Bookkeeping Services for Churches
....Another good reason to keep financial records is to make informed financial decisions. If you can pull up a report, you will be able see that your expenses are higher than they were in previous years.
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However, every church must manage its finances. Every week there are tithes to be paid and offerings to be made. There are bills that need to be paid, income to meet, as well as salaries to be earned. It's all a lot of work to keep track. Accounting software for churches can help you navigate these waters, even if Excel is not your forte and you don�t know the difference between a debit or a credit.
....Another good reason to keep financial records is to make informed financial decisions. If you can pull up a report, you will be able see that your expenses are higher than they were in previous years.
You also need to be able to look at that bank balance and know at a glance how much of it is designated or restricted funds and how much is left to keep the lights on.
You should also be able to view your bank balance, see which funds are designated and restricted, and what amount is available to keep the lights lit.
Listening is key to a long-lasting client relationship built on trust, respect and cooperation. We want to be able to offer financial guidance, advice and leadership that will help you grow your religious organisation and make it more successful.
Churches are most at risk if they lack internal controls. A person outside your financial system can reconcile your bank accounts, track and verify your deposits, and make sure your checks are paid. This will increase the security of your congregation's assets.
Diocesan Canons state that treasurers and other officers of a church parish, mission or other institution be “bonded” according to Episcopal Church Canons. Episcopal Church Canons require that treasurers be “adequately bonded.”
seven years
Financial Records are traditionally kept for seven years. This relates to the laws of tax audits and the number of years back the IRS is allowed to look when determining an organization's tax liability.
The IRS may begin a church tax inquiry only if an appropriate high-level Treasury official reasonably believes, based on a written statement of the facts and circumstances, that the organization: (a) may not qualify for the exemption; or (b) may not be paying tax on unrelated business or other taxable activity.