The Chart of Accounts (ie. COA) is so important to have good financial reports and to have the specific data that you need to make good business decisions.
For instance, if you have a COA, and you have only one account called Utilities, that may work for some businesses. But other businesses may want to know how much they spend on phone bills so they can ship around and reduce their bill. OR a different company may need to know how much their electric bill fluctuates