The problem I've observed through my work in the industry is that most producer's chart of accounts have origins as follows:
- It was the chart that came with the accounting system
- It was the one they always had
- It was set up by the computer consultant who installed the accounting system.
This is a shame, because a good chart of accounts will simplify your financial reporting, tell you more about your operating results, and allow you to benchmark your results to the annual Industry Data Survey.
I still have reprints of the article - just write and I will be happy to send it to you.