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AcctTwo Blog

8 Ways to Utilize Technology to Be a Good Steward of Church Finance

People of faith believe in the importance of stewardship. The word steward refers to a person who manages—but does not own—a household. In ancient times, a good steward was trustworthy and accountable for everything from a household’s finances and property to its reputation. Today, we see it as taking good care of the things that God entrusts to us.

Often, there is a church finances committee, council, or board of trustees. To fully engage all these stakeholders and religious donors, faith-based nonprofits are under increasing pressure to demonstrate the impact of tithes, offerings, bequests and endowments on the dual missions of helping people and supporting the congregation. Precise accounting and complete, transparent reporting of church finance are the hallmarks of stewardship.

Topics: church accounting KPI Not-for-Profit and Faith-Based

Deloitte Reports Seven Key Shifts for Succeeding as a Strategic CFO

Deloitte recently published a report with the summary line, “After a tough year, CFOs express increased optimism and expectations for economic growth.” We wanted to share the report with those in our community of finance leaders so that you can measure your own outlook, needs, and expectations against those of your peers. The report identifies shifts in thinking necessary to succeeding as a strategic CFO in seven key areas.

Topics: General strategic CFO

Church Finance Leaders: Are You Mission-minded or Business-minded?

“When I first started in church accounting 25 years ago, our job was basically to cut checks. Despite the church growing larger and more complex over the years, our systems have helped finance get a seat at the table,” said Glenn Wood, Pastor of Church Administration at Seacoast Church. “We have a phenomenal leadership team, but they’re people- and ministry-oriented. Our job is to help them understand ‘What would happen if…?’ With AcctTwo, we’re able to look at various scenarios and know what the impact of certain decisions would be.” As the leader of the nonprofit vertical at AcctTwo, I I speak to business-minded leaders like Glenn Wood every day. In the not-for-profit faith-based world it is a delicate balance between mission-minded and business-minded church finance leaders.

Topics: Not-for-Profit and Faith-Based

Examples of Strategic Management Accounting ROI in the 'Last Mile'

After having navigated the overwhelming finance and accounting technology landscape, and (hopefully) successfully chosen and implemented the right solutions, most companies are still left with what we call gaps in the important industry-specific functionality in “the last mile.” Most companies come up with manual workarounds for these last-mile gaps or simply live with them, never achieving true strategic management accounting.

Topics: General strategic CFO Not-for-Profit and Faith-Based Customers

How New Accounting Software for Church Supports Growing Congregations

A growing church is a blessing, but can be a challenge too. When congregation size soars from a few hundred to a few thousand, church operations take on an entirely new character. Accounting becomes far more complex as both donations and expenses multiply. Plus, administrators have to juggle that extra accounting on top of the day-to-day needs of an expanding ministry. Needless to say, growing pains are common, but with new accounting software for church finances, you get lots of help.

Topics: Church Accounting Software Not-for-Profit and Faith-Based

Using Outcome Metrics to Measure Nonprofit Impact

After six blog posts going in-depth on the subject of using outcome metrics to measure nonprofit impact - why they’re important, why they’re elusive, what metrics they involve, and what it takes to track them - we hope that two things are clear:

  • Nonprofits need to monitor their finances and program performance carefully, and then report on the outcomes extensively. Building trust with funders – donors, granters, members etc. – depends on being a transparent and accountable organization that turns investment into impact.
  • Tracking outcome metrics takes data from all parts of the nonprofit integrated together and analyzed to understand how inputs (money, time, staff) translate into outputs (meals served, classes offered, members gained etc.).
Topics: church accounting KPI General Not-for-Profit and Faith-Based

The Key SaaS Metrics You Need for All Your SaaS Growth Stages

One of the primary challenges many SaaS and subscription businesses face is determining what metrics to track. While all B2B SaaS and subscription businesses are different, there are a handful of key metrics that most can benefit from to optimize performance, propel growth, and attract investors. We’ve outlined the metrics investors are looking at during each of the SaaS growth stages to see if you’re on track and to help you prepare for what’s ahead.

Topics: KPI Cloud Computing / SaaS Accounting SaaS saas intelligence saas intelligence product General

Putting Outcome Metrics Into Action With Nonprofit Dashboards

Nonprofit outcomes. That’s the subject of this ongoing blog series highlighting why (and how) organizations must prove their mission is working to keep funding streams flowing.

Nonprofit dashboards are the final component of any effort to track outcomes. After identifying what KPIs to track, and how, nonprofit dashboards offer a means to put those outcome metrics to work on behalf of the mission; where the rubber meets the road.

 

Topics: church accounting KPI General Not-for-Profit and Faith-Based

Leadership Succession Planning Must Focus On Culture

Culture is so important, and it doesn’t necessarily gauge intellect, instead it measures whether or not someone will be a good fit for your team and ensure that it is well rounded. Don’t overlook the cultural component to leadership succession planning – remember people work for people.

Topics: business continuity succession Planning General

AcctTwo's Head of Nonprofit Shares Remote Audit Tips at Nonprofit Finance Leaders Forum

Allison Webb, Head of NFP at AcctTwo, and Dave Abel, Principal Solution Consultant at Sage Intacct, discussed paperless audit tips and walked through some example dashboards recently at the Nonprofit Finance Leaders Forum. Get your organization ready for paperless and remote audits by implementing Sage Intacct. Here are some highlights from the webinar!  

Topics: Not-for-Profit and Faith-Based