How important is the general ledger to your organization? You might not care until you get a huge bill from your tax department for incorrectly coding an expense. Or you come to know that your financial position might not be as strong as you thought. The correct setup of the chart of accounts determines how much admin effort you would have with your accounting. In fact, it's the foundation of the ERP system implementation. If you lump everything under one account, you might lose the insights that you need to be able to find the root cause of financial issues. If you make it too broad, you might enter too much data during your transactions and may have adoption issues among your operations team because of the overly engineered processes.
In today's episode, we invited a panel of cross-functional experts for a live interview on LinkedIn who brings significant expertise to discuss General Ledger best practices. We discussed the scope and boundaries of the general ledger processes and why the way your general ledger is set up might have an impact on your KPIs and operational performance. Finally, we discussed general ledger practices in different industries, the interaction of BI tools with general ledger, and the differences of general ledger processes for public vs private companies.
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