IMP Software, the system of choice for more than 500 Multi-Academy Trusts (MATs) and 5,000 schools, has launched a third game-changing product for MAT financial management: IMP Finance, and its first module ‘Purchasing’.
Purchasing is a solution built to transform how MATs manage their purchasing process and approvals workloads. It helps staff to request and order what they need to perform their role, and budget holders will know exactly how much they have left to spend, empowering smarter decisions and reducing overspending. This will allow them to properly understand what is available to support their teams/departments.
IMP Finance sits within IMP Planner, a unified tool for better MAT budgeting, forecasting and reporting, bringing real-time budget alignment and ensuring coding consistency and real-time tracking of spend versus budgets. It also complements IMP ICFP, IMP’s other main MAT-first product which helps trusts maximise educational success by ensuring the effective deployment of staffing and resources across their trust.
Will Jordan, Co-Founder and CEO of IMP Software, said: “We’re thrilled to announce the launch of IMP Finance, a financial management system built specifically for MATs which sees us take the next step in continuing to transform MAT finance.
“We’re kicking IMP Finance off with our budget-driven Purchasing module – a first-of-its-kind purchasing system that enables trusts to systemise their entire requisition to invoice management process. Purchasing is a key function operationally but an afterthought for finance system providers. Managing purchasing across a MAT is a headache, and we know from our work over the past few years that many trusts are frustrated that purchasing systems are not a big enough focus from their finance system provider.
“With Purchasing, we’re delivering on our promise of smarter, more efficient financial management, all while increasing data accuracy, eliminating errors, and giving trusts complete oversight and control. Tailored to the unique needs and requirements of MATs, trusts can now align their purchasing decisions and workflows with budgets, ensuring seamless integration between spending and financial planning. This is an important step in our quest to provide an end-to-end budget-led accounting system for MATs.”
Warren Porter, Head of Education Strategy at IMP Software, added: “For the first time, we’re making sure that the budget sets the direction to remove the ‘faff’ completely from the process. This approach ensures a more unified and efficient way to manage a MAT’s financial data. It also means their actuals continually shape their forecast, increasing future budget accuracy, and saving MAT finance teams huge amounts of time. IMP Finance offers a smarter approach to purchasing and accounting, and closes the gap identified by trusts for MAT-specific functionality and operational effectiveness.”
Based in Exeter and Peterborough, but operating virtually nationally, IMP Software is an award-winning provider of budgeting, purchasing and financial management solutions. Its MAT Finance Sector Insight Report 2024 compiles future budget forecasts from 267 trusts (representing more than 3,000 schools) and is the only forward-looking analysis of trust finances to cover the period 2024/25 to 2026/27.
Watch back: Unveiling IMP Finance! A Smarter Approach to Purchasing and Accounting.
