Churches could face serious penalties if they pay workers with 1099s that the IRS determines should be classified as employees.
Our experts will ensure all information is accurate and up-to-date. Let us do the heavy lifting so you can get on with your mission.
Our clients have access to our deep knowledge about the unique challenges facing religious organisations today. We spend hours each year staying current on the tax laws and new regulations that affect our non-profit clients. This includes churches, synagogues. mosques. Church schools. Daycares.
You can set up a church bookkeeping system to track expenses, income, and assets.
Many churches, nonprofits, and other organizations are struggling with limited resources. Nonprofits can save time, stress, valuable resources and money by outsourcing financial accounting. The time you spend on your books as the head for your nonprofit is time that could be spent expanding your donor base, helping those in crisis, and growing your donor list.
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.
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.
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.