‘Tis the season…budget season! Budget season isn’t a season many Pastors or Treasurers generally look forward to. It is often perceived as a daunting an arduous task. It takes a long time to predict the ebbs and flows of an entire year! Preparing a budget doesn’t have to be overwhelming.
All of us are creatures of habit. We become comfortable with the ways that we do things, and often forget to ask whether we could do things better a different way. Today those changes often involve using new technology. Thankfully, for churches looking to improve there are many free and low cost financial tools that improve our systems and efficiencies.
We all know the idiom “Don’t put all your eggs in one basket.” The premise is that if a farmer were to collect all his eggs into one basket and then drop the basket, all would be lost and he would have to start again. The expression is often used to warn someone from pinning all their hopes, efforts and treasures onto one thing and risk losing everything.
This month, Wisdom Over Wealth was featured on Bill.com as a customer success story! Wisdom has been recommending the addition of Bill.com to the monthly process for our church clients since January 2017.
Why Does Wisdom Recommend Bill.com?
Wisdom recommends the use of Bill.com because it simplifies the process for approval and payment of expenses through their online system or app while also syncing with QuickBooks Desktop and Online.
How Does Bill.com Work?
In an online system, church staff and leaders can email expense/bill information into the Bill.com inbox. From there, a church bookkeeper or volunteer can input the bill information. After input, an approval process is set up. Once approved, each payment is released to be paid. Bill.com syncs with QuickBooks in each step of the process, which provides efficiency in using their system.
Ready to Learn More?
Check out the Bill.com case study featuring Cornerstone Foursquare Church on how Bill.com has become a successful part of Wisdom’s service to our church clients.
Contact us if you’re interested how Wisdom can partner with your church to simplify your accounting processes!
Every year church boards look for a way to exercise their fiduciary responsibility and consider auditing the books. Underneath it all, the board desires to have an independent financial professional “take a look” at the books and report if things are OK – and maybe offer some suggestions on how things could be done better.
Pastors around America were shocked in 2018 when they realized that their churches may have to pay the Unrelated Business Income Tax (UBIT) to IRS because of parking for their employees. As illogical as this is, the 2018 TCJA law declared that the expense of providing free parking (and/or transit passes) for employees is deemed to be an item of Unrelated Business Income (UBI) to charities.
Initiating the practice of budgeting sets a plan around how God is calling His church to use the funds He will provide. Intentional forethought from church leadership in crafting a budget guides the church financially throughout the year, increasing stewardship of the funds God has entrusted to your church, increasing accountability for church leadership, and fostering confidence in the management of funds given by congregants.