THE IMPACT OF TECHNOLOGY ON COST ACCOUNTING ACCURACY
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Abstract: THE IMPACT OF TECHNOLOGY ON COST ACCOUNTING ACCURACY
This study examines the impact of technology on the accuracy of cost accounting in the manufacturing industry in Lagos. The objectives are to assess how technological advancements have improved cost accounting accuracy, evaluate the benefits and challenges of using technology, and identify its overall impact on financial performance. A survey design was employed, with data collected from 250 financial managers and cost accountants, derived using Taro Yamane's formula. A case study of a leading manufacturing company in Lagos provided detailed insights. The reliability coefficient score was 0.89. Findings reveal that technology significantly improves cost accounting accuracy by automating data collection and analysis, enhancing precision, 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 technological tools, and integrating technology with overall financial management practices to maximize benefits.
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