School leaders take on a colossal amount of responsibilities. One of the most important duties among those — financial management. However, many school leaders struggle with grasping the scope of their responsibilities and liabilities when it comes to accounting and finance. In fact, there was a recent study showing that a worrying majority of principals and administrators lacked financial literacy and a basic knowledge of bookkeeping.

The purpose of a school budget is straightforward — to create and implement a financial plan, which will support appropriate funding for all programs benefiting the students. We all know that the school budget has a deeper impact than simply keeping the school afloat. Through the pathway of best school budget practices, students will receive learning experiences of utmost quality and carry this knowledge into adult life. Despite its importance, the task of writing a budget may seem extremely daunting. That is why we at Your Agora broke down the complicated school budgeting process to a digestible guide.

Why are schools failing? Before we explore school improvement strategies, it’s crucial to understand why so many schools fail. Aside from mismanagement and the socioeconomic status of the school and its students, many of the issues begin directly in the classroom. According to an academic journal article in JSTOR, schools fail for a number of reasons that occur in the classroom. The author identifies six factors of critical importance that cause low school performance:

Surprisingly, researchers have long debated the influence of school funding and investments on student achievement. At the same time, a number of studies over the decades confirmed that schools show great improvement with increased funding and appropriate investments from that funding. However, one question still stands: where can the money go that will have the best outcomes for students?

Budget? Check.

Starting, running and improving an ESL school cannot take place without proper financial and operations management. Clear policies and procedures in the areas of finance, operations and risk are critical for a financially-sustainable school. By consistently implementing these policies and procedures, schools ensure their ability to serve current and future generations of students.