At Community Compass, we can assist your organisation and leaders understand the Standard Chart of Accounts and integrate it into your financial reporting. We are able to consult with you and have a team prepared to assist you on site with your reporting needs.
Why you would consider converting your chart of accounts to the National Standard Chart of Accounts?
One Chart of Accounts, many reports:
The advantage of using the NSCOA is that all Australian governments have adopted a NSCOA as a nationally consistent approach for requesting financial information from the sector. The implementation of this reporting framework provides the opportunity for multiple stakeholder reporting with little or no adjustment required when using the Standard Chart.
Creating cost and resource efficiencies:
ACNC requirements for the 2014 Annual Information Statement (AIS) reveals that the financial questions that need to be answered are mapped directly to the National Standard Chart of Accounts. Accordingly, the ease of compliance with the new reporting framework is going to be determined by how closely your existing chart of accounts maps with the NSCOA. Community Compass supports the transition toward an efficient reporting framework.
Ease of conversion:
For most entities, the conversion is relatively easy: An independent review of the implementation of a Standard Chart of Accounts (SCOA) in Victoria has found that 80 percent of the community organisations who implemented the Standard Chart found the process easy and 94 percent would recommend other organisations to implement it.
Please download our flyer here for further information.