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Chart of Accounts Best Practices

 
  Arthur F. Rothberg, Managing Director, CFO Edge, LLC  
   
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  Article Summary  
Often the simplest and most basic things within an organization are overlooked. It is time to get back to basics! The most basic of outputs from an accounting department is the chart of accounts.

This CFO Edge article identifies challenges that occur when the chart of accounts is overly detailed, unorganized and inconsistently applied across subsidiaries.

Challenges like this result in the inability or delayed ability to perform a timely analysis of data and make it difficult to consolidate information for the parent company. These issues can negatively impact efficiencies and accuracy in areas like budgeting and high-level decision making.

Also reviewed are suggested best practices related to consolidating, condensing, and streamlining the chart of accounts. Companies applying these best practices will increase efficiencies, obtain more useful reporting outputs, and lower annual audit costs.

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