Tips for a Successful Chart of Accounts Restructure

Tips for a Successful Chart of Accounts Restructure

Finance By: Jason Spessard

Overhauling your association's chart of accounts is an opportunity to find new efficiencies in your accounting practices and make work easier for everyone in your organization. Here are some lessons learned from one association's recent COA restructure.

A chart of accounts rarely goes through a restructure. It naturally evolves and expands with the organization over time. If you had the opportunity and buy-in from your organization to evaluate and redesign the chart of accounts (COA), how would you begin? Think of this process like you would a strategic plan. In many ways, they could mirror one another. ...