Implementing a New ERP System? Take the Opportunity to Develop a New Chart of Accounts

A chart of accounts — a listing of the accounts an organization uses to define each class of items for which money is spent or received — provides a uniform format that local governments can use for reporting and accounting. The chart also organizes finances and segregates expenditures, revenue, assets, and liabilities to provide a better understanding of the organization’s financial picture. It is a resource that governments can use for budgeting, accounting, and financial reporting.