On the surface, setting up your nonprofit accounting chart of accounts would seem to be a fairly straightforward process, but in fact, there is a lot of strategy that goes into it — or that should go into it — to save you a lot of work and headaches down the road.
The Chart organizes one of your most valuable assets: your operational and financial data. When set up correctly, your chart will enable you to see trends, issues, and opportunities within your day-to-day operational and financial data. Because of this, a well-organized Chart will make it easier for you to make better, faster and more informed decisions to move your organization forward. So, the time you spend evaluating your Chart will typically be among the most worthwhile time you’ll spend on your organization. Really!