ABSTRACT
Electronic Accounting or E-Accounting as it is popularly called is one of the areas that technology has affected. Previously, financial accounting was done manually leading to a great deal of paper work until the introduction computers which now helped accounting information in a wide area. E-Accounting involves performing regular accounting functions, accounting research and the accounting training and education through computer based, internet based, accounting tools such as digital tool kits, various internet resources, international web-based materials, institute and company data bases, web links, electronic financial spreadsheet tools to provide efficient decision making. Challenges of electronic Accounting bothers the mind of the people, on this work, reasons for ineffective use of electronic accounting has been discovered and solutions have been recommended. Such solutions likes providing standard electronic accounting with modern software by government for all public sector accountants, regular training of accounting staff on the various software and terminologies, organizing workshop, seminars and conferences by government for accountants in public sector on electronic accounting since the world is facing technological development globally and many other solutions suggested in this work.
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Some years ago, most financial accounting was done manually, leading to a great deal of paperwork. Currently, most accounting information is recorded via computers and wide area networks. Technology has certainly changed the face of accounting over the years. While people have diverse views as to whether technology’s impact on accounting has positive or negative, it is clear that technology has drastically changed the accounting profession (Adejola, 2015).
There are no questions that the role of information technology (IT) is pervasive across the economy; it is a central issue that dominates short, medium and long-term strategic discussions across all businesses. The best businesses have their technology vadars consistently switched on, scouring and weighing new and up coming technologies that can achieve competitive value.
The pace and nature of change in the environment has had a profound influence on business organizations and the way in which they are managed. Some authors in management theory even suggest that a paradigm shift has taken place in the way in which companies are managed. Accounting, as the language of business, and its accounting information system, as a subsystem of the business organization has also been affected by these changes (Adejola, 2015).
According to Johnson (2005), the most significant development of the millennium which has substantially influenced business operations in the world is the emergence of the information age. The remarkable progress achieved in Information and Communications Technology (ICT) has made it possible for information to be digitalized and transmitted faster and cheaper in mega or terabytes.
Accounting plays a critical role in the success or failure of contemporary business institutions. Accounting systems are responsible for recording, analyzing, monitoring and evaluating the financial condition of companies, preparation of documents necessary for tax purposes, providing information support to many other organizational functions and so on (Effah and Abor, 2011)....
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Item Type: Project Material | Size: 76 pages | Chapters: 1-5
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