Set up a church bookkeeping system that not only tracks expenses and income, but also tracks your assets and liabilities.
There is another reason to keep track . It helps you make better financial decisions. You should be able to look at a report and see how you spend more on expenses than you did in prior years.
Now is the perfect time to use our church bookkeeping services to ensure your financial records and policies are set up correctly. Plus, since you likely have a limited team, it helps to outsource your bookkeeping so you can focus on growing your organization and never get behind.
Sometimes, congregations are faced with difficult bookkeeping questions and may need to outsource this work. Atlanta Church Bookkeeping LLC is here to help you save time, money, and manage your bookkeeping needs.
Churches can and do get slapped with devastating penalties for classifying and paying a worker with a 1099 ...that the IRS deems should have been classified as an employee.
Another important reason to keep records is to make sound financial decisions. A report should be available that shows you how much you spend on expenses compared to previous years.
You might need more functionality than QuickBooks Premier Plus provides as your church grows. Your church's growing needs will include the ability to manage volunteers, events, allow online giving and run email campaigns.
Churches call the traditional balance sheet a statement of financial position. It uses the accounting equation “Assets = Liabilities + Equity” to show a snapshot of your organization's financial health. It also shows the current balance of each of your funds if you've been implementing fund accounting for your church.
Churches And Transparency
The standards of the Evangelical Council on Financial Accountability require that member organizations provide audited financial statements on request.
Churches and religious nonprofits must maintain highly accurate accounting and bookkeeping records in order to maintain their nonprofit status, budget accurately, and provide reporting to government entities and their parishoners or members.