The most vulnerable area for churches is their internal controls. The safeguarding of your resources is increased by having someone outside the financial system reconcile your bank account, track your deposits, verify them, and verify your checks.
Atlanta Church Bookkeeping LLC is a great choice for churches that have many volunteers and staff. Its primary benefit is the ability for many users to take on different roles. Atlanta Church Bookkeeping LLC is a great option for churches that don't have an accountant or administrator. It allows everyone to play a different role in the tracking of your finances and budgets.
Trust and respect are the cornerstones of a good client relationship. We believe listening is essential. Our mission is to help you grow and succeed in your religious organization by providing financial guidance and financial leadership.
The church bookkeepers are often mistaken with accountants for a long period. They have very different responsibilities. Bookkeepers are responsible for maintaining the financial records of the church. This includes income records and expense records. They are responsible for keeping records of every transaction that the church makes. It is their job to keep track all accounts. They also verify that accounting procedures have been followed correctly. Accounting, on other hand, does all the accounting work and provides auditing and tax planning as well as financial planning, payroll processing and consulting.
Set up a church bookkeeping system that not only tracks expenses and income, but also tracks your assets and liabilities.
Atlanta Church Bookkeeping LLC offers clients the ability to analyze complex clergy tax laws, church payroll, and other HR issues. Our specialists will help clients keep up to date with tax news, developments, trends and other specialties.
By reconciling your accounting with your bank and credit card statements, you will find errors such as duplicates, missing transactions, bank errors on rare occasions, and amount discrepancies.
Diocesan Canons state that treasurers and other officers of a church parish, mission or other institution be “bonded” according to Episcopal Church Canons. Episcopal Church Canons require that treasurers be “adequately bonded.”
seven years
Financial Records are traditionally kept for seven years. This relates to the laws of tax audits and the number of years back the IRS is allowed to look when determining an organization's tax liability.
The IRS may begin a church tax inquiry only if an appropriate high-level Treasury official reasonably believes, based on a written statement of the facts and circumstances, that the organization: (a) may not qualify for the exemption; or (b) may not be paying tax on unrelated business or other taxable activity.