What is MAT Finance?
The Bromcom MAT Finance product is the Finance solution for MATs that provides a single database, multiple site system integrated with the Bromcom MIS for MATs who want a simple integrated Finance solution designed for ease of use with the DfE Chart of Accounts in mind.
Key Features
- Single Database with multiple Sites
- Developed with the DfE Chart of Accounts in mind
- Integrated with the Bromcom MIS
Features and Benefits
| Feature | What it Does | Benefits |
| Single Database with multiple Sites | Allows for a single MAT customer log-in | Data is collected organically on the go to make reporting and getting data out quickly and easily |
| Site Clusters | Allows for Sites to be grouped into different Clusters | Data can be filtered based on Cluster so that Sites can be viewed as a group quickly and easily when performing transaction Enquiries |
| Finance and Budgeting Dashboards | Allows for data to be visualised in purpose built dashboards | Reports portrayed in graphs and charts which will show only data relevant to the user logged in |
| Integrations | Direct integration with Bromcom MIS and MAT Finance | Remove costly duplication of data entry and ensure consistency across systems |
| Single/Multiple Bank Accounts | Allow for movement of budget amounts between areas in the approved budget | Choice of multiple bank accounts fixed to individual schools or bank accounts used by all schools. Also supports having a Single bank account for a trust wide system along with a single bank account for groups of academies |
| Automatic Intra-Company Journals | Allow for cross site postings | Gives the ability for transactions to be posted to multiple Sites with automatic self-balancing journals generated to ensure there is no imbalance in the Trial Balance across the trust |
| Bulk Payment Runs | Perform bulk payments via BACS or Cheque | Ability to pay Invoices in bulk with the flexibility to perform single site, multiple site and full trust wide payment runs |
| Budget Management | Create unlimited budget profiles | Create multiple profiles and change which default profile is in use at any point in the Financial Year |
| Detailed User Access Security | Specify user access to different data layers | Gives the ability to limit data access as well as functional access at trust or Site level |
| Workflows and Approvals | Manage approval of spending across the MAT | Configure multiple workflows based on priority to ensure review by the correct individual before authorisation Workflows can be configured based on any combination of Site, Document and Value |
| Making Tax Digital (MTD) | Automatic link to HMRC for form VAT100 submission | Where the MAT is registered for VAT, they will be able to complete consolidated returns directly to HMRC via the Making Tax Digital service |
| Multi Year Reporting | Access multiple years’ data at the same time | Based on user access and permissions, it will be possible to view data across multiple financial years to easily get access that is needed when it is needed without the fuss |
| Statutory Returns | System reports and APIs to help with financial returns | Have the ability to produce reports as required by the annual Academy Accounts Direction, such as BFRO, BFR, SofA and AAR (Academy Accounts Return) API can automate data to help populate a large part of the AAR Mappings can be set up for Ledger codes to make the collecting of data for these returns a seamless process |
| *Income Allocation | Automatically generate postings for Income | Ability to collect income from various methods with automatic allocation via APIs to allow for automatic postings of MAT wide Income into MAT Finance |
| *Automatic Bank Reconciliation | Download transactions directly from the Bank | Authenticate directly with the trust or site bank account to download transactions and statements directly into MAT Finance and perform automatic reconciliation |
| *Punchout | Order directly from supplier websites | Go directly to the Supplier website from MAT Finance via Punchout to place the orders that then are then automatically created back in the system speeding up the ordering process |
| *Advanced Workflows | Set up approvals based on more criteria | Workflows can be set up to trigger based on document lines, cost centres, ledger codes and other dimensions to allow for a far more advanced set up to be created. |
*Planned for delivery by Q3 of 2022