STANDARD CHART OF ACCOUNTS
Transforming Municipal Finance
Whether using excel or 3rd party software for preparing financial deliverables (budgets, financial statements, etc.), municipalities are still spending a lot of time managing, communicating, and cleaning up financial information. And this is often a result of how account numbers have been structured.
A Chart of Accounts (COA) is crucial for effective financial management within any organization. It establishes a structured framework that enhances the clarity and accuracy of financial reporting. If a COA is not properly maintained or fails to align with operational needs, software, and reporting requirements, it can significantly impair financial operations.
Municipal 360 offers a standardized COA specifically designed for local governments to enhance the precision and clarity of their financial records, supporting more informed decision-making. In addition, our approach simplifies your account codes, making them more accessible and understandable for your staff.
Remove the time-consuming task of manual reporting by aligning your COA directly with your reports so you can spend less time on the mechanics of financial management and more on strategic activities like financial planning, risk management, communication, etc.
Why Choose Our Standard?
-
Expert Design: Crafted by seasoned municipal finance professionals (1000's of hours have been invested)
-
Proven Reliability: A clean and proven design currently implemented and in use.
-
Knowledge Sharing: Creates best practices and accurate benchmarking through a common COA
-
Time Savings: Reduces year-end work by weeks for finance teams.
-
Cost Efficiency: Lowers reliance on financial consultants and software functionality.
-
Risk Reduction: Eliminates the risks associated with manual reporting.
-
Data Accuracy: Ensures clean, precise, and reliable financial data.
-
Future-proofed: Built to grow with your municipality.
Highlights
21%
The average reduction in GL account numbers, for better account management.
100%
Automation of your Statement of Financial Position and Statement of Operations.
99,999
Project accounts available for each department.
Increase efficiency and automation without the high cost of new software
Adopting a Standard Chart of Accounts
Many CFO's have redesigned their Chart of Accounts. But with organizational changes, new reporting measures, limited scalability, and lack of support, designs can quickly degrade.
Without necessary support or design controls, a custom in-house Chart of Accounts creates more work for staff to use and maintain.
Adopting our proven and supported standard reduces costs and provides significantly more value including:
-
Richer financial data
-
Long-term sustainability
-
Staying current
-
Reduced strain on your resources
-
Consistency between departments
-
A proven design (built by CFO's and industry professionals)
-
Improved benchmarking and analytics
-
Allows for collaboration and knowledge sharing among peers
-
Greater alignment between municipalities
