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What is the chart of accounts? It's the LIST of available categories you can put your transactions in an accounting system. It is like your FILE FOLDER names for your accounting data.
Why does the chart of accounts matter? Because it can make your bookkeeping much easier and more understandable. But more importantly....it can make your financial statements so much more helpful to you as a business owner!

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Hannah Smolinski is a #CPA and the Founder of Clara CFO Group. Find out more about Clara CFO Group at https://claracfo.com/

Disclaimer: This video is intended for educational purposes and
should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.