THE RELATIONSHIP BETWEEN LEAN ACCOUNTING PRINCIPLES AND WASTE REDUCTION TECHNIQUES
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Abstract: THE RELATIONSHIP BETWEEN LEAN ACCOUNTING PRINCIPLES AND WASTE REDUCTION TECHNIQUES
This research investigates the relationship between lean accounting principles and waste reduction techniques in manufacturing companies in Abuja. The study's objectives are to assess how lean accounting principles contribute to waste reduction, evaluate the challenges of implementing lean accounting, and identify the impact on financial performance. A survey design was used to gather data from 200 financial managers and accountants, calculated using Taro Yamane's formula. A case study of a manufacturing firm in Abuja provided detailed insights. The reliability coefficient score was 0.86. Findings indicate a strong positive relationship between lean accounting principles and waste reduction techniques, leading to significant cost savings and improved efficiency. However, challenges such as resistance to change and the need for cultural shifts were identified. Recommendations include providing training on lean accounting, fostering a culture of continuous improvement, and integrating lean principles into the company’s overall strategy.
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