In a recent webinar with Early Growth Financial Services’ VP of Operations, Ryan Johnson, we reviewed the importance of building a Chart of Accounts (COA) as an essential part of building up your startup accounting function. You can access the deck here, click below to view the recording, or read on for a summary. 1. What exactly is a Chart of Accounts (COA)? In simple terms, it is an indexed listing of all the different account classifications for your organization’s expenses. A COA is targeted to your company’s specific revenue streams and forms the core of your accounting system. 2. Why do you need a Chart of Accounts? Your COA helps you track and report each class of items for which you spend or receive funds. It should: align with business’ financial structure and provide the level of detail you need in your financial statements. 3. What is included in … Continue reading
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