A well-organized chart of accounts supports robust responsibility reporting, makes it easy to answer “what if?” questions and helps eliminate data entry errors. However, many organizations cling to the primitive practices of a half-century ago that impose barriers to developing budgets, holding people accountable, gathering useful data and keeping errors from creeping into their financial statements. Best practices today look little like the examples you may have seen in business school. If you sense that your general ledger could do far more, this session will show you how to fix your problems.
Why developing a chart of accounts begins with studying your organizational chart. How to identify your account segments. Determining the order of your account segments. Best practices for numbering account bases. How to avoid memorization. How big company and small company software differs. Two key approaches for preserving your historical data. What to know when making major chart of accounts changes.
Some real work experience working with general ledger systems.
Anyone with responsibility for a general ledger system.
Understand current chart of accounts best practices and how to fix the current mess that you may have.
John L. Daly is a Chelsea, Michigan based management consultant specializing in costing, pricing strategy and pricing model development. He has taught continuing professional education courses since 1995. Earlier in his career, John was Chief Financial Officer for a Tier 1 automotive parts supplier. He also has been CFO for a large restaurant chain and COO for a window treatments manufacturer and retailing chain. He is the author of Pricing for Profitability published by Wiley & Sons.
Non-Member Price $69.00
Member Price $49.00