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.
Outsourcing is a good option. A bookkeeper outsourced can be a great option for smaller churches to medium-sized ones. It will increase the expertise and accuracy of your bookkeeper, as well as lower costs. Let's take a closer look at each of these:
Accuracy and expertise are critical for good financial health in any church. Having a trained and qualified bookkeeper means having an expert who knows the right way to make entries, understands and complies with local and federal requirements, and ensures your reporting is accurate.
Still, every church has to deal with finances. There are tithes and offerings coming in weekly. Meanwhile, there are bills to pay, needs to meet, and (often) salaries to be paid. It’s a lot to keep track of. Accounting church software programs can help you navigate this terrain, even if you’re not a whiz in Excel and don’t know a debit from a credit.
You are the best time to hire our church bookkeeping service to make sure your financial records and policies are correct. It is also a great idea to have your bookkeeping done by someone else, so that you can concentrate on building your business and never fall behind.
In the case a church, a bookkeeper might be required to take on the roles of both an accountant as well as a treasurer. They are responsible to manage all financial aspects for the church. Their responsibilities include but not limited to:
No two churches are the same. The needs of each church vary due to size, availability of volunteers, resources, and staffing abilities. FT Walton Church Bookkeeping LLC offers several options to help churches with exactly what they need from managing their financial system to coming alongside and helping the one that is in place. Here are four service options. You can contact us to have one customized for your congregation:
All organizations should follow generally accepted accounting principles (GAAP), using an accrual basis to record income and expenses when they are earned and incurred. However, many churches use a cash basis—recording income and expenses when they are received and paid—or a combination of both approaches.
Here is a quick breakdown of some of the most common tasks you will need to accomplish when doing your church bookkeeping.
Enter Income And Expenses. ...
Track Contributions And Prepare Bank Deposits. ...
Pay Bills. ...
Journal Entries. ...
Complete A Bank Reconciliation.
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.
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.”