By Anuradha Shukla
July 22, 2016
Fujitsu has improved the efficiency of accounting tasks for the Central Bank of the Republic of the Union of Myanmar.
To this end, the company has built an accounting system that complies with International Financial Reporting Standards (IFRS).
The new system systematizes journal entry and includes functions for automatically generating accounting entries and all sorts of forms.
All of these functions work towards improving the efficiency of accounting tasks that were previously done manually.
Fujitsu's new system went live in April 2016, and was constructed following a contract with the Japan International Cooperation Agency (JICA).
Reliability of accounting system
Fujitsu's new accounting system also significantly improves the robustness and reliability of the accounting system.
The system uses mechanisms such as the use of a thin client OA environment, system redundancy, and operations monitoring.
Employees of the Myanmar bank are now able to finish inputting forms on the same day, which had previously taken until the next day.
In addition, the system implements accounting work in compliance with IFRS by revising accounting policies, chart of accounts, and processes.
Fujitsu plans to expand the new accounting system to private banks in Myanmar. It will continue its efforts to help modernize financial systems in other growing nations in Asia.