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  4. Account grouping

Account grouping strategy: Standardization vs. customization

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Summary

An account grouping is a custom financial hierarchy that MindBridge uses to interpret accounts and the relationships between them. Account groupings define how accounts are aggregated and presented in analysis results across the MindBridge platform and reports.

When App Admins create an account grouping, they must map accounts to MindBridge Account Classification ("MAC") codes. This teaches MindBridge the structure of the account hierarchy, and allows MindBridge’s control points to run effectively against the data.

One of the benefits of using an account grouping is that you can standardize the list of account codes that your organization uses within MindBridge. By creating a single master account grouping that contains every possible account code in use by your organization, your team can apply that account grouping to their engagements and analyses, which can deliver major efficiency gains.

Learn about the key considerations when grouping accounts below.

Note: Learn more about account grouping in MindBridge, and how your team can make material changes to the account groupings used in engagements they belong to, based on the unique requirements of the financial statements.

Key considerations

Because a single account grouping is shared across all analyses within a given engagement, you must create a new library for each unique account grouping used by your organization.

A standardized list of accounts delivers the greatest efficiency 

The ability to create a single master account grouping greatly depends on the level of account code standardization in place within your wider organization. If your organization has a master list of account codes that don't change from one analysis to the next, it is strongly recommended to ensure that your account grouping in MindBridge contains every possible code taken from your system.

Account grouping by use case

If this level of standardization isn't common in your organization, and/or your organization allows a degree of customization to the list of account codes used within different analyses, then you may require multiple account groupings for different use cases. For example account groupings for "For Profit" businesses, "Not-For-Profit" businesses, "Charities," "Academies," etc.

Flexible account grouping

If your organization requires unique account groupings on a per-business or per-analysis basis, your team has the autonomy to manage the account grouping within their engagements.

Learn how your team can add, hide, remove, and rename accounts...

Note: The account grouping that appears in a given engagement is a copy of the Admin-level account grouping. Changes made to the account grouping from within the engagement will not affect the original version. Similarly, changes made to the original version within the Admin settings will only be reflected in new engagements, and not in existing engagements.

Conclusion

The more standardized your accounts are, the more efficient your team and organization will be when using MindBridge. It's important to consider your account grouping strategy in relation to your organization's general approach to account code standards.

For more help on this topic, and for ways to further improve efficiency, reach out to your MindBridge Customer Success Manager ("CSM"). 

Anything else on your mind? Chat with us or submit a request for further assistance.

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