The Income Statement (aka Statement of Activities or Profit & Loss) seems like a pretty simple financial report. It shows income. It shows expenses. It shows the bottom line. Sometimes churches can complicate this simple statement, but that can be fixed.
Most of the time, treasurers just want to make sure the leaders and committees we serve have all the information they need to make good decisions. I think we’re shooting ourselves in the foot. By giving so much information, the important numbers seem to be getting lost. Here’s how we can bring them to the spotlight.
If you’re reading this, chances are you are a treasurer or rely on a treasurer. What is the biggest mistake treasurers are most prone to making? Is it tax related? Is it investing? What about journal entries? Well, it’s none of those, but the mistake is likely making ministry much more difficult than it needs to be.
As an accountant, I started out loving Red Tape. I liked being able to navigate all the tax rules and forms. I knew that people would need me to guide them through the process.
20 years later, I’m not as big of a fan. Red Tape makes ordinary work more complicated. So…which denomination is making more work for their churches through Red Tape?