Chart of Accounts Design

At the core of any organization’s ability to track and report financial information is the chart of accounts. A poorly designed chart of accounts is disorganized, introduces a higher risk of mistakes being made during data collection, makes reporting and analysis a nightmare, and impedes an organization’s ability to evolve the chart of accounts with business growth. A well designed chart of accounts is planned out and organized, addresses key business needs for data collection and reporting, and has the flexibility to be adapted in the future for business changes or growth.

SC&H’s experienced professionals understand the importance of designing a chart of accounts as it needs to provide the flexibility and sustainability to be used for the long haul by an organization. Our professionals work with project stakeholders to understand business processes and identify all key requirements needed for data collection and reporting. Our business expertise combined with our understanding of design best practices ensures that the new chart of accounts meets regulatory standards and enables future growth at any organization.

SC&H’s Chart of Accounts Design Methodology

  • Involve key business stakeholders throughout the design process
  • Conduct a current-state assessment of the existing chart of accounts and business processes
  • Identify and document key business requirements around data collection and reporting
  • Provide chart of accounts design recommendations based on industry best practices
  • Perform a detailed mapping of the existing chart of accounts to the newly designed chart
  • Develop a strategy for the conversion and reconciliation of historical data

Where the Methodology Can Be Applied

  • ERP/General Ledger
  • Enterprise Performance Management Solutions
  • Statutory/Management Reporting Solutions
  • Microsoft Excel Based Reporting
  • Operational Business Systems
    • Supply Chain
    • Sales / Customer Relations
    • HR
    • IT
    • Revenue Management