13 Jan Top 7 Reasons to Outsource Your Church Accounting

For many pastors and leaders, church accounting can be an administrative nightmare. Accurately processing payroll, staying current on IRS and state regulations, and filing convoluted tax reports can overwhelm even the most seasoned church accountant.

Because many churches can’t afford hiring a full-time accountant, they rely on volunteer bookkeepers and church accounting software. Such bookkeeping can help maintain accurate financial records, but it limits the church’s ability to perform important tasks such as audits and financial planning.

Fortunately, there are church accounting services like Finch that are dedicated to seeing churches succeed by offering an expert team of church accountants, bookkeepers, and strategic financial advisors at an affordable cost. Let’s take a look at the main benefits these professionals offer, and why more and more churches are turning to them for financial help.

7 Benefits of Using Church Accounting Services

1. Focus More on What’s Important

Every church has a special mission to fulfill, yet the busy work of managing daily finances takes a considerable amount of time and resources. This can distract your leadership from important tasks and create unwanted stress.
Outsourcing your church’s accounting and bookkeeping allows your leadership to focus on their core mission and activities. By handing these fiduciary tasks over to a trusted group of experts, your church can devote more time and resources to tending to your flock, rather than being bogged down by administrative tasks.

2. Access a Wider Range of Expertise & Experience

The best professional accounting firms have teams of trained and experienced accountants and bookkeepers. Their combined expertise, experience, and knowledge is much greater compared to an individual church accountant, and they can provide much deeper insights and higher level fiscal strategies.

3. Save Time & Money

Many churches don’t have a large enough budget to hire their own church accountant. Professional accounting firms are able to handle the same tasks more efficiently and effectively, which can lead to cost savings for the church.

There are also many expenses associated with hiring an in-house bookkeeper, such as salaries, benefits, company resources, insurance, and so on. These can all add up quickly to cost the church far beyond basic working wages.

4. Ensure Compliance with Tax Laws & Regulations

Professional accounting firms are knowledgeable about the latest state and federal tax laws and regulations, and can help churches ensure that they are in compliance, avoiding potential penalties and fines.
Professional church accounting services can also advise your church and staff about important tax benefits such as write-offs and exemptions they may have missed before.

5. Increase accuracy & reliability in financial reporting

Professional accounting firms are trained to maintain accurate and reliable financial records, and can provide regular financial reports to the church to help them make informed decisions. They can help your church maintain important internal controls to protect against fraud, misuse of funds, and embezzlement.

6. Get Additional Security for Your Financial Records

Keeping your church’s financial information safe is crucial to protecting your church. Professional accounting firms typically have robust systems in place to protect client data and prevent unauthorized access to sensitive information.

7. Increase Flexibility & Scalability

Professional accounting firms are able to adapt to the changing needs of the church, and can provide additional support as the church grows and its financial needs evolve. This can be particularly helpful for churches experiencing rapid growth or changes in their financial situation.

For example, if your church hires new workers, it can quickly become more difficult to process the payroll correctly and remit the correct payroll taxes. By using a church accounting service, they can help make this transition seamless and handle the extra paperwork.

Financial Stewardship to Help Your Church Succeed

Take a moment to ask yourself: How much time does my team spend each week keeping track of our church’s donations, payroll, and income? Think of what your church could do with the time saved by having professional church accounting services, and how valuable it would be to have a financial analyst to help secure your financial future.
 
Finch partners with churches across the U.S. to provide the best financial stewardship possible, including:

• A dedicated team of accountants
• A dedicated team of analysts
• Monthly Conference Calls
• Financial Statements
• Monthly reports

 
They ensure that your church has accurate bookkeeping, accounting, tax documents, and regular reports. You’ll also be able to receive professional financial advice for forecasting and planning your church’s financial future.

To find out how much time and money your church can save with Finch, set up a free meeting today!