FT Walton Church Bookkeeping LLC is available to assist clients in analyzing the complex issues of clergy tax law, church payroll and HR. Our experts are dedicated to keeping clients informed about the latest developments in tax and trends in different specialty areas.
Even if someone in your congregation is a bookkeeper or accountant for nonprofits, hiring a specialist will be a substantial investment. We urge you to make this a priority. It can bring benefits to your church three ways
Our clients receive a deep understanding of the unique challenges that religious organizations face today. We invest many hours each year learning about the current tax laws and new regulations that will affect non-profit clients such as churches, synagogues or mosques, school for religious studies, daycares for children, and other religious-based groups.
Our experts will ensure that every piece of information is available and properly accounted for. We'll handle the tedious work so you can concentrate on your mission.
Your church can manage accounting tasks related to programs such as fundraising and preschools, so that these programs, and your ministry, are successful.
Internal controls are a key area where churches are at risk. Having someone outside of the financial system reconciling your bank accounts, tracking, and verifying your deposits and checks means there is a second set of eyes going over all of your systems, increasing the safeguarding of your congregation’s resources.
Another important reason to keep records is to make sound financial decisions. A report should be available that shows you how much you spend on expenses compared to previous years.
Working in church accounting, you share the same responsibilities as an accountant in any other organization. You record expenses, track contributions made by the congregation, and monitor spending on various programs. Your duties center around bookkeeping, documenting and controlling finances for a church.
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.