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What to consider after deciding to become an academy

Have you decided to convert to academy status? We have outlined some questions below that you may wish to consider:

  • Who will be responsible for writing academy policies (financial & non-financial)?
    • What support will they need to write them?
  • Will you continue with SLAs currently provided by the council when they expire?
    • Is there a better value alternative?
  • What finance expertise do your staff currently have?
    • Do you need to recruit?
    • Do your existing staff need additional training?
    • Do you need external support, and to what extent?
  • What level of reserves do you consider to be satisfactory?
    • How will you achieve this and over what time period?
  • Who will be responsible for preparing budgets?
    • What support will they need to write them?
  • What accounting software will you use?
    • What training will your staff need to use the system?
    • Do you want to outsource any elements of the accountancy function?
  • Will you have one bank account for the whole trust or a bank account for each school?
  • What would be dealt with at each school and what would be dealt with centrally?
  • Does your governing body have sufficient expertise?
    • What sub-committees will you need to establish?
    • Any skills gaps?
  • Will funding be pooled or kept separate for each school?
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