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Importance of Finance in School Management

Running a school and improving a school cannot take place without proper resources and this starts with having money. Managing a school requires finance with accuracy and transparency in funds. Schools should have a budget, control and monitor their daily expenses and they should be able to project for the upcoming year. Our guest today is Rev. Laja Shoniran, the CEO of Financial Literacy for all, an NGO championing the cause of financial literacy and inclusion in Nigeria and Africa. He is a financial expert. What is school finance management? Talking about finance, we cannot overemphasize the issue of money, especially in schools. Money is not the only resource needed by the school. School finance management is basically the ability of the management of the school, board, or whoever is in charge to be able to manage the assets and liabilities of the schools. The assets will include money and liabilities involve other obligations of the school even to manage the human resources in the school. How can money affect education? Money affects everything especially education because who we are a product of our education so money affects us in a great deal. Looking at it from individual level, its takes money to have educational pursuit we want, families may not have money to send their children to a school of choice, community needs money to help their old school, and government at large needs money even though there is misplaced priority but it is what is available that will be used for education. What are likely problems schools would have that would lead them into financial problems? We need to see a school as a business more and we need financial training to manage a school. There is interference in the personality of the people managing the school. The school management should be able to curtail their excesses by critically looking at each cost center in the school and how it funds itself for example school bus is a cost center but it must run itself or make it profitable. School business may not be primarily be driven by profit but it must not be for loss. School management school should take note of leaks that allows their funds to be mismanaged. They should avoid using the money for other things to finance other areas in the school. What is the appropriate financial system a school should adopt? Input and Output. Input talks about how the money comes in, who to collect the school fees, how to collect the school fees to avoid leakages. How the school money is being dispensed, there must be some procedure for any amount to get out of the school, Let there be a process, checks and balances. We should take note that the success of the school is on you and the failure is on you. Schools are better off when a school has a particular place they buy things like fuel or diesel to leverage credit and controlling the excesses in school finance management.