5 Benefits of integrated accounting.

Integrated Accounting is a system in which the accounts are integrated and only a single set of accounts are maintained for Cost & Financial records. It avoids maintenance of Accounts under cost accounting & financial accounting. This enables a firm to eliminate separate Profit & Loss Accounts under financial accounting and cost accounting systems & only one Profit & Loss Accounts are prepared.

The benefits of Integrated Accounting System are as follows:

  • No need for reconciliation as it maintains single set of accounting records.
  • Easy method to maintain accounts and avoid unnecessary complications.
  • There is no possibility of different profit figures being reported in integrated accounting system.
  • There is economy of scale due to the savings in the maintenance of books and general accounting
  • There is saving of time, because two different sets of books need not be maintained

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