THE IMPACT OF LEAN ACCOUNTING PRINCIPLES AND THEIR APPLICATION IN MODERN ORGANIZATIONS
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- NGN 5000
ABSTRACT:
This research explores the application of lean accounting principles in modern organizations in Lagos State, Nigeria. The objectives are to: (1) assess how lean accounting enhances operational efficiency, (2) evaluate its impact on cost reduction and financial performance, and (3) analyze the challenges of implementing lean accounting principles. A survey design was employed to collect data from financial managers and operational staff. The sample size, determined using Taro Yamane's formula, ensures statistical significance. Nigerian Breweries Plc was chosen as the case study due to its adoption of lean accounting practices. The reliability coefficient score of the survey was 0.93. Findings reveal that lean accounting significantly improves operational efficiency and cost reduction, positively impacting financial performance. However, challenges such as resistance to change and the complexity of lean implementation were noted. It is recommended that companies in Lagos State adopt lean accounting principles and provide training to enhance operational efficiency and financial performance.
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