You know how they say accounting is the language of business?
Well, using a custom chart of accounts is basically like using Google Translate! You’re taking what you want to translate (your transactions) and turning them into something you can truly understand (useful financial reporting).
Why not just use the default chart of accounts that comes with your bookkeeping software? Many businesses do! But, having a chart of accounts designed with your industry in mind enhances the efficacy of your financial reporting and enables you to make well-informed decisions for your business.