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Chart of Accounts Design – The Key to Effective Reporting and Financial Management

Session Number: 6399
Track: FIN: General Ledger
Sub-Categorization: Select A Value
Session Type: Presentation
Tags: Budget and Planning, Chart of Accounts, Financial Management, Financial Reporting
Primary Presenter: David Klipa [Managing Director - Huron Consulting Group]
Co-Presenter: Ida Quamina [ Managing Director - Huron Consulting Group]
Co-Presenter 2: Alex Skoney [Higher Ed Consulting Manager - Huron Consulting Group]
Co-Presenter 3: Cati Cederoth [Senior Director - Huron Consulting Group]
Time: Mar 05, 2019 (11:00 AM - 12:00 PM)

Session Length (Approved): Regular Length
Session Submission Type: Vendor
Knowledge level : Intermediate
Target Audience: Functional
Learning Objective 1: The importance and benefit of redesign for your CoA as a means for organizing revenues, expenses, assets and liabilities.


Learning Objective 2: Chart design impact to planning and budgeting, and reporting and analytics.
Learning Objective 3: Common and important characteristics of Charts of Accounts that best support reporting and financial management flexibility.

Prerequisites : None
Advance preparation: None
Product: N/A
Other Product Type: Cloud ERP and financial planning technology
Version Presenting: N/A
Level of Customization: None or N/A
Level of Partner Integration: Select a Value
Project Phase: N/A
Project Go Live: N/A
Your Training in this Area: David is very familiar with the business, regulatory, and environmental issues facing higher education. He has been responsible for the delivery of research administration services, cost rate development and negotiation services, and the implementation of research administrative systems. He has led audit resolution projects and negotiation of cost reimbursement claims with the federal government. David has extensive project management and business integration experience.

Element(s) of Engagement: Case studies, Group discussion, Live Polling
CPE Approved Session: No

Description:  Session Title:
Chart of Accounts Design – The Key to Effective Reporting and Financial Management
Speakers:
• Alex Skoney
• Cati Cederoth
• Ida Quamina
• David Klipa
Session Abstract:
What did Arts & Sciences spend on faculty development last year? What departments incurred cost in connection with our cyber security initiative? How much was spent on the International Business Certificate program in total? What does Professor Smith have remaining on her faculty start up package? How much revenue did the Black and Gold Ball generate? What is our total research spend so far this year?
These and many other questions can be difficult to answer without laborious “data mining”…or…may be readily answered by adopting a sound reporting strategy built on the foundation of a thoughtful, flexible, comprehensive, and robust Chart of Accounts.
As higher education institutions begin the process of planning for a move to the cloud, many find that redesigning their chart of accounts - the basic structure used to record financial transactions – is a critical step to fully realize the benefits of the move.
The Chart of Accounts serves not only as a means for organizing revenues, expenses, assets and liabilities, but also as the basis for tracking and managing the finances of the institution's many funds, programs, activities and projects, helping to generate a clear financial picture across all levels of the university.
This presentation will provide insight in to the impact that the CoA has on the institution’s reporting, budgeting, and overall financial management capacity and will explore best practices and key considerations in the design of an effective CoA. Topics will include:
• The importance and benefit of redesign;
• Common and important characteristics of Charts of Accounts that best support reporting and financial management flexibility;
• Effective steps in performing a redesign; and,
• Chart design impact to planning and budgeting, and reporting and analytics.

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