While most churches have probably already sent out their giving statements for 2023, I’m sure there are number of churches wondering, “Do we really have to print out a receipt for everyone?” You might be surprised by the answer.
Is your church dividing by 12 for the monthly budget? Here’s a better way.
For nearly 15 years, I’ve been speaking out against dividing the church budget by 12 and using that for your Year-to-Date Budget. Everyone always agrees with me, but it’s easier said than done…especially when it comes to the income side. Some months have more Sunday than others. If only there was a fancy spreadsheet….
I need help understanding the church’s Income Statement
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.
I need help understanding the church’s Balance Sheet
The Balance Sheet is an important tool if you want to understand your church’s financial strength and potential. Sadly, it’s also one of the most neglected. In this week’s offering, I give an overview of the Balance Sheet as well as five key questions you should be asking.
The most important number on the Financial Statements
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.
The biggest mistake Treasurers make in financial reporting
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.
Using Classes in QuickBooks
If you find your church’s chart of accounts getting longer and longer, perhaps you need Classes. Classes will replace your length with some width. Instead of just going North and South, your reports will go East and West. This is what I explore in this post.