Many churches and nonprofits are struggling to make ends meet with their limited resources. Nonprofits can save significant time, stress, money, and valuable resources by outsourcing their financial management. Time spent on books can be time well spent by you, the leader of your nonprofit.
....Another reason to keep books is to make financial decisions. It is important to be able pull up a report to see if you are spending more than in previous years.
A key area that churches are at greatest risk is internal controls. It is important that someone outside your financial system reconciles your bank accounts, tracks and verifies your deposits and checks, which increases your congregation’s security.
Our tax consultants are not-for-profit and have extensive experience in working with churches, synagogues, and other faith-based groups to reduce their taxes and maintain their tax exempt status.
FT Walton Church Bookkeeping LLC makes it super simple to get up and running. Our general ledger is perfectly structured and you don't need an accounting to degree to understand.
You will discover errors like duplicates or missing transactions, bank errors on rare occasions and amount discrepancies by reconciling your accounts with your bank, credit card, and bank statements.
Each church is unique. Due to the size of the church, its resources and staffing ability, their needs will vary. FT Walton Church Bookkeeping LLC provides many services to assist churches, from helping to manage their financial system to supporting and supporting the one already in place. There are four services available. For a customized service, please contact us.
81% of church revenue came from individual donations. 34% of congregations have endowments, which constituted on average 4% of their revenue. Only 2% of churches received revenue from government grants; 12% received finance from non-government grants.
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.