Charts of Accounts Program Gains Momentum

The Standard Chart of Accounts (Standard Chart) program aims to create consistency across Local Government financial systems to make it easier to share reports, documentation, and knowledge across the sector.

The Standard Chart was an initiative launched and led by the IT Vision User Group, with experienced IT Vision consultants brought on board to implement and execute the program in partnership with Local Government Professionals WA.

The Standard Chart includes the creation of a standardised numbering system in SynergySoft for general ledgers, jobs, cost centres, element types and more. It also ensures all accounting standards are met, including those imposed from state and federal departments.

Local Government Professionals WA, IT Vision, the IT Vision User Group and a representative from the Office of the Auditor General, came together in March 2022 to discuss the status of the project, to knowledge share and provide feedback on the process so far.

Rhona Hawkins, IT Vision User Group member and LG Best Practices consultant, said the Standard Chart continues to grow in complexity and strength as more local governments come on board. 

“Local governments are all bound by the same reporting requirements so if you’re completing a tedious task or hitting a roadblock, you can bet there’s others out there struggling, too,” said Rhona. 

“The standard COA is all about sharing resources and knowledge to get the best outcome for the sector across the board.” 

Product Manager at IT Vision, Eliza Sbizzirri, said 19 of IT Vision’s customers have already adopted the Standard Chart. The Shires of Quairading, Mount Magnet, Ravensthorpe, Capel, Yalgoo, Wickepin, and Nannup are currently embarking on their journey this financial year and are aiming to go live with the Standard Chart by 30 June. 

The standard COA program was an initiative launched and led by the IT Vision User Group (Pictured) 

"Undertaking a COA restructure is a big task that requires significant input from key finance staff to successfully archive data and map and test the new chart prior to going live."
Eliza Sbizzirri, Product Manager IT Vision  

“Adopting the Standard Chart is just step one. Following this, we work with our customers to undertake an annual review, to ensure the ongoing integrity is maintained and they feel supported long term.”

Through our annual maintenance engagement, an experienced IT Vision consultant will complete an in-depth review of a client’s accounts to ensure all standards are maintained and where required, corrective action undertaken. This corrective action also takes into consideration the introduction of new accounting standards and the take up of any User Group approved inclusions since go-live.

The Standard COA is an important step in the process of getting “Altus ready”. If your organisation is ready to transition to the Altus platform or the standard COA next financial year, reach out to your IT Vision Account Manager for a proposal now to prepare your budgets accordingly.