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Chart of Accounts Assessment Workshop

Tue, Aug 27

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Virtual Workshop

Take the first step in standardizing and future-proofing your chart of accounts. Price: $500 CPD: 3 Hours

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Chart of Accounts Assessment Workshop
Chart of Accounts Assessment Workshop

Time & Location

Aug 27, 2024, 1:00 p.m. – 4:00 p.m. PDT

Virtual Workshop

About the event

Overview

Take the first step in standardizing and future-proofing your chart of accounts (COA). In this 3-hour virtual workshop, the Municipal 360 (M360) team will guide you through the essential COA assessment process, highlighting how standardization can streamline operations and key considerations for a successful COA conversion.

Changing your COA is a significant undertaking and requires careful planning. Often, COA designs are built or modified on the fly to accommodate new processes or technologies. Frequent staff turnover and inadequate documentation further complicate matters, leading to:

  • Over-complication in the general ledger
  • Account code groups becoming separated and hard to manage
  • Generating reports becoming more manual and error-prone
  • Deadlines being missed
  • Neglecting other projects due to time constraints

By completing this workshop, you will be positioned to take the next step of your COA upgrade, whether completing this work in-house or with external support. 

Who Should Attend?

This workshop is designed for finance staff of small to mid-size municipalities (populations under 30,000), particularly those who:

  • Are ready to standardize and clean up their COA
  • Plan to adopt new ERP, budget, or reporting software in the near future
  • Seek to understand how a COA upgrade can save time and money
  • Are new CFOs looking to grasp current COA designs and explore improvement options

Key Outcomes

By the end of the webinar, participants will have:

  1. A deeper understanding of how their current COA supports dreporting and analytics.
  2. A clear understanding of the steps involved in a COA conversion project.
  3. Practical methods to advocate for COA changes within their organization.
  4. Insights into effective change management strategies to facilitate a smooth COA transition.

Topics Covered

Current State Analysis

  • High-level Review of Current COA Framework: Assess if your COA Framework is logical, well-organized, and aligned with reporting needs.
  • Identification of Reporting Challenges:Understand the difficulties participants face in generating reports, meeting deadlines, and performing analytics.
  • Manual Workarounds: Document the manual interventions needed to overcome gaps in the general ledger, particularly those affecting reporting and analytics.
  • Insights into Reporting Practices and Cost Analysis: Gain insights into current reporting practices, identify inefficiencies, and explore potential cost savings related to COA design.
  • Software Impacts: Understand the impacts of your current software on COA management, with an emphasis on reporting and analytics capabilities.

Improvement and Implementation Strategies

  • Introduction of New Processes: Learn best practices and processes to streamline operations and enhance COA management.
  • Enhancement Opportunities: Discover areas for improvement through COA upgrades, focusing on efficiency, accuracy, and strategic benefits.
  • Continuous Improvement: Establishing a regular review process to continuously improve and update the COA in response to evolving needs.
  • Risk Management: Identifying potential risks associated with COA changes and developing mitigation strategies.

Change Management and Advocacy

  • Craft a Convincing Argument: Learn effective strategies to present the value of a standard COA to your CAO and department heads, making a compelling case for the investment of time and resources.
  • Lead and Manage Change: Gain insights into leading and managing the COA transition process smoothly, minimizing resistance and ensuring a seamless implementation.
  • Stakeholder Engagement: Strategies for involving and gaining the support of key stakeholders early in the process.
  • Documentation and Training: Importance of maintaining comprehensive documentation and providing adequate training to support consistent COA usage and facilitate staff transitions.

Post-Webinar Consultation

Participants will also have the opportunity for a 1-hour consultation with the M360 team following the webinar to discuss their specific needs and next steps.

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