Fixing Your Chart of Accounts
Overview
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 This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Highlights
Current Chart of Accounts Best Practices
- 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
Fixing Your Current Chart of Accounts
- 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
Prerequisites
Some real work experience working with General Ledger Systems
Designed For
Anyone with responsibility for a General Ledger System
Objectives
Understand current chart of accounts best practices and how to fix the current mess that you may have.
Preparation
None
Notice
This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by CPA Crossings.
Leader(s):
Leader Bios
John Daly, President, Executive Education Inc
John L. Daly, MBA, CPA, CMA, CPIM, is a former CFO who has worked with manufacturing, health care, hospitality, wholesale and retail businesses, spending the longest part of his career as the CFO of a Tier 1 automotive parts supplier. He has lead continuing professional education seminars since 1995 and does costing and pricing consulting. John authored the book “Pricing for Profitability,” published by Wiley & Sons, Inc. [2018]
Non-Member Price $85.00
Member Price $55.00