A Chart of Accounts is used by companies to organize their finances. When a company reaches a certain size, more sophisticated operations require more detailed and tailored reporting, segmented by processes and by each manager's area of responsibility.
A Chart of Accounts is also important if a company decides to acquire and install a new computerized system for controlling its operations, ensuring the new system's general ledger might result in a chart of accounts which is different from the previous chart of accounts.
Customising a Chart of Accounts also allows you to create comparative Profit and Loss for individual nominal codes, e.g. compare single entry through the selected time period.
In SAGE 50, after running management reports, your nominal accounts are categorised, allowing you to analyse your expenditure, liabilities, assets, capital and income, helping you to keep track of how your business is performing.
ProudNumbers allows you to either to use the default SAGE 50 charts of accounts or to create a new, customised Chart of Accounts based on the SAGE 50 charts.
With ProudNumbers, you can: