No matter what accounting software you use, Quickbooks Online or Xero, it is vital that your chart of accounts is set up properly so that you have a solid structure for both recording and reporting your business transactions.
The chart of accounts is a list of asset, liability, equity, income, and expense accounts to which you assign your daily transactions. This list is one of the most important lists you will use and is the first step in setting up your accounting system.
A well planned chart of accounts will help you accurately record transactions which in turn helps you more clearly steer your business.
Contact us today and let us help you tailor your chart of accounts to best suit your company’s needs!