Financial Management System

Specifications

The Financial Management System (FMS) is an integrated double-entry accounting system that enables schools to manage all their key financial processes. It provides a comprehensive ‘at a glance’ picture of your school’s finances and resources to help you ensure your school’s funding and resources are put to the best possible use. FMS ensures your management team can manage day to day financial tasks more easily, supporting general ledger, accounts payable, accounts receivable, budget planning and equipment management. With FMS you can handle payments quickly and efficiently, manage budgets and equipment, and track spending and staff costs against commitments. FMS is a complete solution designed to address the specific needs of education users - and costing thousands of pounds less than corporate systems. FMS has been supporting educational establishments for over 20 years and is currently used by over 17,000 schools.

Key Features

• Simple accounting workflows
  Guide users through accounting workflows, including ordering and payments for materials and managing payments for facilities hire
   
• The financial picture of your school at your fingertips
  Gather information on staff contracts, payroll, purchases, payments received and assets held at any time. Log all expenditure and income to easily generate complex analysis reports to help monitor your school’s day-to-day spending
   
• Manage your budget and demonstrate best value
  FMS can help your school set and manage the budget and report to governing bodies. It supports the Government’s Schools Financial Value Standard (SFVS) for demonstrating value for money and Consistent Financial Report (CFR) for end of year management
   
• Save time and money with electronic ordering and payment
  FMS supports a completely electronic accounts payable workflow. It communicates with the Department for Education’s OPEN portal so orders and invoices can be authorised and sent for payment using the BACS standard.