ABSTRACT
The study examined the effect of digital accounting on performance of accounting in Quoted Money Banks. The study aims to assess the performance of accounting after adoption of Digital accounting and to identify the positive and negative effect of adoption of Digital accounting in performance of accounting in banking industry. The study made use the primary data collection which includes questionnaires and personal interview, also the secondary data collected from official document of banking industry, various research work on computerizes accounting system, accounting journal, text books and Open University of Enugu Library. The main findings indicate that adoption of digital accounting in accounting practice has both positive and negative impact. Based on this findings its recommended that Quoted Money Banks should continue to adopt the use of digital accounting, providing training to the staff of Finance and Human Resources on how to use computerized accounting software package, and to put security mechanism to prevent losses of financial data or risk of fraud.
CHAPTER ONE
INTRODUCTION
1.1 Background Of The Study
Today’s modern technology brought into use the computer, this technology is the application of science to gathering, recording, processing and communicating of business information by means of electronic media. Most commonest tool for application is the computer and it involves all the transaction processing system management information system various business support system etc. The computer is a central force in the advancement of various organization. The historical development of computer started with Hollerith punched card of 1880,Goerge Alken calculator and Charles Babbage’ creation of the difference engine. The computer can be defined as a tool or device which is able to accept facts (data) and figure in a prescribed form, apply prescribed processes to data and supply result of the processes in a specified format as a meaningful information. There are also different types of information depending on the make or type of their functions. The revolution in technology to the computer complements or in the other hand, substitute for ten elements which are: – paper, personal memos, charts, reports, calculators, terminals letter. Hartzell (2006) defines computer as an electronic machine for processing information automatically and very quickly. The important of computers is the ability to handle vast amount of information and to do other processes with accuracy and speed which cannot be manually undertaken have been recognized and appreciated by financial institutions, hence the trend in the computerized of banking operations. Tanembaum (2010) sees computer as a machine that can solve problems for people by carrying out instructions given to it. The American Accounting Association defines accounting as the process of identifying, measuring and communicating economic information to permit informed judgement and decision by users of the information. Accounting is also the establishment, maintenance, collection and analysis of financial position of an organization and any changes that have occurred or may occur overtime. Omolehinwe (2009) defines accounting as the collection and recording of financial data about an organization whether in the private or in the public sector and analyzing the data so collected to suit the decision that needs to be taken and reporting the relevant information in a summary form to the user in a form that is meaningful to him or her. Chionye (2003) defines accounting system as the art of identifying, recording, classifying measuring and interpreting in a significant manner the financial transaction of an organization for decision making. Summarizing from time to time the information contained in the record, for its significant presentation and interpretation to interested parties as an aid to decision making. Accounting system is also defined as a consistent way of organizing, recording, summarizing and reporting financial transactions. Computerization is the installation of computers as a part of a process of automation.
Banking in Nigeria has witness impressive development in recent time particularly within the last decade in time with growth in economic activities and complexities, banking service have expanded significantly in size and variety due to increased by computerization of banks.
1.2 Statement Of The Problem
In spite of the benefit of computer to banking industry and business generally some problem are still left unsolved and new ones have been credited by the use of computer itself problems like; The use of computer to keep accounting records.
Another problem is the displacement of labour hands in the accounting department and its union implication and the problem of low turnover (volume of operation) and profitability in banks.
1.3 Objectives of the Study
Main Objectives
The study aimed to assess the effect of digital accountings on performance of Quoted Money Banks.
Specific Objectives
1. To assess extent of adoption of digital accounting in accounting in banking industry.
2. To assess performance of banks after adoption of digital accounting.
3. To identify the effect of adoption of digital accounting in accounting performance of banks.
4. To identify challenges facing adoption of digital accounting in accounting.
1.4 Research Questions
1. To what extent have banking industry adopted digital accounting?
2. What is the level of performance of banks after adoption of digital accounting?
3. What are the positive impacts of adoption of digital accounting on performance of accounting?
4. What are the challenges facing adoption of digital accounting on performance of accounting?
1.5 Significance Of The Study
Most banks have growth and continuity as part of their objective, and such objectives are best realized by an efficient management, as well as effective digital accounting. This has made it possible for banks to gain inherent advantage while minimizing risks involved in their daily operations. This research project will therefore be of immense advantage or benefit to the management of banks, computers and other business organization using digital accounting. Hence, the theories and concept contained therein can be infused into their management system. This research will also contribute to enhance efficiency in the following ways; a) Speedy and accurate decision making through the use of digital accounting. b) Improvement in the delivery and quality service. c) The banks profitability will be improve.
Firstly, in the realm of academic, the project will be very useful to wide audience as it applies to courses in accountancy, banking and finance as well as executive development courses, management seminars and supervisory workshop conducted in colleges and universities.
1.7 Scope And Limitations Of The Study
The scope of the study is restricted to examining the effect of digital accounting on the performance of banking industries such as, Diamond bank plc, Eco bank plc and First bank plc all in Enugu metropolis of Enugu state.
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===================================================================Item Type: Project Material | Size: 62 pages | Chapters: 1-5
Format: MS Word | Delivery: Within 30Mins.
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