Accounting/Bookkeeping
Overview
Accounting/ Bookkeeping plays a vital role in running a Mossad because it helps track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions
A synagogue is not required to file taxes or maintain detailed bookkeeping, unlike regular nonprofits, which must adhere to these financial reporting requirements. This distinction stems from specific exemptions granted to religious organizations under tax laws.
The difference between bookkeeping and accounting
In small nonprofits, bookkeeping and accounting often overlap
A bookkeeper tends to be responsible for the day-to-day financial life of a nonprofit: recording expenses, tracking flows of income, handling payroll and invoices.
In comparison, an accountant is responsible for interpreting both the day-to-day and overall financial health of an organization. An accountant prepares quarterly and end-of-year financial reports as well as tax documents. An accountant presents to the board and leadership a complete picture of the organization's financial health, performing an internal audit or other quality checks if necessary.
A nonprofit of any size needs someone (or a team of someones) to do the work of both a bookkeeper and accountant.
For especially small nonprofits, someone on staff might have relevant skills and experience to handle the finances (even if he or she isn't an accounting professional). However, it might not necessarily be cost-effective for this person to handle bookkeeping or accounting tasks if his or her time would be more effectively spent working directly on services or fundraising.
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Bookkeeping services
Zalmy Cohen, info@friendlykeepers.com https://friendlykeepers.com
Shai Goldstein, (561) 212-1192. A2ZFilings.com
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Accounting software efficiently manages your finances and is crucial to have for effective financial management.
Most widely used options are
quick books online,
xero (pronounced "zero")
myob
Crms can track money coming in (income)
Can't track money going out (expenses)
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Video on Accounting
https://video.merkos302.com/ARoth
Avraham Roth's accounting course. Highly informative. Many of the accounting related questions that come up (like car donations is a recent example) are addressed.