Publication | BRG CFO Solutions
Insight of the Week: Charge Code Rationalization
Has your general ledger become a junk drawer? That may be one reason your data isn’t clean.
An analysis was conducted on each charge code, its usage, and its purpose to determine if codes needed to be kept, retired, or created. The number of charge codes was significantly reduced and the staff was trained on proper use of the new codes.
This client was struggling with an overly complex general ledger. Duplicate accounts, excess accounts, and lack of account definition clarity caused confusion and inconsistencies which hampered the team’s ability to conduct meaningful analyses on the data.
As a result, the team was able to analyze the data and provide insights to improve performance, properly account for transactions, and identify outdated or inconsistent processes.