full DfE Chart of Accounts and built in automation of management account reporting. While Sage and Xero certainly have the infrastructure to create a school system, creating something cost-effective, user-friendly, and helpful for schools is the most important factor.
We know that school finances are a complex and critical aspect of school management , and with budgets tighter than ever, schools need dedicated tools that provide precise financial management without adding extra workload. That’s why we’ve partnered with Access, one of the most trusted names in school finance, to ensure schools have a powerful, specialist finance and budgeting solution at their fingertips.
Rather than building finance tools into our MIS, we’ve chosen to work with the very best finance experts who can offer world class budgeting and financial tracking systems. This means schools get a fully cloud-based finance system that integrates with their MIS, but can also operate independently, making it easier for finance teams to manage budgets without being tied to an MIS workflow that might not align with their specific needs.
Thousands of schools already use Access’s finance solution and this approach ensures that schools aren’t forced into an all-in-one package but can choose the most effective tools for both finance and school management. By choosing Compass, you’re not just getting an MIS, you’re getting the freedom to work with the best solutions in every area.
Our cloud-based finance system, integrated with our other systems, stores all data online on servers located in South Africa and the EU.
It can be fully integrated into your own MIS and can also be integrated into our MIS to provide schools with a seamless experience and ensure all data remains updated.
How do you feel about SME platforms like Sage / Xero suggesting they offer a finance system for schools?
While Sage and Xero are excellent financial systems, they may lack certain features tailored to the unique needs of schools.
Some schools still prefer these platforms, and we fully support their choice.
There is potential for integration with Sage and Xero in the future, enabling schools to use our administration module alongside their preferred finance system. However, we already provide a comprehensive, cloud-based financial solution designed specifically for schools.
Built on generally accepted accounting principles, our system is fully integrated, ensuring seamless financial management while catering to educational institutions’ specific needs and conventions.
Included within the Furlong Solutions software portfolio are two powerful finance systems, designed to enhance the way schools manage their financial operations.
Both options integrate seamlessly with our MIS, SchoolBase, ensuring secure and efficient data sharing.
However, they can also be used as standalone products for schools that do not require a full MIS solution.
For independent schools focused solely on managing invoicing, FeeMaster is the ideal choice.
While an MIS is essential for handling administration and accounting software is crucial for financial management, neither typically specialises in invoice creation.
That’s where FeeMaster comes in – acting as the perfect bridge between the two.
This versatile platform provides both parents and staff with a clear, transparent view of all costs.
From generating itemised invoices in just a few clicks to automating Direct Debit collections, FeeMaster simplifies financial processes with ease.
Fully compatible with all MIS solutions, FeeMaster also integrates with leading accounting packages, including Sage and Xero, offering flexibility and efficiency.
For schools seeking a complete accounting system, TASS Finance is the perfect solution.
As the only double-entry accounting system specifically designed for independent schools, TASS Finance streamlines financial administration for busy teams.
It effectively addresses the unique challenges of school-based accounting, providing a comprehensive, all-in-one platform to manage finances with confidence.
Both FeeMaster and TASS Finance are cloud-based and security-encrypted, enabling schools to manage financial administration securely—whether on-site or remotely.
The GO 4 Schools MIS does not incorporate a finance system.
We intend to use integration partners such as Wonde and Groupcall to integrate with Education focused Finance software systems, to enable schools to maintain the use of specialist products for payroll, cashless payments etc.
IRIS Financials (Financials) our cloud-hosted school finance management solution, provides schools and multi-academy trusts (MATs) with a comprehensive suite of tools and resources to help navigate, understand and manage their finances effectively, helping leadership teams ensure long-term financial sustainability without sacrificing educational quality.
Financials is purpose built for education, using a unified ledger to automatically consolidate financial data into a single, real-time view. This cloud-based system provides actionable budget insights accessible anytime, anywhere.
Its key features include:
- Intelligent reporting capabilities provide leaders with a complete overview of their school’s or trust’s finances, allowing them to zoom in on the details across multiple entities and ledgers, and share digestible reports in any format with stakeholders.
- Automated workflows mean complex processes can be automated to save time, boosting efficiencies and freeing up time for teachers and staff to focus on their students.
- Wide range of customisable modules can be added to the core system, allowing leaders to create a flexible solution tailored to their unique needs.
- Comprehensive audit trail logs all financial decisions and actions, whether they’re made through ad-hoc processes or via complex automations and rules.
- Integrated e-procurement solutions, allowing schools to purchase essential supplies from a number of suppliers directly within their Financials system, cutting out several time-consuming steps.
- Fully compliant with all Department for Education reporting standards.
Additionally, seamless integration with IRIS Education’s wider product portfolio, including its management information systems (MIS), IRIS Ed:gen and iSAMS By IRIS, enabling 2-way budgeting integration and data consolidation into IRIS Central, IRIS’ innovative reporting and analytics solution, so schools and Trusts can view their financial data alongside student, staff, and operational data.
Our entire Veracross offering is cloud-native, hosted on AWS with 99.9% uptime and requires no plugins or VPN’s — EVER!
We also offer single sign-on, Multi-Factor Authentication and top-tier data privacy and security features.
One of our core values at Veracross is “freedom of choice” — whilst many independent and international schools opt to utilise the full Veracross suite, we believe every school should make the best software decisions for their individual needs.
Whilst the Veracross finance system is a fully integrated component of our school management platform, it is an optional module and should schools wish instead, they can integrate an existing solution such as Sage, Quickbooks or Xero into the single Veracross database.
If an alternative finance system is deemed a better fit, schools can leverage one of our 200+ existing integrations with software partners or we will work with vendors to leverage our Open API to build a new integration.
