Summary

Discover what should be to be taken into account when grouping accounts.

Overview

One of the key benefits of using an account grouping is that you can create organization-wide standards for the list of account codes that are being used within MindBridge. By creating a single master account grouping that contains every possible account code in use by your organization, you can in theory create a single account grouping for all of your users and analyses — and doing so can deliver major efficiency gains.

Key considerations

Whether or not this is possible 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 your account grouping in MindBridge contains every possible code taken from your system.

Unfortunately, it is common that this level of standardization doesn't always exist, and you may find your organization allows a greater degree of customization to the list of account codes for each business being analyzed. If this is the case you may require multiple account groupings for multiple use cases. For example account groupings for "For Profit" businesses, "Not For Profit" businesses, "Charities", "Academies" etc. You may even require different account groupings on a per business, or per analysis basis. 

Conclusion

The greater the level of standardization, the greater the efficiency improvement for your users and for your organization on the whole. As a result, it is always wise to think about your account grouping strategy within the context of 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. 

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