THE EFFECT OF DIGITALIZATION ON FUND ACCOUNTING PROCESSES
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Abstract: THE EFFECT OF DIGITALIZATION ON FUND ACCOUNTING PROCESSES
The primary objectives of this study are to: (1) evaluate how digitalization has transformed fund accounting processes; (2) assess the impact of digital tools on the accuracy and efficiency of financial reporting; and (3) explore the challenges and opportunities associated with the adoption of digital technologies in fund accounting. A survey research design was selected due to its ability to gather extensive data from a diverse group of professionals. Using Taro Yamane's formula, a sample size of 300 fund accountants and financial managers from Lagos, Nigeria, was determined to be statistically significant. The study includes a case study of a leading investment firm in Lagos to provide contextual insights. A reliability coefficient score of 0.89 was achieved, indicating high reliability of the survey instrument. Findings suggest that digitalization significantly enhances the efficiency and accuracy of fund accounting processes, reduces manual errors, and enables real-time financial reporting. However, challenges such as data security, high implementation costs, and the need for continuous training were also identified. Recommendations include investing in robust cybersecurity measures, providing ongoing training for accounting professionals, and adopting scalable digital solutions to ensure long-term benefits.
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