Accounting

Financial Systems Building Blocks

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. The chart of accounts enhances control, flexibility and reporting capacity when used effectively. Unfortunately, many organizations become burdened with an overly detailed chart of accounts, resulting in the inability or delayed ability to perform a timely analysis of data. Or, organizations with multiple subsidiaries or locations utilize different ledger reporting structures, making it challenging to consolidate information for the parent company....