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Tips For Streamlining Your Church's Non-Profit Accounting

Understanding Current Accounting Regulations & Practices

When operating a church, you'll have several financial factors to consider. These factors can include donations, employee benefits, investment income, or grants. Although you are a non-profit organization, funds are still necessary for you to operate. Hence, you need detailed accounting and accurate non-profit bookkeeping to help ensure your current cash flow stays positive. Our experienced non-profit accountants can assist you with your accounting and tax planning needs. Here at Fusion CPA, we can help keep track of the finances of your church by providing you with accurate non-profit bookkeeping. With our team’s help, you can improve the financial health of your organization, allowing you to continue serving your parishioners and community.

Providing Accurate & Detailed Financial Statements

Having a thorough set of financial statements to share with your members is a great way to show transparency and legitimize your non-profit organization. Our team of non-profit accountants are experts in generally accepted accounting principles (GAAP) and can assist you with preparing financial statements. We make sure to abide by internationally accepted procedures, standards, and accounting principles. Financial records and reports prepared this way can help you see exactly where your church stands financially.

Helping Your Church Avoid Payroll Tax Problems

A critical aspect of operating a church and working on your accounting involves maintaining payroll for church employees. If you're not a professional non-profit CPA, this aspect of accounting can become discouraging to deal with. To make this aspect of your church operations easier, it's best if you include it in your non-profit tax planning and preparation strategy. By doing so, you can safeguard your church against improperly filed payroll tax returns. If you're unsure of this aspect of your accounting, you can get the help of our well-versed non-profit CPAs.

Protect Against Fraud

Operating a church entails the management of significant amounts of budgets and cash flows. An excellent non-profit CPA can assist you with your accounting to protect your church against fraud, at the same time, improve accountability. A professional audit from a trustworthy non-profit accountant should also be part of your scheduled activities

Audits can help verify your internal controls and make sure no mismanagement or fraud is occurring. Some churches have budgets reaching $1 million or more when charitable contributions such as money for building funds, missions, and general contributions are considered. Our seasoned team of non-profit financial advisers can help you initiate proper procedures for handling these types of funds.

Qualifying For A Loan

A non-profit accountant can assist you with an accounting audit on your church's financials. Financial statement audits, not only help you maintain accountability, but it is also helpful when trying to qualify for church loans. By having a set of GAAP compliant financial statements to present to a lender, your credit rating can improve significantly and increase your chances of getting approved.

The non-profit CFO advisory service we offer can help you plan a long-term growth strategy. We have outstanding non-profit financial advisers who can assist you with contract negotiations. We can also help you make sure your financial statements are appropriate for the type of loan you require.

Using a non-profit CPA to assist with accounting can provide several benefits if you're operating a church. These benefits range from staying compliant with the IRS to qualifying for church loans or making sure you have a solid non-profit tax planning strategy. If you want to make sure that the accounting needs of your church are met, you can seek the assistance of our team of non-profit financial advisers. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!

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This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.