Finance

Why Do You Need A Finance Manager For Managing Church Finances?

Tracking church financial flow has never been easier, yet many church leaders are still swamped with financial tasks. Though there is an incredible amount of free technology available to help manage finances for today’s churches, some pastors and staff members might feel overwhelmed or confused about how to use it effectively. This is especially true if they lack expertise in finance.

Some people find it difficult to track church finances because tracking money does not need to be complicated. But it can be time-consuming if you don’t have the right tools at your fingertips if you’re working with outdated systems, or just doing everything manually. So there are many reasons why churches hire finance manager for managing church finances. Some of these reasons are:

1) Track church finances more conveniently: Tracking church financial flow has never been easier. Tracking faith-based tithing and other donations are as easy as updating spreadsheets or online databases with the right tools.

2) Take out some of your busy work hours: Hiring a finance department who can manage schedules and process reimbursements will save your time collecting such documents from staff. In addition, they can add up to 15% of additional free time per week in most cases.

3) Keep up with changing legal and tax standards: Regular church audits may be required as a condition of your nonprofit status. These can take up to 30 hours each year, or if your finance department handles it, the required time should only cover 2–3 days per year at most.

4) Finance managers have experience: Most finance managers have an extensive background in church financial management and a degree from a school of finance.

5) Save time on administrative tasks: Time is money! A part-time staff member who handles accounting will save you time on bookkeeping and reporting.

6) Make better financial decisions: A finance manager will record all income, expenses, assets, liabilities, equity, etc., in an organized manner so that you can focus on building the church rather than struggling with finances. Their reports reveal how much money is coming into the church versus how much is needed to run it effectively.

7) Quicker implementation of budgets: An experienced finance manager can start working on your budget within 2-3 weeks after they are given access to all data (i.e., income, expenses, assets, liabilities, equity). Thus you get a budget sooner to build your budget next year.

In conclusion, hiring a church manager to manage finances for churches today has become a necessity. You can enjoy all the conveniences and benefits they provide, such as time-saving, hassle-free procedures, and no need to worry about financial management activities like payroll, fundraising campaigns, or paying bills.

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