Belinda Whitfield, CPA a few quick tips for keeping track of non-profit expenses for new ministries.
Tracking Financial Transactions for New Ministries
Okay. As you’re working through this 501C3 process or process of starting a nonprofit organization, one of the things you want to think about is that you’re going to have to keep track of your financial transactions.
Okay, if you’re a new organization, this is going to be kind of easy. All you can do is probably start off with a little journal to keep up with that. But, eventually, understand your organization is going to grow.
Be prepared. As you grow or get further down the line, be prepared to put some processes in place and look at choosing an accounting program to keep up with your income and expenses. That’s going to make things a lot easier for you than trying to do things in a journal or on Excel. Initially, you’re okay with just keeping up with those transactions.
Also, be sure to keep your receipts. Get organized and keep all of that paperwork together and in order.
That’s my accounting tip for today. Be sure to subscribe to my channel and have a blessed day.
Thank you so much for your question. Submit your questions on my website at https://churchcpa.com/contact-us/