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AREAS TO CONSIDER WHEN CHOOSING RESEARCH TOPICS IN ACCOUNTING OR BANKING AND FINANCE

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The relevance of every research endeavor is determined by the study’s focus. It is critical that while selecting a study topic for your research project, you investigate challenges that are current and trending in order to add great value to the existing body of knowledge and offer feasible solutions to prevailing issues. In this article, we will discuss current and trending challenges in business, accounting, and finance that are worth examining. Just hang on and get the gist!

The following areas shall be considered:

  • Technology
  • Entrepreneurship
  • Business and Environment
  • Currencies

Technology: it is very obvious to all the galloping rate at which technology is advancing. In the area of accounting, business and finance, this challenges a lot of traditional approaches. This cut across applications, software, internet use etc.

In 2017, QuickBooks Online recorded about 2.55 million subscribers worldwide in the first quarter. New accounting software are invented while existing ones are being improved such that it becomes user friendly to all folks from different walks of life and not just accountants. Again, QuickBooks introduced the QuickBooks Assistant which is a live chatbot system that performs some manual jobs like giving feedback or reply to questions asked.

Most business owners believe that ten (10) years from now, they will not have need of personal accountants. This poses a lot of questions; What is the fate of accountant in the next 20 years? How should the curriculum of accounting studies be adjusted to provide for this challenges? On and on it goes. This is critical and worth researching on. As a business and accounting student, you could consider the following topics:

  1. Accountants, Accounting Applications and Software; an evaluation of the role of accountants in a technology driven age.
  2. The impact of business and accounting educational curriculum on the development of a technology-ready workforce.
  3. The threat of technology to the role of accountants: an assessment of the relevance of accountants in the business world of technologies.
  4. The impact of business and accounting software on the performance and effective management of 21st century businesses.
  5. These and many more, can be developed and researched upon!

Entrepreneurship: With the high rate of unemployment in Nigeria and other African countries, there have been so much emphasis on entrepreneurship and promotion of personal businesses. Non-Governmental Organisations (NGOs), governments and other private individuals are constantly coming up with programmes to encourage the establishment of personal businesses in Nigeria. This is profound because it signals a lot.

The Intuit 2020 report forecasts that freelancers will represent 43% of the workforce population by 2020. This has a lot of implications; first, there will be a great number of employers; second, most employees that were previously subject to Pay-As-You-Earn tax or withholding tax would avoid this as most will be business owners and will only be paying company tax. How will tax accountants manage this? What effect will the proliferation of self-employment have on the business environment? When everyone is an employer of labour, who will be available for processes? What kind of economy will it lead to? This is indeed worth researching. You could consider areas like:

  1. The impact of entrepreneurship on a country’s performance.
  2. The challenges of entrepreneurship in an economy.
  3. Outsourcing and Consulting: a product of multiple self-employed businesses.
  4. The impact of multiplied self-businesses on the revenue generation of Nigeria: an assessment of the most effect tax system for self-employed and personal businesses.

Business and Environment: there have been so much emphasis recently on the role of environmentally friendly approaches by firms. Several policy making bodies and professional bodies have come up with some requirements to ensure that while a firm takes and makes from its environment, it doesn’t hurt its environment. This has given birth to the concept of corporate social responsibilities, environmentally friendly approaches for firms, environmental accounting etc.

This was particularly consequential to the obvious environmental degradation of the Niger Delta region of Nigeria, as a result of the activities of oil producing companies. This is also worth researching on and you could consider the following line of studies:

  1. The impact of Business and Reputation and Corporate Image on the performance and continuity of a firm.
  2. Environmental Accounting: An integral part of financial reports
  3. Environmental Accounting and Strategic Business Decisions: an assessment of the need of environmental accounting report for informed decision making by businesses.
  4. The impact of corporate social responsibility on SMEs market share.

You can think of more and add to this!

Currencies: this is also another critical contemporary issue in business. The emergence of cryptocurrencies like bitcoin, onecoin etc. has had much impact on businesses over the years. This became more profound in Nigeria by 2016 when Ponzi scheme became viral. This has many implications – to businesses, accountants, governments etc.

Cryptocurrencies came with its own ledger system – a digital ledger system like blockchain. Also, cryptocurrencies in one way or the other challenges the place of exchange differences in foreign transactions. Even though these currencies are bought by different denominational currencies, their value when bought remain the same the globally. It also eradicates the need for intermediaries like financial institutions in the place of exchange. Many more issues are involved in cryptocurrencies that are worth researching and you could consider the following areas of study:

  1. The impact of cryptocurrencies on international businesses.
  2. Financial Institutions and Cryptocurrencies: an evaluation of the role of financial institutions in a cryptocurrency economy
  3. Digital Ledger System: a threat or opportunity to accountants.
  4. The Pros and Cons of Cryptocurrency to a developing economy.

Of course the list still goes on; you can think of more. This may not be exhaustive but I believe it is incisive and can serve as a foundation to build upon in developing researchable topics that are contemporary and trending. You can also refer to research consultants like projectsolutionz.com.ng  for professional advice to guide you in choosing your research topic.