Church financial statements are the reports churches should be reviewing on a monthly basis. While church budgets may be important, this is only a best guess as to what will happen throughout the year. More time each month should be dedicated to reading through financial statements of what has happened rather than the budget. Many… ⪼ Continue Reading…
budget
3 Reasons For-profit Financial Software Doesn’t Work
Financial software comes in many shapes and sizes for various industries. Each industry requires unique financial transactions to be carried out by its software. Financial software packages that are rooted in the for-profit world have one major devastating flaw. They fail miserably when used in churches or governmental accounting. Then, why are these packages sold… ⪼ Continue Reading…
Church Budget Envelopes — Don’t Stress About Them!
Church budget envelopes are created by printing companies. They help the church collect donations easily from church members. However, how are these church budget envelopes created when the printers don’t have the data? The journey starts with church management software. When a church does not have a church management software system it is a big… ⪼ Continue Reading…
Accounting Software For Churches That Are Serious!
In this post, we are going to discuss the seven sins of accounting software for churches. We will uncover the reasons for when church accounting goes wrong and discuss some possibilities of why it happens. Spoiler alert — it typically starts from inside the church. Next, we’ll go over some areas the IRS reviews closely… ⪼ Continue Reading…
Fund Accounting – Everything You Need To Know
Fund accounting is a type of accounting for not for profits. In this post we are gonna go over multiple facets of fund accounting. We’ll first discuss the governmental regulations on why churches must use fund accounting. Next we will go over how using fund accounting creates a bond of trust with your donors, and… ⪼ Continue Reading…
There is no money in Revenue and Expense accounts
That’s right: revenue and expense accounts carry no balance of money. When bookkeepers don’t realize this principle of double entry accounting, it can lead to a lot of problems and frustration. A good church accounting software uses double entry accounting and complies with FASB standards. IconCMO’s fund accounting software does both. Double entry accounting is… ⪼ Continue Reading…