FreshBooks offers a wide variety of accounting tools, like accounting software, that make it easier to stay organized. Utilizing accounting tools like these will ensure a better workflow, helping you grow your company. Similar to a chart of accounts, an accounting template can give you a clear picture of your business’s financial information at a glance. Your COA is a useful document that lets you present all the financial information about your business in one place, giving you a clear picture of your company’s financial health. What Is a Chart of Accounts?Ī chart of accounts is a small business accounting tool that organizes the essential accounts that comprise your business’s financial statements. If you need income tax advice, please contact an accountant in your area. NOTE: FreshBooks Support team members are not certified income tax or accounting professionals and cannot provide advice in these areas outside of supporting questions about FreshBooks. These topics will help you better understand what a COA is and how small businesses use it: Accounts on the COA usually have a name, a brief description, and an identification code number.A COA has five main subcategories: revenue, expenses, assets, liabilities, and equity.A COA is an organizational tool that makes financial transactions easier to understand at a glance.
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