Spotlight On Outsourced Finance With Omnia Learning Trust

Ever considered an outsourced finance department? As the academy sector continues to grow with new challenges year on year, we have seen the importance for sector knowledge more than ever! More trusts are turning to outsourced finance departments to access sector-specific expertise and reduce the pressure on internal teams. One of our longest-standing partnerships is with Omnia Learning Trust, who we've supported for over 13 years. Their journey with EduFin has now evolved into a fully outsourced finance provision.

We spoke with Jodie Croft, CEO and Founder of Omnia Learning Trust, about her experience with outsourcing.

Why did you choose to outsource your finance function rather than employing in-house?

Primarily, it came down to cost. We were unable to afford the required structure within our finance department to enable this to run efficiently. We required a range of expertise across multiple levels, and bringing that in-house just wasn’t financially viable. On top of that, it was crucial to have professionals with academy-specific knowledge to ensure compliance.

What challenges did you face previously?

We have never had an in-house finance function, with outsourcing enabling consistency across the trust.

What benefits have you experienced through outsourcing?

There are several great benefits. We now have access to a wide range of expertise, and we’re confident that everyone is fully up to date and compliant because EduFin takes care of that. They offer advice, guidance, and that all-important external check which strengthens our reporting and governance.

As a CEO, it gives me peace of mind. I don’t have to worry about whether we’re getting it right EduFin is there as a trusted partner, and their experience across the sector reassures our trustees and governors too.

How was the transition?

We’d already been working together for some time, so the full transition only took about a year. Over time EduFin have tailored their support to our needs, making it feel like a truly bespoke service.

What’s been most valuable about the partnership?

Outsourcing our finance department has given our trustees greater reassurance, knowing there are external eyes and sector-specific knowledge involved. It’s also supported our benchmarking - as EduFin can help identify whether issues we face are common across the sector or unique to us.

There’s been some trial and error at school level, which is only natural of course, but EduFin have always worked closely with me to unpick things and put them right. Every year, I see our processes become more and more efficient. EduFin haven’t just helped improve our internal systems they’ve also enhanced the package they provide, including developing bespoke elements within our software.

Most importantly, I’ve always felt comfortable raising any concerns or questions. The team responds swiftly and supportively. It really feels like they’re part of our team and always on hand when we need them!

Is there anything you'd like to see next from EduFin?

EduFin HR!

If you are interested in outsourcing your Finance department, struggling to recruit or would like to learn more, please get in touch. Learn more about our Finance Bureau here.