Page 45 - Millennium U4F Brochure 2021

Chart of Accounts Design
A properly designed chart of accounts will enable you to meet the reporting needs of both Managerial and Financial Accounting.
Managerial Accounting
Financial Accounting
Purpose
Decision Making
Communicate financial position to outsiders
Primary Users
Internal Managers
External Users
Focus/Emphasis
Future Oriented
Past Oriented
Rules
Cost v Benefit
GAAP/FRS Compliant
Timespan
Now and future
Historical monthly, quarterly reports
Here at Millennium Consulting we can help you design a new chart of accounts and element structure within U4F 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.
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Does your chart of accounts still fit your Organisations Reporting Requirements?
Are you able to output the reports that your business requires straight from your Unit4 Financials system, without resorting to labour intensive end user manipulation? If not, then your current chart of accounts design may no longer be fit for purpose.
Your information is held in a specific way within Unit4 Financials' element structure. Through the flexible nature of this design users are able to produce any number of customised reports to reflect the state of their business. To make
the most of this level of flexibility it is vital that your element structure is optimised to produce 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 the financial reporting that provides you with the information
to manage your business. With a properly designed chart of accounts you can fulfil both your internal management accounting and statutory reporting.
Remodelling 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.