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Chart of Accounts

An item often taken for granted and seldom reviewed is a company’s chart of accounts. Often a hodgepodge of random accounts created for one-off events, it can lead to confusion and erroneous reporting. It is a good idea to take a look at the chart of accounts model periodically and clean it up. As always, simplicity is desirable, though not always attainable.

Chart of Accounts Model

You might consider this model to use as a guideline for cleaning up or establishing your firm’s chart of accounts.

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chart of accounts model

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chart of accounts model

See also:

Standard Chart of Accounts
Problems in Chart of Accounts Design
Chart of Accounts Example for SG&A Expenses
Chart of Accounts (COA)

Creating a Flash Report

Creating a flash report is an essential part of being a financial leader. Managers and ownership often ask CFOs and controllers, “how are we doing?” While this seems like a simple enough question, there lie many devils in the details. The key is to be able to communicate above the details while being neck-deep in them. A way to accomplish this is by creating a simple one or two page flash report to easily communicate the myriad details of your company so that an informed user can see the true picture of the company’s performance and its position in the marketplace.


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Creating a Flash Report

Liquidity, productivity, and profitability are indeed what a CFO should think about on a daily basis.

Liquidity covers the basic responsibility of a company’s finance department: do we have enough cash to be open tomorrow?

Productivity ties the performance of a firm’s operations to its financial performance.

Profitability provides an indication of how much money the company has made.

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Creating a Flash Report

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Access your Flash Report Execution Plan in SCFO Lab. The step-by-step plan to manage your company before you prepare your financial statements.

Click here to access your Execution Plan. Not a Lab Member?

Click here to learn more about SCFO Labs[/box]

Creating a Flash Report

Welcome

Welcome to Blog CFO, dedicated to an overlooked, yet vibrant and important part of the economy: the CFOs and controllers of middle-market private companies. This group is faced daily with unique and demanding challenges, yet fails to receive the attention of their counterparts in large, publicly traded firms. We at Blog CFO are committed to serving this neglected group with informative commentary and suggestions to solutions for everyday problems which can be found on the internet. It is our goal to be as direct and free of hyperbole as possible.

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