What is financial benchmarking?
Financial benchmarking can be a valuable process as it enables comparisons of income and expenditure with other schools and academies. With this comparison you will then be able to consider how your resources can be used more efficiently and identify areas of improvement that may be required.
Why should you benchmark?
Benchmarking is a requirement for the School Financial Value Standard (SFVS) that all maintained school governors need to complete and the school resource management self assessment tool for academies, MATs or free schools. Benchmarking allows you to understand your position and identify areas of strengths and areas to improve.