Business Office Services for Public Schools

Many public schools in New Mexico are currently facing crisis in the business office. Due to the increase in the number of business managers in New Mexico who are reaching the age of retirement, the qualified talent pool is getting smaller and often consists of applicants with a lack of school business and governmental accounting expertise. This often results in excessive and repeat audit findings, potential financial statement misstatements, embezzlement and ultimately the inability to focus solely on education due to issues in the business office. K12 Accounting offers New Mexico public schools a solution to their business office needs.

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National Percentage of Charter School Closures

Source: Center for the Education Reform, 2011

Peace of Mind

Industry Experts

Financial Reviews

Segregation of Duties

Decreased Risk

Onsite Personnel

Training

Financial Issues Public Schools Are Facing

  • Business managers across the state are retiring at alarmingly high rates.
  • Absence of school business and governmental accounting expertise.
  • Loss of funding due to error and mismanagement of funds.
  • Potential financial misstatement or embezzlement.
  • Excessive and repeat audit findings.
  • Lack of recommendations for improvement.
  • Inability to focus solely on the educational programs due to issues in the business office.
  • Possible board of finance takeover by the Public Education Department.

Peace of Mind

K12 Accounting puts your business office operations in the hands of experienced professionals. We free up your superintendent and administrative team to focus exclusively on student achievement. Our professionals regularly meet with administrators on the school’s financial situation, providing a true understanding to the Administration, Finance Committee, and Board of Directors to make informed financial decisions.

Expertise in School Business Office Management

We have over 75 years of combined experience in managing and auditing business office operations of charter schools and school districts across New Mexico. We oversee budgets in excess of $200 million. Our staff includes Certified Public Accountants, Level II School Business Officials and Master of Accountancy degree holders with experience auditing governmental entities, including schools in New Mexico.

Review of Financial Practices

K12 accounting will conduct internal reviews of specific areas of concern identified by the Superintendent or the school Board. You will receive reports indicating areas of concern along with recommendations.

Segregation of Duties

When you’re working with K12 Accounting, you’ll connect with a team of individuals working on your district. We have multiple layers of oversight, checks and balances, and robust segregation of duties for integrity in our accounting services.

Decreased Risk

Compared to in-office accounting, we have no single-point-of failure for our organization. A relationship with K12 Accounting guards against a potential moment of crisis triggered by an unexpected event affecting an employee business manager or business office staff. Personnel redundancies are built into our business model.

On-site Personnel

On-site business manager and assistant business manager working together to reach the financial goals of your district. Weekly financial planning and update meetings with school administration.

Training

Personalized financial training for your board or governing council. School personnel training on processes and school-related financial rules and regulations. Software training to staff and administration on financial software.

Accounting Services

Financial Audit Preparation & Support

We manage public education audits with integrity and accuracy. We prepare documents, facilitate communication with auditors, and guide the audit process for efficient and timely audits. Many of our staff have functioned as independent school auditors and are familiar with the process and procedures. We are equipped to handle these tasks with proper internal controls and full documentation.

Budget Preparation & Management

Your team at K12 Accounting works closely with management and ensures that the school follows the New Mexico Public Education Department rules and guidelines in developing your budget. Our team is experienced in maximizing school funding and often discovers additional revenues that were not being received due to improper reporting. Throughout the fiscal year, our team will work with you to balance and manage your budgets, finding opportunities to save for the greatest impact on students.

Governmental Accounting

Our knowledge ensures that new accounting standards are adhered to and transactions are recorded accurately in the general ledger in accordance with the Governmental Accounting Standards Board (GASB) statements.

Payroll

Payroll services covering teachers, administration, and contracted personnel, complying with the highest payroll integrity standards.

Purchasing

K12 Accounting can handle large-scale purchasing in compliance with budgetary requirements, federal grants rules, and state procurement rules taking advantage of our experience in purchasing for education entities.

Accounts Payable

We offer Accounts Payable processing and reporting that keeps vendors satisfied and maintains complex budgets.

New Mexico State Reporting

We file required New Mexico state financial reporting for unemployment, state withholding, personnel information, and other required disclosures.

New Mexico Public Education Department Reporting

We are intimately familiar with the New Mexico Public Education Department’s reporting requirements. Our goal is to provide the best picture of your school’s financial health to state authorities and take advantage of as many funding avenues as possible.

Federal Reporting

K12 Accounting can handle federal payroll reporting tasks for public school entities including 941, W-2/W-3, 1099s and 1098s.

Grant Management

We provide state and federal reporting, OMB Uniform Guidance compliance, Request for Reimbursements (RfRs) and help with grant applications. Grant selection, application, and ongoing compliance are offered to serve your staff and bring in additional revenue.

Board Reporting

We provide in-depth financial reporting that school boards and administration can use to make the most informed decisions that benefit students.

Accounting Software Expertise

K12 Accounting employees are experienced in a variety of accounting software used by charter schools and school districts including Infinite Visions, schoolAbility, and AptaFund. Our experience spans accounting systems and software – we are willing and eager to integrate with existing systems to keep your accounting accessible.

505-433-5469

8650 Alameda NE, Ste 102E
Albuquerque, NM 87122

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