Summer is almost over, and many schools open their doors again in August after a two month break. With a new school year is almost upon us, for many schools that means excitement with new opportunity, while others it means stress and frustration. Specifically, the stress and frustration that comes with financial planning and budget management for K-12. Is your school struggling to allocate its funds the way it wants to? Then the problem may lie in your strategic financial planning. Here are some essential areas to include in strategic financial planning for K12.
Are you interested in improving your strategic financial planning for K12? Have any other financial questions? Since 1998, Questica has worked to make handling finances easier and better for K-12 schools, universities and more. We manage over $63 billion in public sector budgets, and we want to help you. Please visit our website for more information and consider signing up for one of our free webinars.
Important categories for strategic financial planning for K-12
Every school has a vision, a mandate, to guide future decision making. As your school begins your financial planning process, it’s a good idea to review that vision, and have it be one of the keymetrics by which you make budgeting choices. The vision should have an overall goal, as well as a focus on specific areas designed to improve student performance.
Another good area to budget for is things that are unique or important to your specific school’s culture. Schools with a heavy art emphasis, after all, will not need to budget strongly for a football team. With this category, it helps to keep in close communication with faculty, staff, parents, and students, in order to best evaluate what is truly important to your school.
Planning and foresight
It’s easy to get caught up in the budget for this year, but good planning and foresight also continues into the following year. Are the choices you make this year allowing you to have enough money in the future? What’s the impact of potential funding changes? Are you preparing for a potentially smaller budget, in a worse-case scenario? These are things to consider as you build your plan now.
Student and parent support
Educators are the backbone of your school, but students are the lifeblood of it. It wouldn’t make much sense to have a school with no one to teach, would it? Likewise, good parental support can make a world of difference when it comes to making your job easier or harder. Make sure that your budget so that students and parents are properly supported now and in the future.
Questica software helps with all your strategic financial planning
For schools looking to strategize their financial planning better, Questica software makes the entire process easier. With Questica Budget, you can easily align your multiple goals and projections. You can easily map out your strategic financial plan, as well as organize your school’s financial resources. We also allow you the ability to easily create and organize multiple “what-if” scenarios at once, with better efficiency than Excel spreadsheets. We know you don’t have time to be struggling with a difficult interface, so our software is easy to manage and integrates with your existing financial and human resources systems. You can rest assured that Questica will help you and your school plan and achieve your goals.
We are a passionate team of technology experts and business specialists with decades of collective experience managing finances and budgeting software. You’ll be amazed at how much time and energy your school will save with software like Questica Budget. To learn more about Questica and how our software can help you, read a or take a product tour.