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Tracking Financial Transactions for New Ministries

April 14, 2021 | by BELINDA WHITFIELD,

TRACKING FINANCIAL TRANSACTIONS FOR NEW MINISTRIES

Video Transcript:

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.

Here are a few tips for tracking non-profit expenses for new ministries.

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 your expenses, but eventually, understand that your organization is going to grow.

Be prepared as you grow or get further down the line. Also 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.

Lastly, be sure to keep your receipts. Get organized and keep all of that paperwork together and in order.

Thank you so much for your question. Please be sure to submit your questions on my website at https://churchcpa.com/contact-us/

That’s my accounting tip for today.

Be sure to subscribe to my channel and have a blessed day.

Written by BELINDA WHITFIELD

Belinda Whitfield is a certified public accountant that specializes in serving churches and non-profit organizations. Through her firm, Whitfield & Associates, she provides tax services, accounting and compliance oversight and strategic planning for churches and non-profits throughout the United States.

We help churches and non-profits get organized, get in compliance and get control of their finances.
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