IMPACT OF AUTOMATED ACCOUNTING SYSTEM ON PAYROLL PREPARATION IN SOME SELECTED LARGE ORGANISATIONS
- Project Research
- 1-5 Chapters
- Quantitative
- Simple Percentage
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
BACKGROUND OF THE STUDY
Business organization, especially the large ones exit to carry out certain duties and responsibilities to their owners and those who have interest in them. One of the means by which they could achieve their aims and objectives involving paying particular attention to information needs of the parties they exist to serve, both internal and external.Moreover, large business organization normally have sizable number of employees on their payroll. Coupled with this fact, they have to pay much attention to certain things to make them operationally efficient; the main critical area now being considered is the ‘Time and Attendance Management’. Most companies are not really appreciating the losses that can occur without proper time and attendance accounting.The question that arises here is, how does an organisation go about processing the information needed by internal and external parties in an efficient manner?This is where the concept of “automation” comes in to play. This often denotes what has been otherwise called the electronic office, new office technology, the office of the future, computer aided office work etc.Fredrick W. Taylor was generally referred to as the “father of scientific management”. He and his associates argued that the application of scientific management in an industry would increase productivity. The principle that was then mainly applicable to the factory floor is now being extended to the office management through the concept of automation.
A similar and very crucial question that also arises is, how does the information get across to the ultimate users such as the shareholders, trustees, creditors, government, and the general public, at least to guide them in their decisions? Here we are talking of ideal communication media and the concept of reporting. These are normally done through the annual reports of companies in accordance with statutory requirements for each organization and monthly pay advice slips to the employees.This means it is not enough just to process information, but also to communicate it within the confine of the statutes. Here the field of study that becomes relevant to fulfil this aspect is “accounting system”. The modern accounting system currently concerned with producing two types of information:•Financial Accounting: for recording day-to-day activities of business and producing period summaries. •Management Accounting (Costing Accounting) - for supplying of accounting information to internal management in order that it can attempt to plan and control its future business activities.Accounting has been variously described as it were being carried out manually on books and paper. Bookkeeping is a tedious process involving entry into the books of large number of transactions. The nature of industry over the past years had brought some brought changes and it is likely that the new millennium will bring even more change. The environment and industrial conditions have become more volatile, there is increasing usage of microelectronic in the factory and office, and there are increase and ever-changing competitive threats especially from overseas. In addition, the role of accountant as the sole or primary supplier of information to management is being challenged by other information specialists, researchers, managerial economists and business studies graduates. As payroll for preparation is an integral part of accounting activities and for payroll section to fulfil her primary role, the main focus would be to look into the best way to integrate effectively especially in the field of information technology and reporting. The major activities in the payroll section in an organization include among others:•The need to reflect monthly payroll transactions on the general ledgers and/or accounts;•The need to process and communicate salary information to staff timely;•The need to render accurate return of statutory deductions like payroll taxes, pension scheme, national insurance scheme etc to the relevant statutory authorities; should the above function continue to be done manually or to look for and /or justify the need for more efficient means by which they could be done? The impact of automated accounting system on these activities is what this research intends to study. The study will look into the extent to which automation has helped in fulfilling the function stated above, factors militating further successes and offer possible suggestions for improvement
1.2 Statement of the problem
The importance of “Accounting for labour” to an organisation cannot be over emphasized. To move the organisation forward, it requires taking a right decision at the right time to ensure peaceful working environment and reduced operational cost. The management group, the investors/fund donors, the employees, the government and the general public have diverse interests in an organisation and hence they need timely, accurate, relevant and cost effective information.Thus, the challenge of the new millennium with the attendant threat in the field of information technology had resulted in a shift from traditional way of data processing in many industries. Today, it is expected that the armchairs attitude in the accounting scene, which had been basically on the manual means of recording and processing information, is no longer the order of the day.Many organisations, especially the large ones have to pay special attention to the information needs of the diverse group who have interest in them. Thus, the use of electronic device such as computer would be of a great advantage, especially in the areas of accounting in order to fulfil their corporate responsibilities effectively.In the light of this, this study attempts to investigate the impact that a computerised system will have in selected firms in and around Lagos and Ota in Ogun State on the preparation of wages and salaries in terms of efficiency personnel requirements, training needs, overall cost effectiveness and reliability.
1.3 OBJECTIVES OF THE STUDY
The primary objective of the study is as follows
- Determine the difference between the previous and current information processing system.
- To Identify changes brought about by the introduction of new accounting payroll
packages: oracle for accounting in some selected organizations.
- To examine the attitude and constraints of the staff in the process of computerization.
- To examine the criteria for selecting accounting software and payroll packages
- To Evaluate computerized accounting system vis-vis its impact on payroll preparation
1.4 Research questions
The following questions have been prepared for the study
- Is there any difference between the previous and current information processing system?
- Are there any changes brought about by the introduction of new accounting payroll
packages: oracle for accounting in some selected organization?
- Does the attitude of the staff in the process of computerization affect the organization?
- Are there criteria for selecting accounting software and payroll packages?
- Does computerized accounting system vis-vis have its impact on payroll preparation?
1.5 Research Hypothesis
H0: There are no criteria for selecting accounting software and payroll packages
H0: The attitude of the staff in the process of computerization does not affect the organization.
H0: computerized accounting system vis-vis does not have its impact on payroll preparation
H0: there is no difference between the previous and current information processing system
1.6 Significance of the study
The significance of this study cannot be underestimated as:
- This study will examine impact of automated accounting system on payroll preparation in some selected large organizations
- The findings of this research work will undoubtedly provide the much needed information to government organizations, corporate businesses, and academia.
1.7 scope of the study
This study examines impact of automated accounting system on payroll preparation in some selected large organizations . hence, this study will be delimited to selected Lagos and Ota local government area of Lagos and Ogun state.
1.8 Limitations of the study
This study was constrained by a number of factors which are as follows:
just like any other research, ranging from unavailability of needed accurate materials on the topic under study, inability to get data
Financial constraint , was faced by the researcher ,in getting relevant materials and in printing and collation of questionnaires
Time factor: time factor pose another constraint since having to shuttle between writing of the research and also engaging in other academic work making it uneasy for the researcher
1.9 Definition of terms
Automated accounting system: an information system that allows the collection, storing and processing of financial data that are used by decision-makers in businesses.
Payroll: a list of a company's employees and the amount of money they are to be paid.
Organization: an organized group of people with a particular purpose, such as a business or government department.
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