‘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 and 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.
As Treasurer of my Church I subscribe to a quarterly budget process. Many of you reading this would agree that certain ministries are seasonal and expenses can change throughout the year. Due to the seasonality of some expenses, the quarterly budget practicum will make preparing for these seasonal expenses much easier!
Quarterly budgets are beneficial because they allow for
Flexibility based on the season;
Allows you to anticipate financial changes sooner and make adjustments;
Finances and spending are discussed in great detail much more often and
Once established it is easy to maintain
Maybe you never considered preparing a quarterly budget. Or perhaps the idea of going from an annual budget to a quarterly budget is overwhelming. Honestly, the hardest part is starting it!
It’s much easier than you think, and with your annual budget template already created and access to the previous year’s spending makes creating the quarterly budget smoother. Compare expenses from the prior quarter, this quarter last year to help make the determination for the amount needed.
As always, Wisdom over Wealth team members are available to answer questions you may have on the quarterly budget process. Contact us today because we’d love to partner with your Church!