How to Modernise Finance in MATs with Education Finance Software

Why modernisation is now essential

In recent years, the structure of the education sector has changed dramatically. In England alone, there are now over 10,000 academies operating. Approximately half of all schools are part of academy programmes, and MATs are fast becoming complex multi-entity organisations. [1] 

The regulations set out by the Department for Education (DfE) are also being developed so that trusts demonstrate strong financial management, clear accountability, and efficient funding usage across all schools within the group. However, legacy and on-premises systems were not designed with this level of scale in mind, and often inhibit steady, sustainable growth through poor integrations and a lack of real-time visibility.   

So how can MAT finance leaders approach modernisation? Here are 5 steps MAT finance leaders can consider when focusing on digital transformation. 

Step 1: Establish clean and accurate financial data

The first step to creating a modern finance system is reliable data. Modern accounting systems provide a single source of truth to all other business areas, so ensuring the data that will sit within your new finance system is accurate is essential for success. 

By replacing bad data with unified real-time information, MAT finance leaders gain better oversight of budgets, spending, and performance across all schools and departments, improving financial control. This shift alone can significantly reduce manual reconciliation and enable faster reporting cycles. 

Step 2: Move to a cloud-based model

Functionality isn’t the only outcome of modernisation. MAT finance leaders should also consider the accessibility and scalability of their new finance system. A cloud-based management system allows finance teams to access data anytime, anywhere, on any device with an internet connection. In a world of remote working and back-office finance teams, this type of accessibility supports collaboration across central teams and individual academies.   

Cloud accounting management software also removes the maintenance costs associated with on-premises infrastructure by reducing IT contracts and always enabling access to the latest version of software available to MAT finance teams. 

Step 3: Integrate finance with school management software

Integrating finance management software with existing business management systems is key to ensuring finance does not operate in isolation. True modernisation arrives when MATs connect their financial data across all systems, as this improves efficiency and accountability across all departments, from budget holders to approvers, all the way up to trustees and governors. 

Here are a few examples of systems to integrate your finance management solution with: 

• Human resources and payroll systems 
• School management software 
• Management/student information platforms 

Connecting these platforms creates better resource management where finance leaders can align budgets with staffing and student information, ultimately strengthening operational efficiency and reporting capabilities. 

Step 4: Automate and standardise processes

Manual processes are one of the biggest barriers to efficiency in MAT finance teams. Investing in automated technology helps to streamline processes in core and complex workflows across an entire organisation.  

Another outcome of automation for MATs is the standardisation of processes, from approvals to reporting and consolidation, resulting in higher levels of clarity and consistency. 

Step 5: Focus on usability and adoption

MAT finance leaders can empower their teams, department leaders, and administrators by choosing a user-friendly system. Sometimes, the complex nature of ERP systems can be difficult for non-finance users to navigate, so prioritising a system with an intuitive user interface is crucial to ensuring a high user adoption rate. 

A more strategic finance function

Using these steps as building blocks for your trust’s finance transformation can create significant results. Finance teams can access real-time reporting that supports proactive financial planning, and leaders gain reliable data that helps inform agile decision-making.  

Ultimately, MATs become better equipped at managing funding pressures and delivering impactful education to the next generation.