Pictured above: Ian Holder

Academy-status schools need to have a "mindset shift" at the top if they are to be successful, according to an expert in the sector.

Ian Holder, who heads up the education team in the Midlands for accountants and business advisers Mazars, said the running of such schools represented a major challenge to governors.

"We are talking about substantial businesses ranging from a turnover of perhaps £5-6 million through to £20 million-plus."

His comments follow concerns raised by MPs on the influential Public Accounts Committee about the ways academies are being operated.

Though academies are not a new initiative they have been given fresh impetus in the wake of the Coalition taking over from Labour.

There are eight Birmingham schools currently applying to become academies -Bartley Green School; Lordswood Girls' School & Sixth Form Centre, Harborne; King Edward VI Aston School; King Edward VI Camp Hill School for boys; King Edward VI Camp Hill School for girls; King Edward VI Five Ways School; King Edward VI Handsworth School, and The Arthur Terry School, Sutton Coldfield.

A ninth, Ninestiles in Acock's Green, became an academy last month.

Schools Secretary Michael Gove urged successful schools to apply to become academies, which means they can work with private sponsors (in some but not all instances) and have more freedom from government control, as one of his first acts after last year's General Election.

Mazars has been advising a number of academies and those aspiring to convert.

Mr Holder said there were pros and cons to going down the route.

To some extent the schools could take responsibility for their own destiny, with governors responsible for decision-making and shaping the future. However being out from the council umbrella meant they also had to take on all the things previously provided by local education authorities such as systems support, financial services and insurance.

And it also meant negotiation with the LEAs for grants, property, brought forward surpluses/deficits and more - not easy at a time of austerity.

"But it does mean governors have more control over how they spend the money they get," said Mr Holder. "And hopefully we have been able to add value by advising them on how best to manage the business - it requires a mindset shift.

"The transition is a big challenge for governors, however, there are annual issues for them such as the preparation of financial statements, annual audit requirements, pension matters, compliance with charity and company law, and VAT. And we see them continuing to require advice going forward."

It was "early days" to predict how successful the academies were likely to be.

However, he noted: "In the last year they have really come to the fore."

Nationally, Mazars has a significant education sector presence, with over 100 clients representing more than £2 million in fees.

Mr Holder said: "There is now further significant momentum behind that - thanks to academies. This is a sector in which we are continuing to invest. We think it will be a productive area for us."

The Public Accounts Committee pinpointed just the sort of issues where Mazars is looking to offer support, suggesting academies need more help raising money and managing their finances.

It warned in a report: "We were concerned that there are already signs of potential financial and governance instability, even at this early stage."

The Government give academies advice on how to manage their finances - but the suggestions are optional and, claimed the PAC, "many academies are not complying".

Some sponsors had failed to provide the money they originally promised, the MPs added.