Reporting Essentials: Chart of Accounts
By Tim Duhamel, Stephanie Porter
Learn how to drive your financial information needs with a well organized and highly effective chart of accounts!
- What is a chart of accounts?
- An overview of the 5 areas of the chart of accounts
- Raw data to useful information
- Planning for a quality chart of accounts
- Best practices for chart of accounts
- Reporting structure
- ERP and financial systems
- Reviewing and improving the chart of accounts
PD Credits: 1.5
Updated: Jan 22, 2020
About the Author
Tim Duhamel is the founder and President of Bloom Centre of
He is a municipal veteran whose career has spanned over 21 years.
His passion is creating educational material and conducting lectures for municipal professionals. He has lectured as far away as Kiev, Ukraine for the Federation of Canadian Municipalities.
About the Author
Stephanie Porter is a Chartered Professional Accountant (CPA, CA) and
external auditor with Metrix Group LLP.
She has a passion for education and is a course developer and instructor for the University of Alberta in addition to her work at Bloom.
She is the lead Associate of curriculum development and instruction for Bloom’s reporting and audit stream.
This webinar covers the chart of accounts and how it works, with an overview of the 5 areas: assets, liabilities, accumulated surplus, revenue, expenses. Learn how to turn raw data into useful information, the value of an efficient and effective chart of accounts, and best practices.
Also included: reporting structure, ERP and financial systems, and chart of accounts as an improvement project that should be reviewed annually for redundancy, omissions, and value.
What is included in a chart of accounts and how it works to capture financial information for an organization
How the chart of accounts organizes and utilizes the 5 areas to support retrieval of useful information
The key principles of using the chart of accounts to turn raw data into valuable information and reports that support understanding, explanation and decision making in the municipal environment
The key principles of planning for a quality chart of accounts
Learn how to test your chart of accounts and determine if and where improvement is required
How to ensure financial systems are set up to effectively meet the diverse and complex needs of municipal reporting
The fundamentals of proper setup and maintenance of the chart of accounts within the financial system
Processes should be in place to test the chart of accounts and make changes as required