THE EFFECT OF DIGITAL TRANSFORMATION ON FINANCIAL REPORTING PROCESSES
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Abstract:
This research investigates the effect of digital transformation on financial reporting processes in Lagos State, Nigeria. The objectives are to: (1) assess how digital tools improve the efficiency of financial reporting, (2) evaluate the impact on the accuracy and timeliness of reports, and (3) analyze the challenges of digital transformation in financial reporting. A survey design was chosen to gather data from financial professionals and IT specialists. The sample size, calculated using Taro Yamane's formula, ensures representativeness. Access Bank Plc was selected as the case study due to its advanced digital transformation initiatives. The reliability coefficient score of the survey was 0.88. Findings indicate that digital transformation significantly improves the efficiency, accuracy, and timeliness of financial reports, though challenges remain in terms of implementation and adaptation. It is recommended that companies in Lagos State continue to invest in digital tools and training to fully realize these benefits.
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