If you are a small business owner, then you know there’s a lot to keep track of. And sometimes it can be hard to know where to begin. That’s where a Chart of Accounts comes in.
A Chart of Accounts (COA) is a complete listing of every account in a business’s accounting system. Accounts come in various types to reflect money spent or earned in addition to assets owned or amounts owed to a creditor. The Chart of Accounts is an excellent a way to record all of these transactions for income, expenses, or liabilities.