Putting together a realistic, workable budget is probably one of a public school’s most important financial responsibilities, and one of BPI’s major services to its clients.
Creating the Budget
A well-crafted budget is almost a work of art in a field otherwise dominated by numbers and charts. Public schools in Indiana are different than other types of entities in that applicable state law and rules from the Indiana DLGF, State Board of Accounts (SBOA), or others must be successfully addressed in any budget.
Properly estimating revenue and expenditures starts with identifying revenue sources and estimating the dollar amounts. Next, you need a broad knowledge of the different types of expenses to expect. In this regard, you must be able to distinguish between fixed and variable expenses, and the extent to which the latter is actually subject to modification efforts.
Bookkeeping Plus works to help school management implement strategies for keeping operating expenses under control, and to recognize in which areas they have the flexibility to use managerial discretion.
Operating within Budget Guidelines
Throughout the year, BPI assists the school in staying within the budget guidelines, and provides Budget-to-Actual reports. We also work with the client to project cash needs and manage bank account balances. In regard to cash flow, sometimes timing is everything, and is often the hardest to affect. That is where BPI’s experience makes a difference.
Click here to read about our other areas of Public School Accounting services.