“What our schools say”
“I have four young girls of my own, and I’ve enjoyed a close affiliation with their school having been the Home and School Treasurer for four years. I’ve come to understand the trials, difficulties, and challenges that schools face, and the lack of funds they have to provide the resources they want for their students. That’s where we can really help – stretching that dollar a little bit further, so Kiwi kids can get the best education possible.”
– Ben Duflou - Director, Accounting For Schools
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A simple but highly effective habit in Xero is consistently using the reference field when entering invoices, bills, or bank transactions. While it’s often overlooked, it can make a big difference when it comes to finding and identifying transactions later on. For schools managing a high volume of activity such as trips, donations, suppliers, and term-based billing - consistent reference naming helps keep everything easier to track and search. How to use the Reference field in Xero: 1. When creating an invoice or bill, locate the Reference field 2. Enter a clear and consistent description, such as: “Term 2 Trip – Year 6 Camp” “Stationery Order – June 2026” “Donation – PTA Fundraiser” 3. Save or approve the transaction as normal 4. Use the search bar later in Xero to find transactions by reference Using consistent references makes it much easier to locate specific transactions quickly, especially when reviewing reports, answering queries, or preparing for audits. It also improves clarity across the finance team and supports more efficient reconciliation and reporting.
View our Chalkboard - August & September 2026: - Heads up: 2027 Annual Budget - Important Notices - Term 3 Finance Check-In - Making the Most of Your Monthly Finance Reports - Xero Pricing Increase - 1 October 2026 - Xero Tip of the Month: Use Reference Fields Consistently for Easier Searching - Farewell to Nerissa Heyrana - Heading to NZPF ICP 2026? Come and Say Hello! - Looking ahead https://public2.bomamarketing.com/email/41XR
Monthly finance reports are one of the most valuable tools available to school leaders and finance teams. More than just a snapshot of your school's financial position, they provide valuable insights that can support informed decision-making, highlight emerging trends, and help keep your school on track throughout the year. At AFS, we prepare monthly finance reports for many of the schools we work with. However, regardless of who prepares them, the real value comes from how they're used once they're in your hands. Here are six simple ways to get more value from your monthly finance reports. 1. Focus on what has changed, not just the numbers The most useful insight each month is often not the overall result, but what has changed. When reviewing reports, pay attention to: What has increased or decreased since last month Where spending is tracking differently to expectations Any new or emerging trends Looking beyond individual numbers helps highlight what may need attention and prevents important details from being missed. 2. Pay attention to budget vs actual One of the most important parts of your report is how actual performance compares to budget. Ask: Are we on track overall for the year? Which areas are over or under budget? Are these timing differences or ongoing changes? Understanding the reason behind variances helps determine whether action is needed or whether the movement is expected. 3. Look for trends over time A single month rarely tells the full story. It is often more useful to look at: Patterns across multiple months Whether variances are improving or growing Seasonal or term-based fluctuations This broader view can help identify changes early and support better planning. 4. Use the commentary to support understanding Good reporting should always include context. The commentary helps explain: Why variances have occurred Any one-off or timing differences What is expected going forward This reduces uncertainty and supports better decision-making by school leaders and boards. 5. Use reports to support conversations, not just compliance Monthly reports are most powerful when they are used in discussion. They can help guide: School planning and discussions Board meeting conversations Forward planning for staffing and resources The goal is not just to review numbers, but to use the information to make informed decisions. 6. Ask questions and seek clarity when needed Financial reports are most useful when they are understood and used confidently. If something in your reports doesn’t look right, a result is unexpected, or you need more context around a number, it is always worth asking questions. Understanding what is driving changes helps schools respond early and make informed decisions. Key takeaway Taking the time to understand the story behind the numbers can help your school plan ahead with greater confidence and make well-informed decisions for the future. If you have any questions about your monthly finance reports or would like to talk through how your school is tracking, please don't hesitate to get in touch with us. We're always happy to help.
