THE IMPACT OF DIGITALIZATION ON COST ACCOUNTING PROCESSES OF FMCG IN NIGERIA
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Abstract: THE IMPACT OF DIGITALIZATION ON COST ACCOUNTING PROCESSES OF FMCG IN NIGERIA
This study examines the impact of digitalization on cost accounting processes within the fast-moving consumer goods (FMCG) sector in Lagos. The objectives are to assess how digital tools have transformed cost accounting practices, evaluate the benefits and challenges of digitalization, and identify the impact on financial performance. A survey design was used to gather data from 250 accounting professionals in FMCG companies, derived using Taro Yamane's formula. A case study of a leading FMCG company in Lagos provided detailed insights. The reliability coefficient score was 0.89. Findings reveal that digitalization has significantly improved cost accounting processes by automating data collection and analysis, enhancing accuracy, and reducing processing time. However, challenges such as high implementation costs and the need for continuous updates were noted. Recommendations include investing in training for accounting professionals, ensuring regular updates of digital tools, and fostering a culture of continuous improvement.
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