Why More Trusts Are Turning to Virtual Finance Support
As schools and trusts continue to face growing financial pressures, recruitment challenges, and increasing operational complexity, many finance leaders are asking the same question: How can we create a finance function that is resilient, efficient, and able to support long-term strategic growth?
That was the focus of our recent Virtual Finance Assistant webinar, featuring guest speaker David Bond, CFRO at Lion Academy Trust. Missed it? You can now view the recording below.
Drawing on his experience leading finance across a growing trust, David shared how outsourcing transactional finance support through SBS’ Virtual Finance Assistant service has helped free up internal capacity, strengthen controls, and allow finance leaders to focus on what matters most: the classroom.
Creating capacity for strategic leadership
During the webinar, David Bond explained that one of the biggest benefits of SBS’ virtual finance support is the ability for internal finance teams to focus on strategic priorities rather than becoming absorbed in transactional processing.
"What we're focusing on as a finance team internally is the strategic things that actually make a difference.”
He highlighted that while transactional finance work remains essential, outsourcing that operational processing creates more time for finance leaders and school teams to focus on activities that directly support schools and pupils.
“Everything we do has to come back to, does it make a difference for pupils?”
Rather than spending valuable time resolving routine queries or managing day-to-day finance administration, senior leaders can focus on long-term planning, resource allocation, and supporting educational outcomes.
Another point discussed during the webinar was how schools and trusts work with the Virtual Finance Assistant team day to day. David explained that communication is straightforward and collaborative, with most interaction taking place over email alongside regular operational contact when needed.
Importantly, the service is delivered by a dedicated team of experienced finance professionals - not AI or automated systems. SBS’ Virtual Finance Assistant provides schools and trusts with access to real people who become an extension of the organisation’s finance function.
This was a key factor in helping build trust and consistency across the partnership, while ensuring schools still receive responsive, practical support.
Reducing Pressure On Schools and Central Teams
Another key theme throughout the discussion was reducing operational pressure across both school-based and central teams. David explained that many day-to-day supplier queries and finance administration tasks are handled directly by the SBS Virtual Finance Assistant team, reducing interruptions for internal staff.
The webinar also challenged a common misconception around outsourcing creating barriers for schools. Instead, David shared how having clear service level agreements and trusted support processes in place means schools continue receiving responsive, practical support while central teams gain additional capacity.
“We can actually focus on those things that truly make a difference [in the classroom], because we know the bulk of the financial work is simply happening in the background.”
Tackling Recruitment and Staffing Challenges
Recruitment continues to be a significant challenge across the education sector, particularly within finance. One of the major advantages discussed during the webinar was the resilience that SBS’ Virtual Finance Assistant service can provide. Rather than relying heavily on individual staff members, trusts gain access to a wider support structure that helps mitigate staffing pressures and reduce operational disruption.
David shared that when evaluating different approaches, the trust carefully considered the long-term risks associated with maintaining entirely school-based finance staffing structures. SBS’ outsourced Virtual Finance Assistant approach provided greater continuity and reduced the disruption that can occur when key finance staff leave or are absent.
Improving Controls and Audit Outcomes
Strong financial controls and audit readiness were also highlighted during the webinar. David explained that having structured finance processes and clear accountability has helped Lion Academy Trust maintain consistently strong audit outcomes over time.
“Our clean audit outcomes are something we’re really proud of.”
He added that prior audit feedback has typically focused on low level best practice recommendations rather than significant concerns around misallocated funding or meeting legal guidelines.
“One of the key things to mention is I know the SBS consultants who are doing my processing are qualified.”
The discussion reinforced how consistent processes, clear workflows, and dedicated operational support can strengthen oversight while reducing risk across the organisation.
Creating Capacity Across the Trust
While cost savings were not the primary driver behind implementing Virtual Finance Support, David explained that the efficiencies created through stronger systems and streamlined finance processes have had a significant impact across the trust, creating additional capacity and allowing more resource to be directed back into schools.
As financial pressures and workforce challenges continue across the sector, many trusts are reviewing how their finance functions are structured and where additional resilience may be needed.
The webinar with David Bond demonstrated how virtual finance support can help schools and trusts create strategic finance capacity, improve operational resilience, and reduce pressure on internal teams.
Ultimately, the discussion reinforced that effective finance support is not just about processing transactions, it is about creating the capacity and stability that allows schools and trusts to focus on delivering the best outcomes for pupils.
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Interested in learning more?
Our Virtual Finance Assistant service provides flexible, experienced finance support tailored to the needs of schools and trusts.
Whether you are exploring outsourcing for the first time, looking to strengthen operational resilience, or planning for future growth, we would be happy to discuss how our Virtual Finance Assistant service could support your school or trust.
In conversation with David Bond
Chief Financial and Risk Officer at Lion Academy Trust
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