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church leadership

A Church Chart of Accounts Explanation – Part 2

June 22, 2021 by Icon Systems Leave a Comment

representation of how accounting funds interact with the chart of accounts in reference to churches

This is the second of a three-part series. In this blog we’re going to review the order of the chart of accounts, account numbering, how the order of accounts translates to reports, some do’s and don’ts, and finally the two main methods of accounting – accrual and cash-based. In the third article, we’ll review why… ⪼ Continue Reading…

Filed Under: Finance Tagged With: church accounting software, church leadership, church reports, fund accounting

Managing Church Finances – The Right Way

June 10, 2021 by Jay Leave a Comment

Financial Planning Process words written in black text. The Check Mark.

A quick search for ‘managing church finances’ will give you a lot of information on creating a budget and following it. Budgets are important of course, but it’s crucial that churches don’t place too much emphasis on this tool. Budgets often roll forward each year, rarely changing unless there is a large discrepancy for one… ⪼ Continue Reading…

Filed Under: Finance Tagged With: church leadership, church management software, church technology

Accounting For Churches — Avoid These Mistakes

May 19, 2021 by Jay 2 Comments

Avoid Accounting Mistakes with IconCMO church accounting software

Let’s start out this topic of accounting for churches with two quotes. The first is from Charlie Munger, Warren Buffett’s business partner for over four decades. Charlie once said, Proper accounting is like engineering. You need a margin of safety. Thank God we don’t design bridges and airplanes the way we do accounting. Charlie Munger.… ⪼ Continue Reading…

Filed Under: Finance Tagged With: church accounting software, church leadership, church management software, church technology

A Church Chart of Accounts Explanation – Part 1

May 4, 2021 by Jay 1 Comment

Image showing the foundational accounting equation used across all methods of accounting - not-for-profit and for-profit.

The church’s chart of accounts (CoA) is the building block for your entire church accounting system. In a proper church accounting system, the CoA works in conjunction with funds, to create a robust church fund accounting system that answers the question of accountability. Funds working with the CoA, provide a multiple tier reporting structure that… ⪼ Continue Reading…

Filed Under: Finance Tagged With: church accounting software, church leadership, church management software

Church Budgets Aren’t Financial Statements

April 26, 2021 by Jay Leave a Comment

Epic fail grunge style rubber stamp icon. Red vintage failure meme seal label. Mistake sticker sign. Isolated on white background. Vector illustration image.

Church financial statements are the reports churches should be reviewing on a monthly basis. While church budgets may be important, this is only a best guess as to what will happen throughout the year. More time each month should be dedicated to reading through financial statements of what has happened rather than the budget. Many… ⪼ Continue Reading…

Filed Under: Finance Tagged With: budget, church accounting software, church leadership, church technology

Choosing a Church Accounting Software

April 13, 2021 by Jay

Deciding which church accounting software to purchase is a difficult decision to make. Selecting the financial team that carries out the day-to-day operations of the church is equally as difficult. Both need to be reliable to ensure the church has the best available information to make financial decisions. Accurate financial statements reflect assets, liabilities, and… ⪼ Continue Reading…

Filed Under: Finance Tagged With: church accounting software, church leadership, church management software, church reviews

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