If 2020 has been about reacting, you can make 2021 about planning and preparing well for the future.
The past year has taught us countless lessons – one very important lesson is whether you have the right church accounting software in place to help you make decisions that will impact the future of your church and/or ministry. Think about how many times you have had to revise your budget this year – once, twice, or in extreme cases, five or six times since the pandemic and closures changed the way we live and work. It is time to look at 2021 and apply what you’ve learned to plan and prepare for a better year ahead and beyond.
In a recent Webinar AcctTwo hosted with Vanderbloemen, the leading Christian executive search and staffing firm, they focused on 3 topics to help church and nonprofit finance leaders understand how to continue to deliver their mission in our new post-pandemic world while using technology to avoid church financial problems.
They covered 3 key points in the Webinar:
- Planning Your Budget for Compensation & Benefits
- Building an Effective Financial Team
- Implementing Scalable Financial Systems
Planning Your Budget for Compensation & Benefits
Joining them was Sutton Turner, Vanderbloemen's Chief Operating Officer to discuss compensation and what they are doing at their organization. Vanderbloemen utilized a tool as a basis for more accurate compensation information to use for decision making.
In addition, they've used salary information to adjust for inflation – they now have over 11,000 data points that make up their compensation information including cost of living, attendance, and budget. There are so many factors that impact compensation that can make every role unique because every single church is so different.
Building an Effective Financial Team
Allison Webb, AcctTwo’s Head of Nonprofit, shared her experience working everyday with finance departments at churches and ministries. “If you are a growing church – look at investments that you can make now that can help scale and grow your organization.” Investments you can make now include:
- Hire staff with business acumen to help your organization understand and communicate your finances to donors and investors.
- Outsource your payroll, information technology, and church accounting functions. Be sure to find an expert that has the right training and background in your industry and can inspire confidence knowing you have the right experts in place when you need them. It also helps free up your leadership team enabling them to focus on other strategic priorities that help you deliver on your mission.
Implementing Scalable Church Finance Systems
According to the Webinar, it’s crucial to closely examine your church management and accounting systems from end to end. When the pandemic forced us all to our home offices, did you have the right systems in place to switch to remote quickly? Were your donors able to continue giving during the transition?
Look at 2021 as an opportunity to invest in church accounting software that enables better insights and data-driven decisions. Make the best choice for your church or ministry that will help you scale for the future. According to Webb, “We’re still seeing at a lot of online participation at the churches we work with – even though the doors have opened.” How does this change your programs for 2021? Are you ready?
As you decide which systems you need to update, make sure you involve your staff in the decision – remember they will be using the system every day. Let them have a voice during the evaluation period.
Effective Church Financial Leadership Webinar – Watch Now!
If 2020 has been about reacting, then let’s make 2021 about planning and preparing well for the future. Watch the full webinar here.
The nonprofit and church finance experts at AcctTwo are ready to help you graduate to a cloud-based, real-time, single source of truth and insights. AcctTwo is the reigning 7-time Sage Intacct Partner of the Year, and 4-time Inc. 5000 List winner, and is top-rated by their customers on G2. Contact AcctTwo today to prepare for tomorrow.