5 Simple Tips to structure your Chart of Accounts
Master the Chart of Accounts! Learn the best practices for how to structure your Chart of Accounts so that your financial statements are CLEAR and CONCISE.
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In this video, I’ll walk you through:
The definition of the Chart of Accounts
Best Practices
Common mistakes to avoid
⏱️ TIMESTAMPS
0:00 Intro
0:30 5 steps on how to structure the Chart of Accounts
0:40 What's the Chart of Accounts
2:02 The Readers of the Financial Statements
2:48 5 Best Practices structuring your chart of accounts correctly
2:53 Rule #1 - Don't use Vague Account Names
3:28 Rule #2 - Don't use redundant Accounts
4:22 Rule #3 - Don't use any personal Information
5:00 Rule #4 - Group Relevant Accounts together
5:52 Rule #5 - Using numbering
6:32 Outro
6:38 Which one was your favorite?
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Looking to level up your career in Finance & Accounting? You're in the right place. Each week I upload videos around Accounting, FP&A, and Excel to help you grow in your career and learn something new.
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