The way churches structure their accounting really starts at what the accounting standards dictate and what the users want to see in the reports. In essence, the church must start at the end – the reports – and work their way backwards to see what will produce the desired result. Now that we have examined… ⪼ Continue Reading…
Finance
The “You don’t have to be a CPA to learn Fund Accounting” Series: Part 2
The way churches structure their accounting really starts at what the accounting standards dictate and what the users want to see in the reports. In essence, the church must start at the end – the reports – and work their way backwards to see what will produce the desired result. Now that we have examined… ⪼ Continue Reading…
The “You don’t have to be a CPA to learn Fund Accounting” Series Part 1
In today’s economy, churches often compete with other charitable organizations for valuable member donations. If members are experiencing financial setbacks, they may have less money allocated toward charitable giving. Churches will want to make sure they have their donation and accounting systems set up correctly so that member donations are accurately recorded and donation statements… ⪼ Continue Reading…
7 Ways IconCMO Can Save You Money
Here are just a few ways your church can use IconCMO, a web-based church management solution, to reduce some expenses and save a few trees along the way. This list is certainly not exhaustive, so please feel free to comment and share your own money-saving solutions! Save electronic copies of reports and records instead of… ⪼ Continue Reading…
Run your church like the Pros do on the weekend!
Statement of Activities The Statement of Activities is the nonprofit equivalent to an Income Statement and was developed so organizations could track their revenues and expenses by fund. It is a required financial statement for any size nonprofit organization just like the Statement of Financial Position – see how a church’s balance sheet is like… ⪼ Continue Reading…
Why a Church Balance Sheet is like a Pizza Pie
According to the Financial Accounting Standards Board (FASB), nonprofit organizations – no matter the size – must produce a Statement of Financial Position. The Statement of Financial Position is a church balance sheet. In the past when viable software solutions were not available, churches would use separate checkbooks to keep the money separate for their… ⪼ Continue Reading…