Financial reporting for Churches

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The item that may be included in your financial package is:

  1. Bookkeeping Services:

• Transaction Recording: Accurately recording all financial transactions in the accounting      system.
• Bank Reconciliation: Ensuring that bank statements are reconciled with the company's      financial records.
• Donors Receivable: Managing incoming payments.
• General Ledger Maintenance: Maintaining and updating the general ledger to ensure accurate financial records.

2. Financial Reporting:

•  Monthly, Quarterly, and Annual Financial Statements: Preparing financial statements such as the statement of activity, statement of financial position, statement of cash flow, statement of functional expenses.
• Trail Balance: Regularly updating and verifying the accuracy of account balances in the general ledger to ensure that total debits equal total credits, facilitating accurate financial reporting.
• Tracking Multiple Revenue Streams: Businesses can gain valuable insights into their income diversification, identify opportunities for growth, and make informed decisions to optimize their revenue mix.
• Management Reports: Creating customized reports to provide insights into business      performance. (Additional Fee)

Note: *(Per Church  Accounting.com) 

• Fund accounting is reported by ministries.
• With fund accounting, accountability is measured instead of profitability. *
• In fund accounting, funds are set up to provide reporting of expenditures for designated/restricted purposes. *