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  Integrated Accounting System

Integrated Accounting System

In the integrated accounting system, various set of accounts within cost accounting and financial accounting systems are not maintained. The accounts are integrated and just a single set of accounts are maintained. This allows a firm to eliminate separate Profit and Loss Accounts within financial accounting and cost accounting systems and just one Profit and Loss Account is ready. So there is no question of two separate amounts of profits being disclosed from the two dissimilar set of books. The requirement for reconciliation of profits displayed through cost accounts and so financial accounts is eliminated.

Meaning and Advantages

As described above, within this system of preparing accounts, financial and cost accounts are integrated. Other words, a single book keeping system that consists of both financial and cost accounts is termed as integral accounting system. The requirement for reconciliation among the profits depicted through cost accounts and financial accounts is eliminated totally because only one set of books of accounts is maintained. The advantages of this system are as follows:

ADVANTAGES FROM INTEGRATED ACCOUNTING SYSTEM

The advantages of integrated accounting system are as follows:

A. because only one set of accounting records is kept, the requirement for reconciliation between the profits shown through the two records is eliminated.

B. The duplication of work is eliminated, so the cost of operating this system is reduced.

C. This technique is simple to understand and simple to operate. Not necessary complications are eliminated.

D. Cost data can be presented promptly and regularly.

E. There is a cross checking of several figures in cost and financial accounts. This makes sure accuracy of figures of cost and financial data.

F. the make Use of mechanized accounting methods can be made.

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