While academy schools enjoy much greater control over their budgets and the way they operate, becoming independent of a local authority also brings with it new challenges and responsibilities.
When moving to this new structure, it is essential to work with experienced advisors. That’s where Lamont Pridmore’s team of accountants, business advisors and tax professionals can help.
We are ideally placed to advise schools in planning and implementing the transition to an academy, including assessing their financial position, advising on improvements and assisting them in meeting the new responsibilities that come with this status.
As we are experienced in acting for a number of charitable organisations, we can provide expert advice on the audit and accounting requirements for academies, ensuring they remain fully compliant with the Companies Act and Charities’ Statement of Recommended Practice (SORP).
Our expertise means we can add real value to the audit process by drawing out key data to help schools operate more efficiently and effectively and to inform their decision-making.
As academy schools must adopt a more business-minded approach, it makes sense to source the most cost-effective external providers of goods and services. At Lamont Pridmore we offer a range of efficient, value for money outsourced services to assist and support academy schools.
An important part of financial efficiency is professional management accounting, which helps schools keep track of how they are performing on an ongoing basis, as well as assisting with day-to-day decision-making and longer-term planning. Our expert team will prepare meaningful management accounts and assist in interpreting the information to maintain and improve performance.
We also offer expertise in specialist areas, including VAT registration and the reclaiming of VAT on non-business activities, any liability to corporation tax that may arise, for example on lettings income, and on pensions issues.
To find out how Lamont Pridmore can help you, please contact us.