The chart of accounts (COA) is the backbone of your organization, critical to your financial reporting. Without a transparent and consistent enterprise-wide understanding of your COA data, planning and forecasting falter, regulatory compliance is at risk, and your ability to grow your business with intelligence is undermined.

Unfortunately, at many large companies, mastering an increasingly complex hierarchy of accounts is no easy task. Accounts are not used consistently across the company, COA management processes are often handled via spreadsheet, and roles and responsibilities are not clearly defined.

At Premier International, we’re helping organizations master their COAs to improve operational efficiency and speed account management processes. Working with our partner’s data governance tools, we can help your organization gain control of your COAs and gain operational efficiencies. We leverage a robust operating model and established workflows, along with our business expertise, to help you:

  • Define ownership of each COA
  • Identify related roles and responsibilities
  • Develop standardized account definitions
  • Establish and maintain hierarchies and ranges
  • Define and maintain workflows
  • Ensure swift and accurate approvals
  • Speed adoption of best practices across your business units

Why govern COA data? It’s all about business value. Governing account data can help your organization:

  • Promote consistent standards for COA
  • Ensure alignment across all business units for more accurate reporting
  • Speed the addition or deletion of accounts or account attributes
  • Understand your financial data for better planning and forecasting

At Premier International, we don’t just stand up a governance framework and walk away. We dig deep to understand how your organization does business and work with stakeholders across the enterprise to identify best practices that will drive real value. We build integrations between your data governance engine and your financial accounting system to ensure that data remains consistent between them. And, most important, we help every stakeholder understand what’s driving the project and how it will help your teams work together more effectively to achieve aggressive business goals.