Management Information Sheet
View My Financial Insights (VMFI) - important development
Introduction
View My Financial Insights (VMFI) is an online tool that provides insights into the financial position and performance of your school.
The tool identifies any areas that may require further attention and suggests guidance and resources to help you achieve valuable improvements.
The tool supports finance management in several ways:
- Increasing efficiency by reducing the need for desk-based research regarding financial insights and data
- Providing up-to-date and customisable data insights to help identify areas for further investigation
- Offering access to commercial resources including government contracts, frameworks and guidance
Training
The EducationFINANCE team have secured 2 exclusive webinar sessions that will delivered by experts from the DfE.
Each session will include a demonstration of the tool, highlight some of the key features and an open Q&A session with the experts.
The sessions will be delivered via Microsoft Teams and places on either session can be booked via SLA Online. You will also find further information there on how you can access the sessions.
Please note: once you have booked a place on the session via SLA Online you will need to register again directly with the DfE - full instructions can be found in the Booking Information section on SLA Online.
Future Developments
It is vital that staff and governors with financial responsibility attend one of the sessions to receive an overview of the VMFI toolkit.
Based on the significant developments the DfE have made to the VMFI toolkit, the EducationFINANCE Team in collaboration with the Funding Team, have made the decision that the financial data for 2020/21 will be the last financial year that localised benchmarking is produced. From 2021/22, schools will be required to either benchmark their school data using the secure VMFI toolkit (login access required via DfE Sign In) or by using the Schools Financial Benchmarking Service which can be accessed publicly via Schools Financial Benchmarking.
As schools are aware, benchmarking forms an integral part in providing assurance that resources are being managed effectively and links directly to value for money in the Schools Financial Value Standard return.
The training will provide you with the information for you to be able to access the VMFI toolkit and analyse your schools data.
Further support and guidance will be provided by the EducationFINANCE Team via your schools Finance Support Officer.