Using the Right Financial Services Makes Ministry Banking Easier and More Efficient
One advantage of banking with a financial institution that understands what you do is that they design financial services with your operating practices in mind. A key to making the most of these services is to use the right ones for the right things [read more]
Your Credit Cards Can Be Effective Cash-Management Tools
It’s natural to view credit cards simply as a means of spending money. You use them to buy things and pay bills, right? But when ECCU ministry members wisely manage the business credit cards given to their staff members, they can actually save time and money. [read more]
Are You Putting Your Money Where Your Mission Is?
As the new year gets underway, so does the budgeting process for many ministries. It can be a laborious endeavor, can’t it? How do you make sure it’s worth the effort? One key is to build a budget that aligns directly with your missional priorities. It may take a bit of extra work, but this is one time when every ounce of that effort will be well spent. [read more]
Financial Mistakes Your Church Can’t Afford to Make
Last time we talked about reasons to rent versus buy your facilities. One reason to rent is to avoid incurring debt that could force you to curtail core ministry. Turns out that tendency is more common than it should be. A few years ago, as we were emerging from the Great Recession, ChurchLeaders published Top 10 Financial Mistakes Churches Make. “Acquiring Unmanageable Debt,” was one practice that proved to be unwise when the economy shifted. A more recent article, 10 Mistakes Churches Make with Money, includes the same error. Apparently, some have been slow to learn that lesson. [read more]
This Credit Card Makes Good Stewardship Easier
Managing ministry money in ways that reflect good stewardship is a complex task. You have to handle everything from personal expense reports to annual audits. As your ministry grows, it makes sense to use tools that streamline your financial management efforts. The business credit card is one of them. [read more]
Would your cash management practices help or hurt your loan application?
Last month we talked about how your organization’s cash management practices are one thing lenders look at when deciding whether you qualify for a loan. But exactly what are they looking for? In his article “Three Questions to Ask about Your Church’s Financial Management,” Dan Busby, president of the Evangelical Council for Financial Accountability (ECFA), says the way you answer these questions reveals much about the health of your financial administration. Here are the questions. [read more]