Computerized accounting system in the 21st century nigeria problem and prospects

Project Abstract

The advent of computerized accounting systems in Nigeria in the 21st century has brought about significant changes in the way financial data is processed and managed by organizations. This research project aims to explore the problems and prospects of implementing computerized accounting systems in Nigeria. The study investigates the challenges faced by organizations in adopting computerized accounting systems, including issues related to cost, infrastructure, and human resources. It also examines the benefits and opportunities that come with the implementation of computerized accounting systems, such as improved efficiency, accuracy, and decision-making capabilities. Through a comprehensive literature review and case studies of organizations in Nigeria, the research highlights the importance of proper training and education for employees to effectively utilize computerized accounting systems. It also emphasizes the need for strong cybersecurity measures to protect financial data from cyber threats and breaches. The findings of the study reveal that while computerized accounting systems offer numerous advantages, many organizations in Nigeria struggle with the initial costs of implementation and the ongoing maintenance expenses. However, the long-term benefits of improved efficiency and decision-making capabilities outweigh the initial challenges. The research project concludes by providing recommendations for organizations looking to implement computerized accounting systems in Nigeria. These recommendations include investing in training programs for employees, updating infrastructure to support the new technology, and implementing robust cybersecurity measures to safeguard financial data. Overall, the study contributes to the existing literature on computerized accounting systems in Nigeria by providing insights into the challenges and opportunities associated with their implementation. By addressing these issues, organizations in Nigeria can harness the full potential of computerized accounting systems to enhance their financial management processes and drive business growth in the 21st century.

Project Overview

<p> </p><p><strong>Background To The Study</strong></p><p>Accounting system is a system designed to record accounting transaction involving a business or event taking into cognizance the policies of the firm. According to Hartzell (2006) accounting system is the process of organizing, summarizing, recording and reporting financial transactions with the view of providing financial information to management to facilitate policy decisions, budgeting, preparing financial report and other financial approvals. Accounting system is viewed as formal systems which identify measure, accumulate, analyze, prepare, interpret and communicate accounting information of a business organization or institution.</p><p>Ama (2004). Accounting system is regulated by the organization’s policies, rules, regulations, methods, procedures and techniques.</p><p>Accounting systems constitute the mechanism adopted for gathering and communicating the financial performance and position of the organization. The two major types of Accounting System include Manual Accounting system and Computerized Accounting System. The manual system involves the use of hand for the posting of accounting information into the various books of accounts of the firm. The computerized system involves the use of specialized machines as computer in gathering and processing of accounting information. It is also referred to as Electronic Data Processing (EDP) Accounting System. The applications of computer in accounting system involves the use of Word processor, Database and Spreadsheet. The research therefore seek to investigate Computerized accounting system in the 21st century Nigeria problem and prospects. Case Study of TSA–Accounting</p><p><strong>1.2 Statement of the Problem</strong></p><p>The accounting system is bestowed by some deficiencies. For example the computerized accounting system is exposed to the risk of data theft and loss either as result of power failure or from hackers. It is also exposed to fraud by those who can secretly have access to the system. Customer information could be tampered with in the process thereby leading to security breach. The management could be deterred in some cases where there is loss of data in executing legitimate projects and decision making. According to Vermaat and Shelly (2011) computers related problems include health risks, the violation of privacy, public safety, the impact on the labor force, and the impact on the environment. Therefore the problem confronting the research is to appraise the Computerized accounting system in the 21st century Nigeria problem and prospects. Case Study of TSA–Accounting</p><p><strong>1.3 Objectives of the Study</strong></p><p>To determine the nature, problems and prospect of Computerized accounting system in the 21st century Nigeria.</p><p>To appraise the nature, problem and prospects of TSA computerized accounting in the 21st century Nigeria.</p><p><strong>1.4 Research Questions</strong></p><p>What is the nature, problem and prospect of computerized Accounting?</p><p>What is the nature; problem and prospect of TSA computerized Accounting?</p><p><strong>1.5 Significance of the Study</strong></p><p>The study shall proffer a structural appraisal of computerized accounting system in the 21st century Nigeria problem and prospects. Case Study of TSA.</p><p><strong>1.6 Research Hypothesis</strong></p><p>Ho. The problem of TSA Computerized accounting system is Low</p><p>HI. The problem of TSA Computerized accounting system is high</p><p>Ho. The prospect of TSA Computerized accounting system is Low</p><p>Hi. The prospect of TSA computerized accounting system is high</p><p><strong>1.7 Scope of the Study</strong></p><p>The study focuses on the appraisal of computerized accounting system in the 21st century Nigeria problem and prospects. Case Study of TSA.</p><p><strong>1.8 Limitations of the Study</strong></p><p>The research was confronted by some constraint including logistics and geographical factors.</p><p><strong>1.9 Definition of Terms</strong></p><p><strong>ACCOUNTING SYSTEM DEFINED</strong></p><p>Accounting system is a system designed to record accounting transaction involving a business or event taking into cognizance the policies of the firm. According to Hartzell (2006) accounting system is the process of organizing, summarizing, recording and reporting financial transactions with the view of providing financial information to management to facilitate policy decisions, budgeting, preparing financial report and other financial approvals. Accounting system is viewed as formal systems which identify measure, accumulate, analyze, prepare, interpret and communicate accounting information of a business organization or institution.</p><p>Ama (2004). Accounting system is regulated by the organization’s policies, rules, regulations, methods, procedures and techniques.</p><p>Accounting systems constitute the mechanism adopted for gathering and communicating the financial performance and position of the organization.</p><p><strong>COMPUTERIZED ACCOUNTING DEFINED</strong></p><p>The two major types of Accounting System include Manual Accounting system and Computerized Accounting System. The manual system involves the use of hand for the posting of accounting information into the various books of accounts of the firm. The computerized system involves the use of specialized machines as computer in gathering and processing of accounting information. It is also referred to as Electronic Data Processing (EDP) Accounting System. The applications of computer in accounting system involves the use of Word processor, Database and Spreadsheet.</p><p><strong>REFERENCES</strong></p><p>Akpan, E. (1998). Introduction to Computer Science. Jos: Unitex Publishers.</p><p>Ama, G.A.N. (2003). Fundamental of Public Sector Accounting and Finance.</p><p>Ama, G.A.N. (2004). Simplified Financial Accounting. Nigeria: John Jacob’s Classic Publishers Ltd.</p><p>Bhoruka, A. D (2005). Accounting and Finance for Bankers. India: Rajiv Beri for Macmillan Publishers.</p><p>Bordens, K.S and Abbott B.B (2002) Research Design and Methodology U.S.A: L.C.C Publications.</p><p>Chionye, L.E. (2003) Fundamentals of Accounting. Lagos: Bendons and Associates Publishers.</p><p>French, C. S. (1996) Computer Science. Canada: Fifth Edition: Nelson Education Limited.</p><p>Hartzell, D. (2006) Dictionary of Management. India: Academic Publishers.</p><p>Hussey, R. (2005) Oxford Dictionary of Accounting. U.S.A: Oxford University Press.</p><p>Ikemefuna, CY .O. (2006) Management Theory and Practice. Lagos: Revised Edition Concept Publications Ltd.</p><p>Onyewuenyi, R. N. (2002) Macro Computers Studies for Beginners. Onitsha: Spiritan Publication.</p><p>Ozo, ORO, Ani and Ugwu (2007). Introduction to Project Writing. Enugu New Dimension Publishers. Cxi</p><p>Omolehinwa, E. (2009). Foundation of Accounting. Lagos: Punmak Nigeria Ltd. Publisher.</p><p>Stallings, W. (2010) Computer Organization and Architecture Upper Sadilte Reves. New Jersey: Pearson Education Inc.</p><p>Sanders, Lewis and Thornhill (2002). Research Method for Beginners Students. England: Pearson Education Ltd.</p><p>Tanenbaum, A.S. (2010). Structural Computer Organization. U.S.A. Pearson Education Inc.</p><p>Vermatt, M.E. and Shelly, G.B. (2011) Discovering Computers 2011: Living in a Digital World, Computer: U.S.A: RRD Menasha Publishing.</p> <br><p></p>