How Many Bank Accounts Should a Church Have?

Use them to manage an asset – not to keep a second set of books

How many bank accounts should a church have?

One? Five? Ten?  How can we know?

Shouldn’t a church have a separate account for every restricted purpose?

Or should it?

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. 

As a CPA firm, we here at Wisdom often hear the same statement time and time again: “Your team understands churches.  You are not like other CPAs we have talked with.” Not all CPAs are the same and we at Wisdom are cut from a different cloth. 

Every year pastors across the United States are faced with high tax bills as they deal with both the realities of being responsible for paying both income tax and self-employment taxes.