22% of finance leaders rate their software as inadequate

New research has found that almost half (47%) of Chief Financial Officers (CFO) working in Multi Academy Trusts (MATs) rate their finance software as ‘inadequate’ or ‘requires improvement’.

The survey of 200 CFOs working in existing MATs on their current finance software experiences showed many are concerned that their finance software doesn’t currently make the grade.

A quarter (25%) of CFOs surveyed rated their existing accounting software as ‘requires improvement’, while one in five (22%) rated it as ‘inadequate’.

The research, conducted in February 2023 by accounting software provider iplicit, comes off the back of the UK Government’s 2030 deadline for every school in England to become part of a MAT.

An education edition of iplicit’s software will be launched at BETT UK – the country’s largest education technology (EdTech) event – taking place at ExCeL London, from March 29 to 31.

A small number of MATs will be offered the chance to take part in an exclusive iplicit pilot project, under which they have access to iplicit’s software for free until October 2023 to help shape the system's future development.

Places on the pilot projects will be offered on a first-come, first-served basis. Those taking part will have round table sessions with the iplicit development team, so their feedback can help with the continued evolution of the product beyond the launch edition.

Lyndon Stickley, Chief Executive Officer at iplicit concludes: “The success of MATs will be underpinned by great technology to support their processes including for the finance teams. We look forward to meeting some education leaders at the BETT show this month and helping to support them with their bespoke accounting needs.”