Author: Richard Twelvetrees, Experience & Value Enablement Director, de Novo Solutions
de Novo Solutions are passionate about the end-to-end experience.
We support Multi-Academy Trusts (MATs) in achieving their goal of implementing modern cloud based, back-office and shared service finance management software.
UK Government articles such as Moving your school to the cloud – April 2019 have been painting the picture of why a cloud enabled school is a likely better operated business that one remaining with an outdated approach to finance.
Odyssea™ by de Novo Solutions is powered by Oracle Cloud – one of the worlds most renowned and trusted technology platforms for finance management. Odyssea™ focuses on harnessing those UK Government way markers such as:
- Making finance operational services more useful and engaging
- Breaking down barriers currently encountered with older systems
- Leading to delivery cost savings and efficiency improvements
- Bringing about more secure, yet accessible, ways of working
- Supporting GDPR and allaying data risk fears
Cloud enabled finance management is the future – it is that simple.
Odyssea™ will enable your MAT to experience a myriad of benefits for not only the core back-office finance management and shared service team but also the wider extended MAT community spanning Senior Leadership Teams, Governors all the way to active academic staff.
Financial Challenges Facing MATs
MATs are facing a complex landscape of financial challenges that demand strategic navigation and innovative solutions:
- Financial Strain: MATs are grappling with financial constraints due to funding limitations and the increasing cost of living and inflation affecting a multitude of sectors
- Resource Acquisition: MATs are actively seeking new sources of funding and must explore creative ways to attract more funds and secure additional staff
- Diversifying Income: To strengthen their financial standing, many MATs are venturing into diverse revenue streams beyond their core functions, e.g investments, hosting conferences, adult education, lettings, fundraising etc
- Budget Scrutiny: There is a growing focus on budget scrutiny, prompting MATs to increase control over spending in all financial aspects
- Centralisation vs. Autonomy: Larger MATs often struggle to find the right balance between academy autonomy and centralisation of shared services across different functions
Key Benefits of Odyssea™
Odyssea™, powered by Oracle Cloud, offers a range of features and advantages for MATs including:
- DfE Compliance: Odyssea™ offers a fully Department for Education (DfE) compliant Chart of Accounts, enabling MATs of all sizes to easily record and report on their financial data. It also offers customisable views by academies, clusters, or quadrants, budget codes, and funding sources
- Unified Back Office: Odyssea™ seamlessly integrates essential back-office functions like HR, Payroll, Finance, Procurement, and Planning. It extends its capabilities to include:
- Bursary, parent, student, voucher, or hardship payments linked back to Management Information Systems (MIS)
- Easy procurement of trip elements with reconciliation against trip management system of records
- Facilitation of Automated Accounts Return (AAR) & Budget Forecast Return (BFR) to the DfE
- Integration and Collaboration: Odyssea™ is a fully integrated HR, Payroll, Finance, Planning, and Finance system that bridges the gap between different functions. This integration allows real-time data sharing and collaboration, empowering MAT leaders to make informed decisions, enhance resource allocation, and ultimately improve the overall student and staff experience
Odyssea™ can help your MAT with:
Financial Transparency & Control
- Full Fund Traceability: Trace spending back to funding sources. Meticulously track funding income from various sources, such as the General Annual Grant or donations, providing a breakdown of expected funds over time. This enables a seamless tracing and analysis of expenditures to the correct codes
- Control and Approval: Odyssea™ integrates Finance with HR, Payroll, Procurement, and Planning functions, providing easy control for spend and authorisation approvals across the organisation. For example, procurement spending can be approved within allocated budgets at an academy, with payments automatically matched to the correct purchase orders, facilitating touchless payments via shared functions
Choose Odyssea™ for a Best-in-Class Finance Solution
- Odyssea™ has a track record of assisting MAT businesses by replacing their disconnected, incomplete, and inefficient operations with best-in-class finance management applications
- The connected finance solution is a proven platform that is ready to use ‘out-of-the-box’, with data-driven analytics, self-service finance access, and a comprehensive suite of powerful forecasting and strategic planning tools
- Without doubt Odyssea™, powered by Oracle Cloud will lead to your MAT being able to recognise meaningful cost savings and improved financial performance across your processes
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Odyssea™ will deliver complete peace of mind for MAT leaders due to the enhanced security and data protection models to fortify the organisation against external or internal cyber threats
Embrace a Culture of Continuous Innovation with Value as a Service™ (VaaS™)
- Experience Continuous Support: de Novo's optional managed cloud support extends beyond 'go-live,' ensuring ongoing success for your MAT. Proactively managed by UK-based experts, your system thrives with industry and cloud expertise, ensuring long-term peace of mind
- Experience Continuous Innovation: Odyssea™ continuously evolves through the cloud innovation cycle. Periodic updates, driven by feedback and requests from the growing user community, are consistently delivered, shaping an ever-evolving digital experience for you
Only with de Novo Solutions can your MAT speed its way to a modern finance digital transformation – improving operational agility, transparency, scalability, and competitiveness, providing your MAT with proven businesses tools that will thrive in your organisation’s financial landscape.
Ready to embark on your journey to leading-edge finance management?
Unlock MAT Excellence with Odyssea™
Experience Value as a Service™ (VaaS™)
One response to “Redefining the Finance Experience for Multi-Academy Trusts (MATs) with Odyssea™”
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