Also known as “closing the books,” year-end closing is the process of reviewing, reconciling, and verifying that all financial transactions and aspects of the company ledgers from the past fiscal year add up. This involves calculating the business expenses, income, revenue, assets, investments, equity, and more. What is the year-end close? The goal is to […]
Numbers can frustrate you, especially when things simply don’t add up. Understanding your business’ finances is at the core of every small business as it allows you to look into what can be improved for your operations and create more room for better margins. You would need an accurate financial report to determine all of […]
In today’s globalized business landscape, more and more companies, especially foreigners, are realizing the benefits of outsourcing their accounting services. Among the top outsourcing destinations, the Philippines has emerged as a prime choice for businesses looking to optimize their accounting operations. This blog will explore five compelling reasons why foreigners should consider outsourcing their accounting […]
Separate Personal and Business Finances: Open a dedicated business bank account to track income and expenses separately from personal finances. Track Every Transaction: Keep a detailed record of all financial transactions, including sales, purchases, and expenses. Utilize accounting software or spreadsheets for accurate and organized tracking. Set Up a Budget: Create a budget to forecast […]
Church bookkeeping refers to the process of keeping financial records for a church or religious organization. Just like any other organization, churches need to keep track of their income and expenses to manage their finances and make informed decisions. In this article, we will explore what church bookkeeping is, why it is important, and some […]
As a church leader outsourcing church’s accounting, you understand the importance of financial stewardship and transparency when you . However, managing finances can be a complex and time-consuming task, particularly if you lack the necessary expertise and resources. One solution to this challenge is to outsource your church’s accounting. While outsourcing may not seem like […]
Business goals are the motivating force behind successful companies of all sizes. They keep your business moving forward, and without them, you can’t get from where you are now to where you want to be. While most people know the importance of setting goals, achieving them is the hard part. Whether you’re just starting to […]
It’s not that common for churches to consider getting professional help for their bookkeeping, mainly because churches are often more focused on doing their ministry work rather than handling money matters. Understandably, heeding the higher calling of ministry is the purpose for building the church in the first place. But whether you pay attention to […]
Churches need accountants, too. They need to protect their tax-exempt status, file taxes, get financing for projects and charitable initiatives, keep track of incoming funds, pay workers and stay compliant with government regulations.
In today’s competitive world, the cost of outsourced accounting and bookkeeping has come down significantly, which makes it highly affordable for educational institutions to access.