A Move Toward Simplicity
Moving Your Database: The technical side of transitioning your database to MinistryCFO takes several hours. We house all of our clients with a reputable data center with a fully redundant back-up system. Your data become cloud based and very safe, most likely safer than before you transferred your data. As such, the leaders of your church can access the financial data online via password protection at any time from a wifi connection.
Simplifying the Chart of Accounts: Your chart of accounts represents all of your revenue, expense, asset, and liability accounts. When your records are transferred to us, we always see too many accounts on the client’s books. We internally re-map your chart of accounts and then contact the leaders of your church. We show the leaders what the revised Profit & Loss Statement will look like before we actually make the revisions. Our clients are always enthusiastic about the revision. As we make the final revisions, we always welcome any customized and preferred refinements from our clients.
Consolidating the Designated Funds: One of our clients had 58 designated funds, running horizontal on the P&L Statement, and 64 revenue accounts, running vertical on the P&L Statement. Do you know how many different revenue accounts resulted from this matrix? Yes – 3,712 separate revenue accounts! So we condensed the designated funds to two accounts plus the Operating Account and condensed the revenue accounts to three accounts. This resulted in just nine possible revenue accounts. Going from 3,712 revenue accounts to nine revenue accounts is, indeed, a move toward simplicity!
Reconciling Neglected Balance Sheet Accounts: In our experience, we often find cash accounts, CD accounts, and money market accounts missing on the balance sheet. Other times, we find that the loan balance on the books does not align with the loan balance from the bank. Most times, and from sheer observation, we find that the Land, Building and Equipment accounts are substantially below the apparent fair market value of the properties. Depreciation on depreciable assets is rarely recorded. All of this is ok……remember what we said at the beginning: we are accounting nerds and we love what we do!