Chart of Accounts Redesign
What you'll learn
- Understand the Importance of the Chart of Accounts for the Accounting Function
- Why Chart of Accounts becomes Outdated
- Changing Role of the CFO and impact on Chart of Accounts
- How to Redesign the Chart of Accounts using a standard Methodology
Requirements
- Very Basic Understanding of Accounting
Description
This course explains the importance of Chart of Accounts in the Accounting Function, Why Chart of Accounts becomes outdated and needs a Review and Redesign and what is the Best Practice driven approach for Redesign of Chart of Accounts
Chart of Accounts serve as the very base for the accounting function. The account codes organized in a specific logical order in the COA will be used for recording the financial impacts of various transactions.
With time the Chart of Accounts may become outdated and pose sever trouble to the Organizations with misleading Financial, Legal and Analytical Reports. It may be because of changing business landscape or business strategies or evolving accounting standards or legal and regulatory changes. It may also be because of legacy CoA inherited by an evolving organization.
The financial reports required for the new age businesses not only covers the traditional accounting details of transactions but also the statistical information which is quantities and trends of transaction progression over a period of time.
The tussle between the time and quality often results in winning of speed over accuracy and it puts immense pressure on the Financial Comptrollers and the CFOs to ensure that the financial information is captured and analysed quickly with minimal errors.
It is important to keep reviewing the COA periodically, consult the finance team on the difficulties they are facing, consult the senior management and stakeholders on the challenges they are facing with the reports and redesign the chart of accounts to ensure that new structure becomes flexible and can accommodate maximum possible foreseeable changes
Who this course is for:
- Team Members of the Finance Department of different Organizations
- ERP Finance Functional Consultants
- Strategy and Advisory Consultants
- Students of CA, CMA, MBA, MCom
- Business Owners and Entrepreneurs
Instructors
CMA and Post Graduate in Commerce
Over 25 years of experience with ERP Applications
Proficient in Baan, Oracle EBS, PeopleSoft, NetSuite, OpenAir, SAP ECC 6, and SAP S4/HANA
Managed multiple ERP Implementation & Upgrade Projects
Assisted multiple clients for ERP Selection
Conducted Post Implementation Audits for ERP Applications
Conceptualized new products for global ERP Vendors
Conducted multiple classroom and remote trainings for Corporate and Individual audience
I am an individual instructor Raja Ivaturi and work with the brand name of eBodhisathva Solutions.
I have vast experience of more than 30 year in multiple domains of Banking, Financials, Manufacturing, Utilities, Public Sector, Automobiles and Telecom. Their combined experience include international roles leading business units of continents such as Africa, Middle-East, APAC and Europe.