Frequently Asked Questions
The process begins with a detailed analysis of your current situation and on-going needs for accounts management and financial reporting. This analysis results in an Engagement Letter that spells out the specific services that Mite Ciphers will provide including detailed pricing. Once we agree on these terms, our work begins.
We utilize modern communication methods such as email, instant messaging, secure fax, and web video conferencing to effectively collaborate with our customers and also to create detailed audit trails that help in resolving discrepancies. We stress security and transparency in everything that we do.
While current solutions for faith-based organizations financial management may not be optimal, any replacement that causes undue turmoil, excess anxiety or extra work not related to mission is unacceptable. Mite Ciphers understands this and has created migration and operating procedures to ease those burdens and ensure a smooth transition.
Central to the Mite Ciphers approach is your assigned account manager as the primary contact for our relationship. Your account manager is responsible for coordination of the migration process. They are also your contact for issues should they arise.
One or more Mite Cipher associates, with executive oversight, are responsible for transitioning all existing financial records into the Mite Ciphers accounting solution and on-going data entry and reporting thereafter.
During the initial migration phase, Mite Ciphers will work to transition your regular bills and statement to on-line access wherever possible. The volume of postal mail coming to you will likely drop dramatically, but you will still have access to all of our invoices and financial statements through on-line access.
Once the transition is made, you will have easy log-in access to all of your records within the Mite Ciphers accounting system. Your constant access to the system will provide complete, real-time transparency to all of your financial records.
Your Mite Ciphers associates will also collaborate with you to create operational procedures for handling common business processes such as depositing tithes or donations, processing staff expense reports, payroll, and paying scheduled invoices such as rent and utilities. We’ll also work with you to define reporting requirements and budgeting procedures. Mite Ciphers has best practice templates for a vast array of procedures that can be modified as necessary to match your specific requirements.
The IRS requires most tax-exempt organizations to file Form 990 titled “Return of Organization Exempt from Income Tax.” This form provides the IRS with financial information about your organization and is critical to maintain your tax exempt status.
Along with Form 990, the IRS requires specific financial statements:
- Income Statement – showing very specific revenue and expense categories such as donations, salaries, rent, utilities, postage, and travel.
- Balance Sheet – with specific categories for cash, investments, receivables, and payables.
- Statement of Functional Expenses (SFE) – with expenses broken out by program services, fundraising, and operations.
- Individual Program Expense Statements – with expenses broken out for specific programs and services
- Revenue Support Schedules – showing your organization’s sources of incoming in specific categories like donations, membership fees, and investment.
Mite Ciphers understands the unique requirements of your IRS filings and can help to ensure that you fulfill these important obligations.
Mite Ciphers provides accurate financial information that church and non-profit leaders need to make timely and informed financial decisions. The service saves cost and time while allowing clients to control financial and cash related decisions, provides 24x7 on-line access to their financial data, and relieves the burden of building and maintaining an internal bookkeeping and accounting operation. We allow our clients to focus on cost-effectively executing their mission while providing expertise and peace of mind unavailable from traditional bookkeepers.
We can import your existing data into our on-line accounting system and thereby maintain your history, chart of accounts, and budgeting data.
That depends. Many smaller churches and non-profits will still desire to have a CPA sign-off on their financial reports through a financial review or a full audit. Others may opt for internal reviews by financially astute managers or board members. It all depends on the needs of the organization.
Mite Ciphers is experienced in working with CPAs to facilitate financial reviews or audits. By setting up and managing the books correctly through the year and knowing what to deliver to your CPA when the audit is due, Mite Ciphers can make the process easy and save the CPA's time and therefore your money. And both you and the CPA will be spared a lot of frustration.
Mite Ciphers uses best-of-class Internet-based accounting software such as ACS and Intuit QuickBooks. These solutions employ 128-bit SSL encryption to verify identify and authorization, as well as transmit data securely. These are the same encryption technologies used by e-Commerce and electronic banking.
Our solutions restrict access to only those individuals that are explicitly granted access. Roles can be defined so that leadership and managers can access select financial data in read-only mode which restricts them from making any modifications.
Mite Ciphers will notify you by secure email when your bills have been received by us, when they are posted, and when they are ready for payment.
For variable bill payments, you will see a scanned copy of all invoices prior to approval; all available online in a secure portal. You simply check off the vendors, amounts and dates you would like invoices paid. No payment is made without your approval.
For recuring payments, you can submit an authorization form that empowers us to automatically pay the bill each month on a predefined schedule.
Mite Ciphers will prepare and distrubute standard monthly reports such as P&L, Balance Sheet, and Budget Analysis. We can also work with you to design custom reports that focus on key aspects of your mission.