Chart of Accounts Redesign

The implementation of a new consolidation system is often the best time to redefine the consolidated chart of accounts and to consider areas in which more detail would be useful for analysis and reporting. Finit Solutions applies best practices from our backgrounds in accounting and finance to guide companies through redesigning the chart of accounts as part of HFM and Hyperion Enterprise implementations. Some of the chart of accounts redesign solutions that Finit helps clients implement include:

• Determining areas within the chart of accounts where more detail would provide better analysis and decision-making capabilities for management.
• Utilizing custom dimensions to provide better analysis across multiple accounts (e.g. Selling and Administrative Expense analysis by function and by department.)
• Capturing more granular intercompany detail, so that intercompany balances are automatically eliminated at the appropriate levels within the entity hierarchy.
• Building tax reporting detail into the chart of accounts, so that there is a single source for external reporting, internal reporting, and tax reporting.
• Reorganizing the chart of accounts to prepare for IFRS requirements and changes in financial statement presentation.

Finit applies its knowledge of US GAAP, IFRS, tax reporting, and internal management analysis to help companies develop a consolidated chart of accounts that can meet all of these requirements.