July 31, 2023
As a charter school leader, running a successful school while fulfilling your school’s mission is your primary focus. However, you are also tasked with managing the business side of things, and smooth back office operations are critical to the success of every charter school. Keeping up with the administrative, business, and operations tasks with so much on your plate can be challenging. This is where a back office support company can help! Back office support companies provide a wide range of services to charter schools so that school leaders can focus their attention on where it matters most – fulfilling the vision of their charter.
The scope of back office services for charter schools varies, and may include accounting, budgeting, financial reporting and analysis, accounts payable and receivable, audit support, facilities, payroll, and human resources. In this blog post, the first of a three-part series, we’ll explore five benefits of using a high-quality back office support company.
Focus on Providing Quality Education
Charter schools have an important mission to provide access to a high-quality public education. However, unlike traditional public schools, charters do not have a district central office to handle business functions. In turn, charter school leaders are responsible for both overseeing school operations and meeting the needs of students. By hiring a back office support company, charter school leaders can outsource the daily management of tasks such as payroll, budgeting, compliance, and financial reporting, freeing up more time to focus on educational outcomes. While charter school leaders will always need to be involved in critical decisions to ensure the financial stability of their school, a partnership with a back office support company allows them to do this together with experts.
Cost Savings and Stability
Cost savings and stability are significant additional benefits of using a back office support company. By partnering with a third-party provider rather than hiring and managing a full-time business office staff, charter school leaders can leverage economies of scale that allow back office companies to provide services at a lower cost. This cost savings in administrative support frees up more dollars for the classroom, to invest in areas such as teacher salaries, facilities, educational materials, and equipment. Further, a back office company with scale provides critical stability to your school’s business operations by providing uninterrupted services and support. The outsourced back office model can insulate your school from the disruptions and related costs that would otherwise arise from school business office staff turnover, vacations, sick days, or medical leave in the purely internal staffing model. Although back office support companies are not immune to those staffing challenges, providers with scale have sufficient staffing capacity across functions and the structure to absorb and manage those disruptions, including the recruiting, hiring, and training of new staff, all while continuing to deliver uninterrupted service to their school clients.
Expertise and Best Practices
Back office companies offer charter schools the expertise and experience to handle business tasks effectively and efficiently. Back office companies that specialize in supporting charter schools stay up to date on the latest sector best practices, funding sources, and related compliance requirements, to ensure that your school is running smoothly, maximizing available funding, and in compliance with local, state, and federal requirements. Additionally, a high-quality back office support company can provide insightful financial analysis and scenario modeling for proactive, strategic decision making. This specialized level of charter school expertise is especially valuable for start-up charter schools.
Charter schools may experience rapid growth or fluctuating enrollment due to various external factors, making it challenging to manage operations effectively. However, some back office support companies offer scalable solutions meaning they can adjust their services to meet the current needs of your school, whether you’re experiencing growth or a downturn in enrollment. As a result, back office support companies offer the opportunity for charter schools to remain nimble and adapt to changing circumstances without sacrificing administrative support.
Increased Transparency and Accountability
Charter schools are accountable to stakeholders and must meet high compliance standards and fiscal transparency. A back office support company can increase transparency and accountability in your school’s financial operations. As a third-party provider, a back office support company provides an objective view of your school’s financials, identifying areas where cost savings can be achieved or financial controls need to be strengthened. This level of oversight can help charter schools build trust with stakeholders, including parents, donors, and authorizers.
In conclusion, there are many benefits to hiring a back office support company for your charter school. By delegating certain tasks to a back office provider, charter school leaders can reduce costs, benefit from expertise and best practices, scale appropriately, increase transparency and accountability – and, most importantly, have more time to focus on providing a high-quality education!
If you’re considering a back office support company for your charter school, take time to research providers thoroughly and choose one that aligns with your school’s needs and values. If you want to learn more about EdTec’s back office services, contact us today!