Does your Chart of Accounts still fit your Organisations Reporting Requirements?

Are you able to generate the reports that your business requires straight from Unit4 Financials, without resorting to an end-user computing solution such as Excel? If not, then your current chart of accounts may no longer be fit for purpose.

The element structure within Financials allows for huge flexibility giving users the capability to produce any number of customised reports. However, to make the most of this level of flexibility it is vital that your element structure is optimised to allow the correct information with minimal manual intervention.

As your business grows, the nature of the reporting requirements changes, and so your original chart of accounts may no longer be suitable to support this. Whilst most small businesses initially set up their accounting to meet GAAP and FRS requirements, they can often overlook the importance of having a robust management accounting structure.

Management accounting allows you to create financial reporting that provides you with the information to manage your business. With a suitably designed chart of accounts, you can fulfill both your internal management accounting and statutory reporting.

Remodeling your chart of accounts can allow you to produce both your management and statutory reporting using standard Unit4 Financials functionality, such as generic browse. It will also allow you to use more powerful analytical tools like metadata queries to produce more value-added reporting.

A appropriately designed chart of accounts will enable you to meet the reporting needs of both Managerial and Financial Accounting.

Here at Millennium Consulting we can help you design a new chart of accounts and element structure within Unit4 Financials to reflect your current business needs. Our skilled staff can undertake workshops to understand your organisational reporting needs and create an element structure and chart of accounts that will drive your business.

Published October 23rd, 2020

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