TECHNOLOGY-DRIVEN SOLUTIONS FOR FIDUCIARY ACCOUNTING CHALLENGES
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- NGN 5000
TECHNOLOGY-DRIVEN SOLUTIONS FOR FIDUCIARY ACCOUNTING CHALLENGES
Abstract: Technology-driven solutions are revolutionizing fiduciary accounting, offering new ways to address longstanding challenges. This study aims to (1) explore the role of technology in enhancing fiduciary accounting practices, (2) assess the effectiveness of various technological tools in solving fiduciary accounting problems, and (3) identify potential barriers to technology adoption in fiduciary accounting. A survey research design was selected to gather detailed feedback from fiduciary accountants on their use of technology. The sample size, calculated using Taro Yamane’s formula, consists of 250 fiduciary accountants, ensuring a statistically significant dataset with a 95% confidence level and a 5% margin of error. The case study focuses on a fintech company in Lagos, at the forefront of integrating technology into fiduciary accounting. The reliability coefficient score for the survey was 0.90, indicating excellent reliability. Findings indicate that technology significantly improves accuracy, efficiency, and transparency in fiduciary accounting. However, challenges such as high implementation costs and resistance to change were also identified. The study recommends that fiduciary accounting firms invest in scalable technology solutions and provide continuous training to ensure effective adoption.
