One thing that my husband and I have discovered in our journey together is that in order to correct a problem, you must first recognize that there is a problem. Christians have problems just like everyone else. One of our primary problems is debt and this is a problem that affects both our personal and professional endeavors. However, through faith and productive planning, debt can be eliminated.
As Christians, we have a responsibility to be good stewards over our finances (we begin with tithing). Below are some key areas to consider. CFS is here to assist, particularly churches, small businesses and organizations, establish sound financial management.
Credit reports
As my husband and I began to plan our future, we knew that we had to get a handle on our credit history. We understood that our credit standing would effect our efforts to begin our own business, buy our first home, and yes, even plan our wedding.
You must be responsible in managing your finances. If your credit history is poor, financial options such as loans and low-interest credit cards may be unavailable to you. It is critical that bills are paid on time. Aside from making timely and regular payments, it is also important to consistently check your credit report. Sometimes credit reports contain inconsistencies that can be easily corrected. There are a number of websites that offer free credit reports or you can get yours directly from one of the three major credit reporting agencies (TransUnion | Equifax | Experian).
Creating a budget
The purpose of a budget is to plan and monitor your spending, poor planning and no monitoring ultimately leads to the accumulation of debt. Unmanaged debt will bring about the downfall of any personal or professional endeavor. My husband and I review our budget monthly to maintain an accurate perspective of where we are with our spending. This regular meeting allows us to effectively organize our resources. In addition, it permits us to dream and plan for our anticipated financial success.
Looking at our own spending history, we realized that it wasn’t enough to set a budget if we were not going to manage our spending against it. A budget needs to be realistic. Build enjoyment into your budget, but not too much fun. Build emergencies into your budget, but don’t be a pessimist. These things are critical. Keep in mind that you can give yourself permission to postpone certain endeavors until your organization/home is ready to take them on.
For More Information Click here: Sample Budget | Steps to Create a Budget
Successful Accounting and Bookkeeping
The success of any business is driven by the planning stages within it. It is important to keep in mind that accurate record keeping helps to properly manage an organization. Admittedly, this may seem tedious, but it is also necessary to maintain proper financial records. Expenses must be properly recorded, invoices issued for all services and receipts provided for all transactions. Once a transaction is completed, it should be recorded against monthly and annual budgets. By doing this, your organization will be prepared for internal and external audits. More importantly, your organization will be able to appropriately assess its productivity through accurate record keeping.
CFS can assist with your Accounting and Bookkeeping needs!
CFS can help your church, small business, or even your home establish a bookkeeping structure. Please contact us at webmaster@chosenforservice.com for an initial assessment of your needs. Our experience and resources are at your disposal. |
