Unlock value through your Chart of Accounts
Explore eight steps to create a COA that delivers real value to your business.
Many organisations start their COA redesign journey with a very narrow focus and a lack of awareness of the broader downstream implications. For those considering, or already on the COA redesign journey, this paper outlines eight key steps organisations can take to create a COA that delivers real value to the business.
The eight key steps are:
- Understand how the COA delivers performance insights
- Get more out of your COA
- Listen to the business – not every answer can be found in the COA
- Leverage technology – but put the business first
- Keep regulators happy…and your finance team engaged
- Incorporate the needs of your global businesses
- Consider the governance model
- Involve the business in designing the COA.
In this paper, we highlight the experiences of three large, multinational clients that undertook a major general ledger replacement, including two that redesigned their global COA. Structuring the COA to measure the performance objectives of the organisation is a priority that should be high on the CFO’s agenda.