EFFICIENCY OF ACCOUNTING SOFTWARES IN THE PREPARATION OF FINANCIAL STATEMENTS
- Project Research
- 1-5 Chapters
- Quantitative
- Chi-Square
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
ABSTRACT
The study focuses on assessing the impact of the use of Accounting software in the preparing financial statement of commercial banks in Nigeria. The centre of attention was on three commercial banks namely GT bank, FCMB and First Banks; all in the Benin City, Edo State. A stratified sampling technique was used to select this sample. The Banks were stratified as follows: computerized and networked bank computerized but not networked and partially computerized. The main objectives of this work is to explore how Accounting software have forever changed many aspects of business and accounting practices especially in preparing financial statement and to consider the main reasons for the reluctance of some Commercial banks to adopt and utilize this new capability. The focus of the research was on areas that the researchers considered very critical in accounting software. These areas include: the need for accounting software, the cost-benefit analysis of a change to accounting software, financial and non-financial benefits of accounting software, factors considered before choosing accounting software and challenges associated with the use of accounting software and how these challenges can be overcome. The research concluded that the advantages of a accounting softwarefar outweigh its associated challenges as it has impacted the financial reporting of the banks positively. Hence, there is the need for businesses, particularly commercial banks to adopt Accounting software. Recommendations were that commercial banks should make a meticulous effort to migrate onto the Terminus 24, accounting software that the government of Nigeria has introduced, as it comes with added advantage to serve as a platform in which all the commercial banks in the country are networked to each other to facilitate faster and efficient banking.
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