Q&A: What Do We Need to Know About Outsourcing Financial Tasks?

My church is considering outsourcing our financial roles. If we choose to do this, what should we keep in mind as we search for the right outsourcing service?

When a church considers outsourcing its financial roles, there are a few key factors to keep in mind: cost, security, and savings. As for the security or risk factor, you need to be aware that, in essence, you are handing your church’s bank accounts over to an outside service. But this doesn’t have to be viewed as a negative—especially if you land a reputable firm.

“Internal controls are a key area where churches are at risk,” writes Sam Yeo, a partner at ChurchWest Insurance Services, in an online article about outsourcing bookkeeping. “Having someone outside of the financial system reconciling your bank accounts, tracking and verifying your deposits and checks means there is a second set of eyes ...