As the final bell rings and students head off for summer adventures, independent school leaders can finally take a well-earned breath. The slower pace of summer brings a chance to reflect, plan, and even recharge. But while the classrooms might be quiet, your school’s financial operations shouldn’t take a vacation.
At Sassetti, we’ve worked alongside independent schools for decades, and we know how essential strong accounting practices are—especially during off-peak times. Drawing on our years of expertise assisting educational institutions, we’ve highlighted essential accounting best practices, with special attention to maintaining sound controls during periods when school is closed.
Celebrate the Season—But Don’t Relax Internal Controls
We’re all tempted to ease up a bit in the summer, but controls are what keep your school protected:
- Always Segregate Duties: Even with vacation schedules, avoid shortcuts like letting one person handle approvals and disbursements. Temporary cross-training can help maintain segregation.
- Monitor Transactions Remotely: Use your accounting system’s remote access capabilities to review transactions and approvals, even when offsite.
- Regular Reconciliations: Automated reminders can ensure bank reconciliations and reviews still happen each month, regardless of who’s in the office.
Keep Financial Records Up-to-Date During Breaks
Vacations and flexible summer schedules should not mean falling behind on your recordkeeping.
- Cloud-Based Accounting Solutions: Platforms like QuickBooks Online or Blackbaud allow for secure, real-time access from anywhere.
- Set Clear Summer Milestones: Schedule monthly closings and reporting dates, making sure tasks don’t pile up for the fall.
- Digitize Everything: Get in the habit of uploading receipts, invoices, and documentation in real-time, not “when everyone’s back.”
Audit Readiness—Yes, Even in the Summer
Auditors often select summer months for their work, anticipating fewer interruptions.
- Organize Digital Files: Make sure financial records are easy to locate and well-labeled.
- Review Key Policies: Before staff begin summer vacations, review policies on tuition, donations, and expenditures to ensure everyone is clear on expectations.
- Assign Point People: Designate staff who can respond to audit or compliance questions—even if others are away.
Cash Flow and Budgeting: Plan for Summer Lulls
Many schools experience cash flow fluctuations during the summer.
- Update Cash Flow Forecasts: Plan for reduced income and higher expenses (facility maintenance, summer programs) over the summer.
- Continue Invoice Collection: Don’t let outstanding tuition or donation invoices wait until fall—set up systems for regular reminders.
- Maintain Reserve Funds: Summer is a smart time to review your financial cushion and plan for what’s ahead.
Communicate With Your Board and Stakeholders—Year Round
The end of the school year is perfect for reflection and planning.
- Year-End Reports: Prepare concise, visual summaries to help your board celebrate achievements and understand financial needs for the next year.
- Summer Check-Ins: Schedule virtual meetings to keep everyone informed, even if travel and vacations keep the team apart.
- Promote Financial Literacy: Summer is a wonderful time for board or staff training sessions—remote webinars work well!
Wrapping Up (Before You Head to the Lake)
You’ve made it through another school year—now is the time to take pride in what you’ve accomplished and make sure your accounting systems are ready to support what is next. Remember that strong accounting practices and diligent controls are key to your school’s ongoing stability, especially when the building is quiet and routines change. By staying proactive, embracing cloud-based solutions, and keeping communication flowing, you will position your school for an even more successful year ahead.
If you have questions or want support to strengthen your school’s accounting systems this summer, our experienced team is here to help. Reach out today to learn more about how we can partner with you, year-round.
