FT Walton Church Bookkeeping LLC makes it super simple to get up and running. Our general ledger is perfectly structured and you don't need an accounting to degree to understand.
Churches are under most of the same labor and employment laws that "for-profit" organizations are under. This includes the guidelines for classifying your workers as employees or independent contractors.
A key area that churches are at greatest risk is internal controls. It is important that someone outside your financial system reconciles your bank accounts, tracks and verifies your deposits and checks, which increases your congregation’s security.
There are many factors that make a church different. Because of their size, volunteer availability, resources, and staffing skills, the needs of every church are different. FT Walton Church Bookkeeping LLC can provide a variety of services that will help churches. These include managing their finances and supporting existing ones. These are just a few of the options. To have one custom-made for your congregation, contact us.
Even if one of your members is a professional accountant or bookkeeper for nonprofits, it will still be an investment to hire a specialist to handle your church's books. This is why we encourage you to make it a priority. Your church can reap the benefits of this investment in three ways.
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For classifying and paying a worker with an IRS 1099 that the IRS believes should have been considered an employee, churches can face severe penalties.
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.