“I have four young girls of my own, and I’ve enjoyed a close affiliation with their school having been the Home and School Treasurer for four years. I’ve come to understand the trials, difficulties, and challenges that schools face, and the lack of funds they have to provide the resources they want for their students. That’s where we can really help – stretching that dollar a little bit further, so Kiwi kids can get the best education possible.”
– Ben Duflou - Director, Accounting For Schools
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The annual audit is a vital part of your school’s financial oversight - it's not just a compliance exercise, but a chance to strengthen governance and support informed decision-making. With audits for the 2025 financial year starting now, boards and school leadership can take proactive steps to ensure they are ready to make the most of the audit process and the findings when they arrive. Below are five key considerations for boards and school leadership ahead of the audit. 1. Understand the audit process: Familiarise yourself with how the audit is conducted and the areas auditors focus on, such as internal controls, reporting, and compliance processes. Knowing what to expect now helps leadership interpret findings efficiently once the audit report is issued. 2. Plan for review and discussion: Decide how the board or finance committee will assess audit recommendations. Setting up a clear process ahead of time ensures that your school can respond quickly and confidently when the report is received. 3. Consider key focus areas: Even before feedback arrives, review potential areas for improvement in your school’s financial practices. Thinking ahead about internal controls, reporting, and oversight processes makes it easier to act on audit recommendations efficiently. 4. Prepare to track and implement recommendations: Have a system ready to assign responsibilities, set timelines, and monitor progress once audit findings are available. This ensures that improvements are applied consistently and effectively. 5. Strengthen governance and transparency: Being proactive now reinforces confidence among leadership, staff, and the board. Using the audit as a tool for strategic oversight ensures your school’s finances are well-managed and prepared for future planning. By taking these steps early, boards and leadership can turn the audit into a tool for learning, improvement, and stronger governance, rather than just a compliance exercise. Preparing now ensures your school is ready to act effectively once audit feedback arrives in March.
Did you know you don’t have to manually calculate due dates for each invoice? Here’s an easy Xero tip that many users overlook, but once you start using it, you’ll wonder how you ever lived without it. When you’re entering a due date on an invoice, you don’t need to stop and calculate the exact date based on your payment terms. Instead, Xero allows you to use quick shorthand to do the work for you. Simply type shortcuts like “+7” , “+14” , or “+30” into the Due Date field, and Xero will automatically convert that into the correct calendar date. This is especially helpful if you work with different payment terms for different suppliers or if you’re batching a large number of invoices at once.
View our Chalkboard - January 2026: - Welcome back to Term 1, 2026! - 2025 Annual Accounts - Important Notices - Xero Tip of the Month: Save Time With Xero’s Invoice Due Date Shortcuts - Preparing to Make the Most of Your Audit Feedback - Looking ahead https://public2.bomamarketing.com/email/WLK4
