Custom Chart of Accounts
The chart of accounts is the list of every general ledger account in your accounting system where a transaction could be posted. There is no such thing as a ‘standard’ chart of accounts. Even two similar sized businesses in the same industry could have a different chart of accounts. There are many similar accounts, such as bank fees, rent, electricity and so forth, but there is a lot of variability based on industry and the reporting requirements of the business owner or management. These accounts need to be structured in such a way that they meet the needs of both management and the external accountant or tax agent. We work with our clients to structure this list to ensure that they are getting the information they need from their monthly financial reports but also separate the information that the tax agent will need to prepare the annual tax return.