How QuickBooks Is Helping Churches To Track Their Cash Flow!

Whether you are a small, a growing or a multinational assembly; one important factor you must not ignore, and which you must pay apt attention to as a general overseer or church finance officer, is the overall financial and cash flow position of your church. A number of times, I hear church admins tell me that they really do not need strict accounting policies or documentations as everybody is spiritual; hence they are expected to exhibit a great level of financial discipline and honesty towards the church finance. That’s quite interesting! But for me, I believe as much as there was a Judas among the twelve disciples, there stands to be more of such persons in the church considering the number of crimes church people commit since they are less likely to be caught.

Back to the aim of this guide – deploying accounting software for churches; I’d like to share key reasons why tracking cash flows in churches is very important:

  • You plan the church budget on a weekly, monthly or annual basis based on cash flow trend and how can you plan when you don’t know how much you are expecting or cash on hand?
  • You incur expenses and would like to channel fund to vital projects that will drive church growth, with accounting software, allocating resources based on data presented seems easy. You also see the possibility of expanding the church’s presence to areas that are not currently covered.
  • Church also pay workers, hence, they need to track salaries and allowances.
  • Plus more

How QuickBooks Can Help Churches Track Cash flow

Members

Every church accounting must start from membership record; you need to have details of your members so that income categories like ‘Tithe, or Special Donations” can easily be traced to a particular member.

Revenue

The key sources of revenue for churches are ‘offerings’,tithes‘, and ‘special donationsseed offering, thanksgiving etc.’.  In QuickBooks, you can create each of these revenue categories as an “item under service” and map it to an income account.

Expenses

It’s not only profit-organizations that incurs expenses, churches also do. Besides, the church is one of the top spenders as they embark on several community developments, life transforming projects, building projects, etc., within or across the border. At least, if I do not know how other churches spend, I can confidently say that the church where I worship spends heavily on local and international projects including outreach events worldwide.

With QuickBooks, you will not only track daily, weekly or monthly expenses, but will also have a feature that makes it flexible for you to map them to a specific project or event for accountability purpose.

While these areas are updated on the front end, executives can explore the reporting side to view the overall report of statement of asset and liabilities, revenue and expenditure, membership collections, tithe, etc.

For more details on how we can deploy and improve your church accounting system using QuickBooks, call our instant report centre: 08084219399, 08105090001 or email us at info@accountingsoftware.com.ng

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Tracking Cash-flow In Restaurant Businesses With Quickbooks Software.

Accounting Software For Restaurant & Fast Food Business – See Why QuickBooks Is The Best Software For Managing Small Bar, Big Restaurant & Fast Food Business!

I recently had a conversation with a client who was expanding his business and wanted to know if QuickBooks can accommodate his new restaurant business without a hitch. As we began to chat on phone in the early hours of today, he pointed out key areas of the business he wouldn’t want to be left out. He said,

 

  • I want to be able to send invoice from QuickBooks to my corporate customers.
  • I’d like to track all inventory purchases such as food items – down to the unit of measures For instance, if I buy a bag of rice, I don’t want to write it off as a one-off expense but monitor the usage in Kgs and know what my inventory balances are on a real time.
  • I also want to see how much I have spent on the business and compare that with the prior month or prior year’s expenses.
  • I want to incorporate my bank transactions too, so that the system can help me reconcile the differences.
  • I have over 50 + customers whom I supply food in packs every day – I really want to know how much I make in sales, those who paid me and those  customers that are owning me so I can track and recover my money. This is because I sometimes forgot that some customers are yet to pay which is a bad one for my business.
  • I don’t even know what my actual profit or loss level is right now as all daily transactions are documented in a paper and I think my food business has outgrown that level.

Then, he concluded by asking, “Can QuickBooks do all these?”

If I want to quickly respond without explaining the process, I would probably say “YES”, but I will still leave him in the dark because he wants to know more. I had to take my time to address each of the challenges he expressed, and then explain the different features of Quickbooks that make all the requests possible and seamless. Lest I forget, the version I recommended for this line of business was QuickBooks Premier because of its’ numerous unit of measures; as my client was interested in tracking all foods stuff, actual quantity purchases, usages and balances on hand to monitor questionable activities among his staff.

QuickBooks is very flexible and can adapt to any kind of business if you understand all the features as a consultant. The “invoice and sales” window lets you record credit and cash sales while “purchases order, receive inventory, and pay bill” are workflows that track the processes involved in refilling your store with food supplies up till the final payment on actual goods received.

I am sure that how I customised the software, to track food sold in packs to individuals or corporate customers, is of great concern and interest to you! With QuickBooks assembly under the “inventory section”, I showed my client how to add new stock whenever they have fresh food in the store.

You need to track expenses incurred such as payment of service providers’ bills and other relevant payables, before you can accurately view all cumulative business expenses, QuickBooks has a “write a cheque and enter bill” feature designed to help you enter details of transactions, including amount, date and descriptions.

The ‘banking window’ mimics your actual bank transactions as it also monitors cheque issued, deposit, transfers, charges with a ‘reconcile window’ available for end of the month reconciliations.

For management report, you can explore the company’s snapshot – a very interactive reporting feature that tells you how your business is doing in less than ten (10) minutes. It shows all account heads and their balances, customers who owe you, top selling products, income & expense trend and expenses breakdown for quick decision making.

While these are some of the features available for food and restaurant business owners, I also understand that there might be peculiar challenges in your food business that you might be interested in addressing. Why not send a mail to info@accountingsoftware.com.ng or call 08105090001 so that we can help improve your accounting system.

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