Creating and maintaining a detailed and accurate chart of accounts is absolutely essential to business success. And, if we’re being honest about it, it’s traditionally a pain in the neck.
Your chart of accounts needs to track revenue, expenses, and profitability for all your locations, departments, projects, vendors, and more—and those factors are going to change all the time, especially when your business is growing.
Adding to the complexity is the fact that you’re going to use your chart of accounts to create reports for different audiences. You might need to create reports for executive management, department heads, regional leaders, project managers, and many other groups, each of which will be interested in different views and levels of detail.
No wonder many businesses see the chart of accounts as a time-consuming chore—or did, until they shifted to Sage Intacct cloud accounting software.
Enter a new dimension
Sage Intacct uses what it calls “Dimensions” to greatly simplify the chart of accounts, from setup through real-time reporting. Dimensions provide a classification system to help you organize your company information in a meaningful way. You can then slice and dice the data to produce reports that align with your business needs and goals.
As we detailed in an earlier blog, Dimensions offer a faster and more efficient way to delve into your financial details. Watch this short video to see how Sage Intacct Dimensions work, including a specific company example. Or, for a deeper dive, watch this easy-to-follow webinar.
Benefits that go beyond accounting
Is it really worth it to switch to a leaner, simpler chart of accounts? Consider this partial list of Dimensions benefits, which you can see begin in the accounting department but rapidly spread across the entire business:
- Reduce the manual errors associated with traditional chart of account processes
- Improve visibility into financial performance
- Create and deliver tailored reports in less time
- Improve real-time decision-making
- Spend more time on value-add activities
Michaud Accounting Solutions can help you take advantage of Dimensions and the other powerful features of Sage Intacct. We’ll work closely with you on all your financial accounting processes, so they become less of a chore and more of a benefit to your business.