What is cost centre accounting and how can it benefit the education sector?
Cost centre accounting involves keeping track of expenses in order to control total costs, allocate resources more strategically, and calculate profitability on a subject or department basis.
In the education sector, cost centres may include individual curriculum and non-curriculum departments.
Through allocating associated costs and school contributions or funds raised into each of these cost centres, the finance manager can produce accurate reporting and even create a P&L for each cost centre. Sage 300 ERP offers flexibility in reflecting the calendar or school year, financial year, or even a sporting season.
The BES team can help create cost centres to meet specific requirements and manage fundraising projects.
What are the benefits of BES' workflow solutions for standardising education processes?
BES' workflow solutions can help education organisations establish and enforce standard processes, which can reduce training time for new users and minimise opportunities for fraud.
They offer complete visibility of approvals at each level and can check for budget availability, handle processes electronically, identify data entry errors, and set mandatory approvals for sensitive items.
How can BES assist educational institutions with budgeting and forecasting?
BES can assist schools with budgeting and forecasting by providing templates, Excel imports to the correct cost centres, and examples to ensure efficient completion of budgeting.
Additionally, our experience and knowledge of Sage 300 ERP can assist with this process.
What solutions does BES provide for financial reporting?
BES has developed a number of financial reporting solutions to assist organisations with their reporting needs.
While Sage 300 ERP provides a flexible report writer, BES have enhanced this functionality with our experience and templates.
Our team can create reports that are tailored to meet specific requirements, such as cost tracking, cash flow reporting, internal reports for department heads, and external reporting to meet Ministry of Education (MoE) requirements. We work closely with customers to design standard reports and provide various templates, ensuring that the reporting process is efficient and accurate.
What are the benefits of integrating NZ student management systems with Sage 300 ERP?
The team at BES has built integrations for their customers with both KAMAR and MUSAC.
The integration allows data to be entered only once into the student management system and then automatically updated in the financial system.
An example of how this integration works is when a student payment receipt is entered into the student management system, it is automatically imported into Sage 300 ERP.