The challenges in the education sector are huge. The number of students is expected to keep shrinking, while the costs remain the same. The sector is also facing an acute shortage of teachers, strikes about alleviating the work pressure are occurring, and ever-greater attention is being given to the quality of educational programmes. In sum, the education sector is changing, and cooperation and innovation are essential to safeguard the future.
Financial issues in the education sector
A transparent financial policy is important, especially when the future is uncertain. Each year, school boards report to the government on the financial policy in the form of an annual report and financial statements audited and approved by an accountant. Expertise on the financial laws and regulations is necessary to have this go right.
The Education Sector Group knows your sector
Due to our years of experience with many institutions, we’ve gained a lot of knowledge about the requirements applicable in the education sector. Additionally, we often act as a sparring partner with regard to, say, future proof financial policies. We anticipate the future with, for instance, continuity budgets and personnel policies. We translate what government measures and changes in the law might specifically mean for your educational institution –for example, how decentralized external maintenance will impact maintenance reserves and thus long term budgets.
Data & privacy
The education sector in particular is having to deal with new laws and regulations on processing and retaining personal data. Essentially, organizations may not collect any more personal data than necessary (data minimization), must have a clear purpose for collecting this data (purpose limitation) and must be able to explain how they handle the data (accountability). Further, data subjects are entitled to know what is occurring with their data (transparency), and they themselves may decide what the organization does with their data (data subject rights). Finally, the data must be correct (data quality) and must be stored securely (security).
But how do you ensure that this actually happens in your organization? Besides having recorded the data properly, can you be certain that adequate security measures have been taken? DRV has specially trained employees who provide services regarding privacy, the General Data Protection Regulation and cybersecurity.
Picking the right candidate
Where qualified teachers are in short supply, it is all the more important for you to take on the right people. How do you find good employees? Which skills and personal traits are necessary? And how do you help talented individuals to grow? In addition to assisting with accounting and tax matters, DRV offers coaching and advice, including in the secondment and staffing areas.
Help with strategic options
Because the labour market is increasingly affecting students’ study choices, educational institutions are expected to be flexible. More and more types of digital and other forms of education are also becoming available, which should boost the quality of the education and be more in keeping with the actual practice. These changes require well-reasoned strategic choices. Educational institutions are working ever more frequently and ever better with businesses and the government.
In regard to these strategic issues, your accountant can work together with the advisors within the various disciplines at DRV.
Would you like more information and/or assistance?
The education sector is in flux, with many developments going on. We’d be pleased to talk with you about this changing environment and the effects for your organization, and how we might be of service to you here.