Introduction
Schools need to be able to demonstrate value for money by showing that their funding is being well spent and achieving the best outcomes for children. Benchmarking is one way in which schools can ensure that resources are being used effectively.
All schools that have achieved the Financial Management Standard are now familiar with the DFE Benchmarking website.
Benefits and Requirements of Benchmarking
Benchmarking your expenditure will help to:
- Plan and manage the budget;
- Identify areas for improvement;
- Set targets for improvement;
- Achieve value for money – quality vs cost;
- Improve the effectiveness of your expenditure to improve performance
- Deliver educational services to a defined standard
Benchmarking is not used solely to focus on reducing costs, but to also improve the quality and impact of a school’s services. It is a key part of achieving the Schools Financial Value Standard and schools should be able to evidence that benchmarking is being used
Links to the National Benchmarking Tools:
