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Does The Duty Of Utmost Good Faith Apply To Claims |
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| Publisher: |
Frank Egan - LAC Lawyers |
| Date: |
2007-03-17 |
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Originally the duty of utmost good faith was a common law concept which applied directly to contracts of insurance. The introduction of the Insurance Contracts Act 1984 (the Act) brought about a fundamental change to this duty - the Act states 'a contract of insurance is based on the utmost good faith and there is implied in such a contract a provision requiring each party to it to act towards the other party, in respect of any matter arising under or in relation to it, with the utmost good faith.' Today the duty of the utmost good faith must be looked at from both the common law and statutory perspectives with respect to obligations owed by insurers to insureds once a claim has been lodged under an insurance policy. Insurance contracts are subject to the duty of utmost good faith because each party to the contract must act with the utmost good faith with respect to their dealings with one another. This duty is not to be confused with the duty of disclosure which deals with the pre-contractual obligations of the parties and is otherwise dealt with under the Act.
Effectively the duty of utmost good faith is now implied in contracts of insurance which previously was not the case at common law. At common law the strict application of the duty might have resulted in an insurer entitled to avoid a contract of insurance ad initio (from inception). The difference now is that as an implied term in a contract of insurance a breach of the duty by the insurer can now give rise to a claim for damages in contract in relation to the settlement of a claim. As the meaning of "utmost good faith" is not defined in the Act reference must be had to some of the cases in this area. What is important to keep in mind is that duty focuses on the word "utmost" and that this is the measure of good faith relied upon with fairness and honesty being part of it. Of course the duty has to be viewed objectively and it applies globally to all aspects of the relationship between an insurer and insured encompassing the payment and settlement of claims. There is an argument that the duty may have some precontractual force although this does not have much currency. Given that we are talking about an insured being able to sue under the Act for damages for breach of an implied term of the duty of utmost good faith, this begs the question: whether or not an insurer could be held liable in damages where they have exhibited bad faith? Suffice to say, in the USA bad faith claims have been around for many years and perhaps this area of the law may develop in Australia in future although the courts have expressed otherwise.
One of the vexing questions which remains to be asked is whether in certain circumstances an insured's duty to act with good faith extends to third parties along with the utmost good faith. Recent cases suggest that there can be a breach of a duty of utmost good faith even where the insurer has not acted dishonestly and where third party interests are involved. As matters currently stand there is no tort of bad faith and a breach of the duty can only result in a liability for damages for breach of contract. In a recent case the New South Wales Court of Appeal ruled that an insurer has a duty of good faith and fair dealing not only to an insured but to those who benefit under a policy. The court said that the duty of good faith applies where the policy is at least for the indirect benefit of the insured. Despite this there remains considerable doubt as to whether the duty of utmost good faith extends to third parties as the duty that the court is talking about here is one of good faith and fair dealing.
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Annagail Lynes |
2008-04-07 |
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Title: Can I Increase My Faith?
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How do I increase my faith? We already have the measure of faith. According to the writer of Romans 12:3, when we are Born-again, each of us is given the measure of faith. Some people say, “I can never have the faith that Jesus had or that Billy Graham or Creflo Dollar have.” However there are not varying degrees of faith. We all start out with the same measure of faith. God doesn’t say, “I think I will give this one more faith than that one.” No, He gave us all the same measure of faith. This is good news because if Billy Graham, Creflo Dollar and countless others throughout history can have great faith, so can we. If we started out with the same amount of faith as they did, then we can develop our faith to that level as well. Jesus said in Matthew 17:20 that” If ye have faith as a grain of mustard seed, ye shall say unto this mountain, Remove hence to yonder place; and it shall remove; and nothing shall be impossible unto you.” Our mustard-seed-size faith can grow, just as that small seed does, into something large. The small mustard seed grows into the largest plant. Our faith can grow into something great as well. What is faith? The author of Hebrews writes in chapter eleven, verse one, “Now faith is the substance of things hoped for, the evidence of things not seen.” I’ve also heard faith described as believing even when our common sense tells us not to, but I love one quote that I found in a Christmas catalogue: “Faith is not believing that God can. It is knowing that He will.” Many of us know God can do it. We have no doubt of it, but we wonder if He will do it for us. Yes, He will if we believe. Many of us have been taught that we must be good enough for God to perform on our behalf. We fear we have not earned enough brownie points to earn our miracle or for God to supply our needs. Again I have good news. God doesn’t want to come through for us because of anything we do or say. Not because we are good enough. Not because we deserve it. Not because we did anything. It is because of what Jesus did for us on the Cross. Jesus died for us. God judged Him for all our sins. Jesus bore stripes on His back for all our sicknesses and diseases. He redeemed us from the curse of the law. He has taken every effect of the curse for us--poverty, sickness, mental anguish. Jesus took these things, so we wouldn’t have to. Most of us still live under the effects of the curse. God describes in His Word how we should live as children of God, yet we still live below His description. He says we should live in health, prosperity, as the head and not the tail, as victors instead of victims, that we should triumph every time. Unfortunately, most of us don’t live like that. Why is that? For some, it is because we don't know we are supposed to live like that. For others, we know we are supposed to live like that but don’t know how. For still countless others, we don’t believe we are to live like that. Remember the story of Jairus’ daughter? A man named Jairus came to Jesus because His daughter was very sick, to the point of death. Jairus knew that if he could bring Jesus to his daughter, Jesus would heal her. How did he find out about Jesus? Probably by all the others Jesus healed. Maybe from rumblings of the Pharisees in the streets. In any case, Jairus heard of Jesus and knew that Jesus could heal his daughter. As Jesus and Jairus walked back to Jairus’ house, one of Jairus’ servants came to them. The servant announced that Jairus’ daughter had died. Jairus’ heart probably sank. Maybe he thought, “This is it. It is over.” Jesus told him to only believe. What is this man talking about, perhaps Jairus thought. His daughter was dead. There was no reason in the natural to keep on believing. Death was final, and common sense said to stop believing. Remember our definition of faith? Faith is believing when common sense tells us not to. What happened to Jairus’ daughter when Jesus arrived at Jairus’ house? Jesus raised the child from the dead to the shock and amazement of the people who were outside probably planning her funeral. God came through for Jairus and his daughter just as He will for us. Mark 11:22 tells us to have faith in God. Earlier translations show that we are to have the faith of God. I know. I know. You think that I am being sacrilegious, but I am not. We are to have the faith of God. In Hebrews 12:2, Paul tells us that God is the author and finisher of our faith. We need to let God’s faith flow through us. Just like His love must flow through us to forgive others and to love our enemies. It has to be His forgiveness that flows through us to forgive those who have hurt us, especially those close to us. When we accepted Christ, we exchanged our faith for God’s faith, our sins for Jesus’ righteousness. We exchanged all of our works and effort for His. We cannot have faith on our own. Our faith will get us nowhere, but God’s faith will catapult us to places we have only dreamed about. With God, all things are possible. With us, nothing is possible. To hear the Word of God and to practice using God’s faith instead of ours are the ways we increase our faith. We must allow God to work through us in every thing we do. Now that we are Born-again Believers, Christ lives in us. We need to yield our lives to Jesus and let Him work through us to do what we cannot do on our own, which is the definition of grace. Now repeat after me: “God, flow through me. Let Your love, Your light and Your faith flow through me to do what You want me to do with my life.” Then yield to the leadings and promptings of the Holy Spirit. This is how we increase our faith.
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Roselind Hejl |
2007-05-06 |
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Title: 10 Tips for Better Seller Representation
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As Realtors, our fiduciary relationship with our clients requires a high level of good faith, loyalty and confidentiality. We have a duty to protect our clients' best interests. Here are some tips to improve the representation of your seller clients. Please note that these are only based on my personal experience as a Realtor, and are not intended to be legal advice. If you have a legal question about your duty to your clients or your clients' disclosures, you should contact an attorney. Get to Know the Property It is crucial to take notes while you inspect the property that you will represent. Make sure the sellers understand what will convey with the property under the sales contract. Clarify items that they do not wish to convey. Ask about porch swings, fountains, play structures, mirrors, speakers, pot racks, etc. Understand the property lines, and find out about adjoining properties. Check the ownership of nearby land that the sellers believe is a greenbelt. A thorough inspection and understanding of the property is fundamental to good representation. Prepare Complete Disclosures In most cases the sellers are required to fill out a disclosure form, answering questions and disclosing facts about the property. After the sellers have completed the form, take the time to review it and ask questions. The sellers may not have understood a question, or were reluctant to say something negative, or may have forgotten an item that needs work. For example, a seller forgot that, years ago, he had replaced some damaged wood floor with plywood under an area rug. Ask the seller to think carefully about repair items that will not be easily noticed. Sometimes the sellers have copies of inspection reports or previous sellers' disclosures. These documents are a part of their knowledge of the property, and should be a part of their disclosure. If the property has been rented, the seller may have a log of repairs that have been done. Disclose Significant Repairs Sometimes sellers ask if previous repairs need to be disclosed. Of course, it is not necessary to write down every repair that was done during the sellers' ownership. However, it is prudent to disclose repairs related to water, fire, structural integrity, or termites. In addition to these types of repairs, all major construction should be noted. By disclosing these items, the sellers give the buyers an opportunity to investigate them further during the inspection period if they wish. Put the Sellers' Interests Ahead of Your Own The disclosure process may require that we make recommendations that sellers do not want to hear. For example, the sellers mentioned that a beautiful tree is diseased, and will die in a few years. Our obligation, as their agent, is to recommend the safest position for the sellers, and that position is to disclose the defect. Ask the sellers to think about what they would want to know if they were the buyer. Thorough and complete disclosures are a risk reduction measure for sellers. If the sellers knowingly concealed a defect, or appeared to have concealed a defect, they might be vulnerable to a serious claim by the buyer after the closing. If you think that the sellers might have a duty to disclose something to a buyer, advocate for disclosure. This is a part of your obligation to represent the best interests of the seller, both for the short term and long term. Recommend Inspections Inspections are a protection measure for both the seller and buyer. Although inspections are normally obtained and paid for by the buyer, the inspection protects the seller as well as the buyer. The inspection will reveal items that the seller was not aware of, or did not think to disclose. (Yes, water runs into the garage, but we never considered it a problem.) Sellers should consider getting a pre-marketing inspection. This will help them to get prepared for marketing, avoid surprises later, and build buyer confidence in the property. Avoid Acting as an Inspector During visits to the house, avoid attempting to assess problems for the seller. (Those cracks are not from settling. All homes in this area have some slope in the floors.) All questions of this nature should be referred to an inspector, engineer, or construction specialist. You are not the interpreter of maladies. Home inspection is a difficult job to do perfectly, even for trained professionals. Include Service Contracts I often recommend that the seller and buyer have a service contract included in the contract. These policies provide a one year repair service for the buyer. They can often reduce the potential that a future repair issue will cause them frustration and anger toward the seller. Do Not Allow Misinformation to Stand Be alert to potential problems that could result from a misunderstanding of disclosure requirements or of the property itself. For example, the sellers may mention something that they do not consider to be a problem, and have no intention of disclosing. (We fixed all the sheetrock cracks. Or, it flooded once a long time ago.) If you let this pass, your silence may be taken as approval of the non-disclosure. In the event of a problem later, they might feel that you advised them not to disclose the item. A common response by sellers to a lawsuit by the buyers is - My agent told me not to disclose this. Similarly, speak up if you feel that the buyer is making an erroneous assumption about your client's property. (We love the greenbelt behind the house.) The best representation for seller is proactive. Open Communication An open line of communication during transactions is a good defense against misunderstandings. No matter who complains, a quick response is more likely to resolve the problem before it escalates. People need to feel that their concerns are being heard. Many problems can be avoided and anger kept to a minimum by simply being in communication. Emotion often drives the escalation of a problem. The communication and file storage power of email is a great tool to help you fulfill your duties to your clients. It is a good idea to save the complete file of messages relating to a transaction. If a decision has been made verbally, it is easy to send a quick note by email to place it into the email file. When new information about the property is delivered to the buyer, an email follow up will document the file. While it is important to provide accurate information, it is also important to document. Set Standards Set your own standards, and do not allow other people to run your business. This includes clients, other agents, lenders or any other party. Walk away from deals, rather than get entangled in unethical or imprudent activity. Not all clients are a good fit for your business. Select good clients; walk away from bad ones. Good business practices include a proactive attitude toward property disclosure, and a system of communication and documentation. They will help you to fulfill your obligation to put the best interests of your seller clients first, as well as to treat other parties fairly and honestly. Roselind Hejl is a Realtor with Coldwell Banker United in Austin, Texas. Her website - Austin Texas Real Estate - http://www.weloveaustin.com - offers homes for sale, market trends, buyer and seller guides. Let Roselind help you make your move to Austin, Texas. Austin Real Estate Guide
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Arthur Levine |
2006-07-25 |
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Title: Expressions Of Faith
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Please feel free to use this article as long as credit is given to the resource box. © Arthur Levine 2006 Words: 280 Keywords: God, Faith, Expression of Faith Expressions Of Faith Did you know that each and every one of us has their own unique way of expressing their faith in God? Some of us verbalize it and some of us express our faith through our actions. Most of us do both. But how often have you written down an expression of your faith and shared your prose with family and friends? I encourage you to do so. It could make them and you feel wonderful. Writing down you feelings can have a therapeutic effect on your psyche. It can be a source for you revealing to yourself your innermost thoughts. You might be surprised at what strong feelings of faith you really have. Just strip away your inhibitions and let your imagination take over. Writing down your feeling of faith can be a way to memorialize for your children what you are all about. It is something they can refer to and share with their children so they too will have an idea of your innermost feeling of faith in God. Don’t miss the opportunity to let everyone you care about know how you feel. It could help make them stronger. It could help make them happier. Seize the moment and write down your expression of faith. It is up to you to pass your word along. It is up to you to let those you hold dear know how you feel. It is up to you to pass your feelings of faith along. It’s time to express your feelings of faith in God in writing. Arthur Levine is the author of the Search For God Stories, a free e-book download. To add an expression of faith to his new book for all the world to see go to http://www.faith123.com and click on Post or View Your Expression of Faith.
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cd mohatta |
2006-05-03 |
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Title: Do You Have Faith In Your Partner?
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Faith is one of the biggest assets. Most of us have faith in God. That means that we always believe that god will help us whenever we call on him. That God will be always support us. That god loves us and wants us to grow. God will never leave us alone. This faith is the greatest strengths of many of us. What about your partner? Do you have this kind of faith in him/her? Many will answer that I have that faith in my partner. That is good. At least they have that faith. Many of you will not be sure about the answer and quite many know that they cannot have faith in their partner. Does your partner have faith in you? Why don't you ask this question and find out the answer? Please ask him/her - Darling, suppose I have someone else in my life for a short time and then come to you and confess will our relations remain the same? Will you forgive me and forget what I did and accept me? Will we be together as we are today? The answer may differ from person to person, but you will rarely find a partner who accepts this. As you broke his/her faith, how can you expect that their faith will remain intact? That you can expect them to support you after you betray them? That sounds difficult. Faith does not work that simply. Faith works on commitment. If you are committed to your partner and if your partner is a reliable person of integrity, you may have faith in him/her to a certain extent. To say that my partner will always be with me under all circumstances is difficult to say. Only few are lucky to have such partners. What should we do? Draw an agreement verbally. Commit yourself fully and ask your partner to have faith in you always. Ask him/her to commit that you can have the same faith in them. Give proofs from time to time and you will win unshakeable faith of your partner. Once you have that faith, you will feel a great sense of relief because you are sure that your partner will never leave you. please read these articles as additional resource on this subject - Expectations And Relationships, Trust In Your Relationship and Close Relationship CD Mohatta writes for articles on relationship, relationship quizzes and personality quizzes.
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Raynor James |
2005-08-23 |
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Title: Good Faith Deposit - Real Estate Transactions
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In a real estate transaction, a touchy issue is how much trust the seller has in a buyer. The existence of a good faith deposit helps put a seller at rest. Good Faith Deposit If you are selling your home, condominium or other real estate, you should always require a buyer to make a good faith deposit. The good faith deposit simply establishes that the buyer is serious and, to some extent, has the financial capacity to follow through on the purchase. The amount of the good faith deposit is dependent upon the agreed sale price of the real estate. Although percentages vary from state to state, a cash deposit equal to three percent of the sales price is typical. For instance, the deposit would be $9,000 for home selling at a price of $300,000. As with most transactions, this percentage is negotiable. I don’t recommend that you accept anything less than two percent. Once the buyer and seller agree to the amount of the good faith deposit, you have to figure out what to do with the deposit. Importantly, the seller should not hold the deposit as doing so could make the buyer very uncomfortable. Instead, the money should be deposited with a third party and held “in trust.” Potential third parties include escrow and title insurance companies as well as an attorney if your state requires their involvement. A good faith deposit acts like an insurance option for a seller. Moving through escrow can take 30 to 60 days, during which the property is off the market. The good faith deposit essentially compensates the seller for this time in the event the buyer is unable to follow through on the purchase of the property. Depending on the laws in your state, a buyer who can’t close will lose the deposit. Typically, the only exception to this is when the seller allows language indicating the deposit will be returned if the buyer can’t get a home loan. Of course, including such language can open the seller up to repeated frustration when bad credit buyers repeatedly fail to get funding. Good faith deposits are a fundamental part of a real estate transaction. Buyers should expect to pay them and sellers should demand them. Raynor James is with FSBOAmerica.org - sell your home online. Sellers list your home for free the first month.
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2007-08-30 |
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Title: New Age Spirituality - Inspirational Stories ( Part 33 )
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It is necessary in the study of Karma-Yoga to know what duty is. If I have to do something I must first know that it is my duty, and then I can do it. The idea of duty again is different in different nations. The Mohammedan says what is written in his book, the Koran, is his duty; the Hindu says what is in the Vedas is his duty; and the Christian says what is in the Bible is his duty. We find that there are varied ideas of duty, differing according to different states in life, different historical periods and different nations. The term "duty", like every other universal abstract term, is impossible clearly to define; we can only get an idea of it by knowing its practical operations and results.
When certain things occur before us, we have all a natural or trained impulse to act in a certain manner towards them; when this impulse comes, the mind begins to think about the situation. Sometimes it thinks that it is good to act in a particular manner under the given conditions; at other times it thinks that it is wrong to act in the same manner even in the very same circumstances. The ordinary idea of duty everywhere is that every good man follows the dictates of his conscience. But what is it that makes an act a duty? If a Christian finds a piece of beef before him and does not eat it to save his own life, or will not give it to save the life of another man, he is sure to feel that he has not done his duty.
But if a Hindu dares to eat that piece of beef or to give it to another Hindu, he is equally sure to feel that he too has not done his duty; the Hindu's training and education make him feel that way. In the last century there were notorious bands of robbers in India called thugs; they thought it their duty to kill any man they could and take away his money; the larger the number of men they killed, the better they thought they were. Ordinarily if a man goes out into the street and shoots down another man, he is apt to feel sorry for it, thinking that he has done wrong. But if the very same man, as a soldier in his regiment, kills not one but twenty, he is certain to feel glad and think that he has done his duty remarkable well. Therefore we see that it is not the thing done that defines a duty. To give an objective definition of duty is thus entirely impossible. Yet there is duty from the subjective side. Any action that makes us go Godward is a good action, and is our duty; any action that makes us go downward is evil, and is not our duty
To get more information visit : http://www.spiritual-simplicity.com
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2007-08-23 |
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Title: New Age Spirituality - Inspirational Stories ( Part 10 )
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Our first duty is not to hate ourselves, because to advance we must have faith in ourselves first and then in God. He who has no faith in himself can never have faith in God. Therefore, the only alternative remaining to us is to recognise that duty and morality vary under different circumstances; not that the man who resists evil is doing what is always and in itself wrong, but that in the different circumstances in which he is placed it may become even his duty to resist evil.
In reading the Bhagavad-Gita, many of you in Western countries may have felt astonished at the second chapter, wherein Sri Krishna calls Arjuna a hypocrite and a coward because of his refusal to fight, or offer resistance, on account of his adversaries being his friends and relatives, making the plea that non - resistance was the highest ideal of love. This is a great lesson for us all to learn, that in all matters the two extremes are alike. The extreme positive and the extreme negative are always similar. When the vibrations of light are too slow, we do not see them, nor do we see them when they are too rapid. So with sound; when very low in pitch, we do not hear it; when very high, we do not hear it either. Of like nature is the difference between resistance and non-resistance.
One man does not resist because he is weak, lazy, and cannot, not because he will not; the other man knows that he can strike an irresistible blow if he likes; yet he not only does not strike, but blesses his enemies. The one who from weakness resists not commits a sin, and as such cannot receive any benefit from the non - resistance; while the other would commit a sin by offering resistance. Buddha gave up his throne and renounced his position, that was true renunciation; but there cannot be any question of renunciation in the case of a beggar who has nothing to renounce.
To get more information visit : http://www.spiritual-simplicity.com
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Ashish Jain |
2007-01-05 |
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Title: What Is A Church Accounting Software And How To Buy One?
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A revered institution like church commands the general faith of the people and is widely looked upon with utmost respect. The faith of the people is what keeps the church performing its religious and secular welfare functions. Naturally, these activities need funds, which is provided by the Christians living world over. The contributions to the church run into billions of dollars. Since, it is the money of the people; the church is duty bound to account for it. It needs to keep track of where the money came from and where it went.
Given the size and ambit of church's financial transactions, it is quite obvious that the institution would need a large force of skilled financial experts to manage its accounts, which could be very taxing on the church in terms of money and time both.
The answer to it is the church accounting software, which is designed by accounting experts in order to assist the church in managing its finances. Being well acquainted with the specific needs of the church, these accounting software engineers make sure that the software is tailored to fit the particular requirements of a religious institution.
The software is different from other accounting software. All the ordinary software are made to suit modern business needs. But a church accounting software focuses on the necessities of an institution that has no financial interest or ambition. Besides, church is not a tax paying entity, which makes its resources and expenditures take an altogether different curve. In addition to this, it also has multiple income and expenditure account heads. An accounting software designed for church meets all these needs and leaves enough room for it to be customized in accordance with the changing needs of church.
A comprehensive accounting software can be of great help in creating statements of accounts, budget reports and balance sheets besides, of course, printing checks, maintaining invoices and records of purchases.
However, before a church accounting software is purchased the various features offered must be carefully examined and care should be taken that the software is flexible enough to respond to the changing needs of church.
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Frank Egan - LAC Lawyers |
2007-03-17 |
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Title: Why Insurance Claims Are Not Paid
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Normally there are a number of reasons why insurers fail to pay or deny insurance claims. The principal ones are:
1. Non Disclosure of material fact;
2. Failure to abide by the doctrine of the utmost good faith;
3. Fraud and/or overcapitalisation of loss but the latter only applies to deny that part of the claim;
4. Arson as a subset of fraud;
5. An inability of the insured to provide any or adequate strict proof of loss;
6. A breach of policy conditions;
7. A failure by insurers to properly apply policy conditions (eg. co-insurance, average or a misapplication of theft or burglary sub-limits as applied to jewellery or the misapplication of the condition precedents, or condition subsequents to the policy);
8. A failure by insurers to properly investigate and assess a claim.
Unfortunately some insurers lack real insurance claims expertise as too many people are leaving the insurance industry. Despite the rhetoric most claims are treated as commodities. Many customer service officers, individual client service managers or claims clerks have very limited experience whether they are dealing with corporate, commercial, business or personal lines or domestic claims. The reality is that there are more claims to be processed and less capable or experienced people to deal with them which affects claims decisions. This is not helped because some insurers are so totally shareholder and cost driven they overlook the need to protect their client base. Insurers talk about their retention rates which is the percentage of policies renewed annually with them yet many are struggling to maintain retention rates of between 85-90% with only a few performing in the low ninety percents. What this means is that insurers are losing annually anywhere between 5-15% of their client base. Most insureds are unaware of this as the only time they know the value of what they have bought is when they have a claim. In some cases they are less than impressed.
Internal disputes resolution was introduced by insurers to provide a better outcome for their clients. Unfortunately some insurers treat claims as a process and have commoditised them. This is supposed to produce a better outcome for clients and, to be fair, in some cases it does, yet in others it cannot as one process does not fit all claims. Some insurers believe that by treating claims in this way they are able to provide better customer service, speedier resolution of claims, more effective control over costs, reduced claims settlements and improved retention rates across all classes of their business. It cannot work for all as it does not take into account the individual circumstances of individual claims which fall outside the norm and which therefore require a different approach. It is in this area where real expertise is needed and as is so often the case many insurers do not possess it due to high staff turnover as claims is not seen as being "sexy" nor providing a secure career path. Unfortunately inconsistent claims decisions means that sometimes the insured fails to achieve true indemnity under the policy whilst the insurer loses a client. This could amount to having the claim denied, refused in part, incorrectly quantified or misunderstood. Whether you be an insurer or an insured and you become involved in a problem claim seek independent legal advice from LAC Lawyers.
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Ashish Jain |
2007-01-05 |
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Title: What Is A Church Accounting Software And How To Buy One?
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A revered institution like church commands the general faith of the people and is widely looked upon with utmost respect. The faith of the people is what keeps the church performing its religious and secular welfare functions. Naturally, these activities need funds, which is provided by the Christians living world over. The contributions to the church run into billions of dollars. Since, it is the money of the people; the church is duty bound to account for it. It needs to keep track of where the money came from and where it went.
Given the size and ambit of church's financial transactions, it is quite obvious that the institution would need a large force of skilled financial experts to manage its accounts, which could be very taxing on the church in terms of money and time both.
The answer to it is the church accounting software, which is designed by accounting experts in order to assist the church in managing its finances. Being well acquainted with the specific needs of the church, these accounting software engineers make sure that the software is tailored to fit the particular requirements of a religious institution.
The software is different from other accounting software. All the ordinary software are made to suit modern business needs. But a church accounting software focuses on the necessities of an institution that has no financial interest or ambition. Besides, church is not a tax paying entity, which makes its resources and expenditures take an altogether different curve. In addition to this, it also has multiple income and expenditure account heads. An accounting software designed for church meets all these needs and leaves enough room for it to be customized in accordance with the changing needs of church.
A comprehensive accounting software can be of great help in creating statements of accounts, budget reports and balance sheets besides, of course, printing checks, maintaining invoices and records of purchases.
However, before a church accounting software is purchased the various features offered must be carefully examined and care should be taken that the software is flexible enough to respond to the changing needs of church.
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