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?