Local Finance and Administration Forums
Training

School Finance
| What is Benchmarking? Benchmarking is the process of comparing an organisation's data for products, services and practices against others, in particular against the best performers in the field. Since the introduction of standard accounting codes (CFR, Consistent Financial Reporting), schools' financial data can be benchmarked easily. Benchmarking is a useful tool to help schools achieve best value. It is perhaps most useful at budget setting time. Benchmarking does not usually provide answers but gives you a guide to which areas of income and expenditure, and associated activity, where one school is out of line with others. This then will raise the question of why is there a difference and is it acceptable. Kent and DCSF Benchmarking There are two levels of benchmarking available to schools. Firstly the Kent benchmarking is a one page summary showing an individual school's data compared to just Kent schools of a similar size and type. The DCSF benchmarking enables comparison with schools nationally and has the facility to focus on specific areas of activity. It also allows the selection of specific types of schools for the comparison sample.
|