Financial Reporting Suite: Finance Software for Schools | HCSS Education

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Financial Reporting Suite

Financial Reporting Suite

High quality financial management reports

The Financial Reporting Suite (FRS) is an FMS6 module that, using data from FMS6, allows you to produce high quality financial management reports. FRS makes presenting to school leaders, Governors and non-financial staff easier so that everyone understands the information being shared.

Effective financial reporting has never been more important and the addition of the FRS module will provide you with the complete financial management solution for your School or Academy.

Contact Customer Support 

If you have already purchased our software and require technical support, please contact customer support.

T: 0845 340 4546

E:support.budgetingHCSS@theaccessgroup.com

Helpdesk testimonials

"Fast call back and effective support to resolve query."

Caroline Behan, School Business Manager, John Fisher Catholic High School

Financial Reporting Suite

Overview

An FMS6 module that enables users to produce a suite of high quality financial management reports, using current data in FMS, suitable for presentation to budget holders, school leaders and the governing body.

FRS extends the range of reports already available in FMS to include graphs and charts, making the information far more accessible to a much wider audience. The reports are more flexible than the basic reports in FMS and include options to add notes and forecasts. This means that finance staff can present budget monitoring information in a way that is much more easily understood. Information is much more meaningful to users and allows them to focus on the important areas.

Features & benefits

Increased reporting options and levels

FRS allows the user to drill down into far greater detail into the data available for reporting. All reports can be grouped by CFR code, cost centre, ledger or fund code. The columns and analysis available in the report can be customised by the user to suit their needs, making it easier to communicate only the required information without the clutter of additional data.

Graphical representation of financial data

All data can be represented as a graph or a chart, simplifying the presentation of the data to suit certain occasions. A graph can get a message across far more quickly than a page of figures. This is invaluable for Governor and finance meetings where financial information is summarised and must be communicated as effectively and as quickly as possible.

User options to tailor the format and presentation of the reports 

Data can be filtered by any number and combination of ledger codes, funds and cost centres before being sent to a report or chart. At the lowest level, every cost centre/ledger code/fund combination is displayed. At higher levels data is summarised by cost centre or fund. The user can choose to display all, one or some of the codes. This gives users a great deal of flexibility in tailoring reports to suit each particular audience.

Functionality to enter forecasts against each cost centre/ledger code combination

An extremely useful feature adding an extra dimension to management reporting. The ability to enter and save forecast figures against each code combination gives the Leadership Team and Governing Body a far better understanding of financial performance and expected outturn. This function also facilitates a longer term view; by forecasting the year end position, users have the estimated starting position for the following year.

Notes can be added to each cost centre/ledger code combination explaining reasons for variances and suggested action required

The ability to add and save notes adds context and additional meaning to management reporting. It also means that finance staff can continue to justify and explain figures in future meetings, without having to refer back to minutes.

Functionality to identify and report cumulative budget changes with the option to add notes to each cost centre/ledger code combination explaining reasons for budget changes

Budget changes are highlighted and the rationale for them are saved from one month to the next, saving time when looking back to previous decisions. This means that finance staff and Governors always have the reasoning behind decisions available to refer back to.

User defined cover page including a summary of the overall financial position

A useful summary report that can also be used as a cover to a multi report presentation. Finance staff are then able to produce a full report for Governors with summary data on the top, with detailed reports to back the data up.

Reports can be exported to Excel or in PDF correctly formatted and ready to print out

An option providing flexible reporting; reports can be emailed easily, and additional notes added if the Excel option is used. This means that reports can be produced very easily with little additional formatting required.

A variety of reports are available

Available reports in FRS include but are not limited to:

  • Budget Monitoring (Summary & Detailed)
  • Budget vs. Actual
  • Budget Comparison Report
  • Budget Comparison Chart

FAQs

Why do I need FRS when FMS already contains many reports?

FRS contains a number of key enhancements over the standard reporting in FMS including:

  • Graphical reporting presents data in a very easy to understand format
  • Ability to enter forecasts and notes
  • Exports to Excel are attractively formatted and ready to print

I produce reports of different levels of detail for different groups, how do the saved notes appear to these different groups?

There are two ‘notes’ options; one for budget changes and one for forecast rationale. Each note can be added at ledger/cost centre/fund combination level. Where reports are produced at a more summarised level, the notes attached to each ledger/cost centre/fund combination in each group are all included, so that a full picture is given.

How much does FRS cost?

If you are interested in finding out more about FRS including pricing information please call us on 0845 345 3300 or make an enquiry using the online form.