By partnering with BELAY, you can free up valuable time and resources, allowing you to focus on your ministry’s core mission. Contact us today to learn how BELAY Accounting Services can become your trusted financial partner on your church’s journey. The Statement of Functional Expenses goes beyond a simple expense report.
Services
Why is it so important to make sure you’re handling your accounting the right way? Implementing and updating digital giving tools is a Partnership Accounting never-ending process. Stewarding your congregation’s resources in a God-honoring and responsible way can be downright overwhelming. They juggle responsibilities that stretch far beyond Sunday morning services. They also know that while the spiritual well-being of their congregation is paramount, it takes cold hard cash to keep the lights on, a building open, and a ministry staffed.
Building and Equipment:
Churches that use freelancers for accounting, repair, cleaning, entertainment, or other purposes must file Form 1099. Any time your church pays a freelancer $600 or more, you must file this with the IRS and send net sales a copy to the freelancer. Churches can choose from many affordable online options, including QuickBooks, Aplos, Accufund, and more. If you’re using Donorbox for church fundraising, managing your finances is a breeze with Donorbox’s powerful integration with QuickBooks.
Reporting
- The ledger will simplify the budgeting process because departments and staff can view reports and track how finances are compared.
- The church treasurer is responsible for managing the church’s financial operations, ensuring accurate recordkeeping and supporting the church’s economic health.
- On the other hand, businesses focus on generating profits for the business owner or shareholders.
- About 45% of your congregation might be involved in volunteer work, which means you need a system that’s easy for everyone to use.
If you don’t have a solid church accounting system in place, though, it’s hard to know how much money you actually can spend. Having orderly finances gives you the ability to budget for things like Easter services and Christmas programs. You can empower your team to invest in each event without worrying about breaking the church’s back, financially speaking, in the process.
Both businesses and churches alike can earn revenue by selling goods or providing services. Still, the main difference is that the majority of what churches receive comes from contributions, like tithes and monetary donations. Because of this, they have to keep track of what money is received and which fund it is being used for. They also have to be able to provide statements to their contributors along with other tax-related regulations. By investing in a clear accounting structure for your church, you make it easier to operate as a legal entity.