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Financial Reporting

Financial reporting is the most important function of the accounting system. With our services you will receive detailed financial reports that meet AICPA and IRS accounting standards and requirements.

We provide summary reports for high level meetings, as well as detailed reports that help you zero-in on specific aspects of your operation. The list below provides a sample of some of the required AICPA reports that your organization must have.

The Statement of Activities

This report provides a line-by-line listing of all of the income and expenses of the organization. It tells you whether you are operating at a net profit or a net loss. The report can be formatted to show the organization's performance against the prior year, or it can provide a month-by-month analysis.

The Statement of Financial Position

Do you know the amount of money in each of your bank accounts at the end of each month? What about the value of your building and other assets? The Statement of Financial Position is one of the most important reports in the accounting system. It not only provides the value of all of your assets, but it also tells you the amount owed on your payables, mortgages and other liabilities at the end of each month.

Budget Comparison By Department

This report shows how well you are performing against your current budget. It can be prepared showing all departments and ministries, or it can be formatted for a specific ministry or department.

Itemized Expenses By Department

This report provides the details of the expenses for each department or ministry within the organization. It provides the details of each check for a particular line item, including the check number, the vendor name, the date, and the amount. This quick reference helps to provide specific information as to how money is being spent.

Report of Sunday Receipts

This report provides a detailed view of your Sunday-by-Sunday income totals. The data is broken down by your various revenue categories including tithes, offerings, building fund, and so on. This is an excellent report for analyzing Sunday-by-Sunday trends and growth. It can also be formatted to provide each ministry with a detailed accounting of the funds they have turned in for various events.

Accounts Payable and Unpaid Bills

This report assists in cash flow management by providing a detailed listing of each unpaid bill and the dollar amounts due in 30, 60 and 90 days.

Other Specialized Reports

If you have specific reporting needs that are important to the operation of your organization, we can design the reports for you.

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Maryland Office:

4053 Silver Hill Road
Suitland, MD 20746
Phone: (202) 728-7729
Email: info@buiaccounting.com