To streamline and automate how things are done, you must first standardize how things are done. It is this principle that started our journey in building a Standardized Chart of Accounts for Local Government.
The Current State of Municipal Chart of Accounts
Due to the compounding problems of broken or dated Chart of Accounts (COA), many municipalities will eventually need to invest time and money into upgrading their designs. This is currently done either in-house or by hiring consultants.
While these one-off and customized upgrades can clean-up your General Ledger and address some of the most glaring challenges, they will likely degrade over time due to lack of support, no quality controls, missed design considerations, new reporting requirements, and staff turnover. Leaving you back at square one.
Designing COA's are time-consuming and extremely complex given how many systems and procedures depend on it. In some cases, work may begin but slowly fall to the side, causing them to drag on for years.
Are municipalities so different that they need their own chart of accounts design?
All municipalities have similar reporting demands (Financial Statements, Regulatory and Provincial Reporting), as well as uses of their data (Benchmarking, Payroll, Asset Management, etc.). Differences often only exist in the granular details and organizational structure.
This means that municipalities can successfully share a common framework based on the similarities, and still have the ability to customize elements of it to suit their unique organizational needs.
Introduction to the Municipal 360 Standard Chart of Accounts
For Local Governments to benefit from standardization, the model solution must include the following:
A team to support and manage the framework for use, enhancements, and future changes
Resources accessible to support Financial Staff
Flexibility and scalability so clients are not restricted as they grow
A knowledge base and quality controls to ensure data accuracy
In summary, with minimal effort required from the municipality, it provides the foundation for the financial system.
The Municipal 360 Standard was built in and for the real world by CFO’s and industry professionals. We use a simple yet logical framework that is easy for staff to work with, improves data quality, and can shave weeks of work off your budget and year-end audits.
With our universal design, your accounting information will also flow more seamlessly between applications and with less need for manual intervention.
How do I get Started?
Our team is ready to help you plan your upgrade. Contact us at info@municipal360.ca to get started!
Thanks,
Municipal 360 Team