Centralised Accounting System

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Centralised accounting system is that system in which all records are kept in one place. This place may be physical or digital. Its small form is CAS. It controls all departments and branches budgets, accounts receivables, account payable, expenditures, incomes and other transactions' records.

If two or more than two companies are connected with each other for providing better services to customers, they can also use centralized accounting system.

We can give the example of Indian banks. For providing fund transfer facility from one bank to another bank through NEFT, they use CAS.

Main benefit of Centralized accounting system is manage cash and assets better way. It also helpful to fix the accountability.

After coming of advance accounting software in the market, Centralised accounting system has become easy concept.

1. ERP

We can take the example of ERP. ERP software shows all the records which are recorded in different branches. All accounts executives of different branches uses ERP and in the head office,we can check each branch's record.

2. IBM

IBM's CAS is the product which is used by central bank for keeping the records of transfer of securities or cash on one place. It is used more than 17 countries.

Category : Accounting System

Comments

: 2

AnonymousJune 29, 2019 at 5:06 PM
I work in a company that have branches in 3 states and have no financial records connection between the 3 branches, this has made it difficult to asses the total revenues or loss in a given period. The management has requested for a system to record revenues and expenses to a central accountant, kindly suggest for an efficient and effective way to go about it. Thank you.
UnknownDecember 7, 2021 at 8:58 AM
Please I need the response to the above question