Staffordshire University Finance Department

The Finance Department at Staffordshire University plays a crucial role in the institution’s operational and strategic success. It is responsible for managing the university’s financial resources effectively, ensuring compliance with all relevant regulations, and providing insightful financial information to support decision-making across all departments. The team comprises various specialized units, working collaboratively to maintain the financial health and sustainability of the university.

A core function is Financial Accounting, which involves the accurate recording and reporting of all financial transactions. This includes maintaining the general ledger, preparing financial statements, and ensuring compliance with accounting standards. This unit is also responsible for managing the university’s assets and liabilities, ensuring proper valuation and safeguarding of resources.

Management Accounting provides crucial data and analysis to support internal decision-making. This involves budgeting, forecasting, cost analysis, and performance reporting. The Management Accounting team works closely with departments across the university to develop budgets that align with strategic objectives and to monitor performance against those budgets. They also provide insights into cost drivers and identify opportunities for efficiency improvements.

The Payroll team is responsible for the accurate and timely payment of salaries and wages to all university employees. This includes managing tax deductions, pension contributions, and other benefits. Ensuring compliance with employment law and HMRC regulations is a critical aspect of this function. The team also handles expense claims and provides guidance to employees on payroll-related matters.

Treasury Management focuses on managing the university’s cash flow, investments, and debt. This involves optimizing the return on investments, minimizing borrowing costs, and managing financial risk. The team also works to maintain strong relationships with banks and other financial institutions. Careful management of treasury functions is essential to ensure the university has sufficient funds available to meet its obligations and invest in its future.

Procurement manages the university’s purchasing processes, ensuring value for money and compliance with procurement regulations. This involves sourcing goods and services, negotiating contracts with suppliers, and managing supplier relationships. The Procurement team also plays a role in promoting sustainable procurement practices and supporting the university’s commitment to environmental responsibility.

The Finance Department is led by the Chief Financial Officer (CFO), who reports directly to the Vice-Chancellor. The CFO is responsible for providing strategic financial leadership to the university and for ensuring the integrity and transparency of financial reporting. The department continually adapts to the changing landscape of higher education, embracing technological advancements and implementing best practices to improve efficiency and effectiveness. They are dedicated to supporting Staffordshire University’s mission of providing a high-quality education and research environment.