Efficiency of accounting softwares in the preparation of financial statements
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Chapter One
1.0 Foreword
The study investigated the efficiency of accounting software in preparing financial statements for some banks in Benin City, Edo State. In this chapter, the research background, problems, research objectives, research issues, and research effectiveness have been discussed.
1.1. Research background
The increasing globalization of the world economy has led organizations around the world to compete in the global marketplace, resulting in many new accounting challenges such as: B. Compliance with Multiple Currencies and Different Accounting and Tax Laws. Therefore, there is a growing need for more sophisticated accounting software packages capable of managing complex international accounting issues (Adhikari, Lebow, & Zhang, 2004). However, major advances in technology have created opportunities to use accounting information from a strategic perspective. Adoption of accounting software is becoming a critical aspect in determining the survival, growth and success of an organization. Because businesses need more information and need data, financially or non-financially, to cope with higher levels of uncertainty in competitive markets. Improving systems to increase processing power and meet information needs in this era of global economy (Van de Ven & Drazin, 1984).
In today’s digitized world, digitizing accounting is an hourly requirement. With the preface of computerized accounting system with the latest accounting software, many advantages and favorable factors such as speed and accuracy of operation, simplicity and reliability of operation will change the fate of accounting world around the world. I was. Accounting software is a class of computer programs that help manage a company’s financial transactions. The use of accounting software helps organizations to efficiently and effectively use the resources available in the accounting department and also helps reduce costly bookkeeping and bookkeeping errors. In the fields of accounting and finance, the use of manual reporting of financial statements has been replaced by the use of computer software to facilitate quick reporting and easy processing and storage of financial information. reflected in financial statements and simplified use of accounting procedures (Kharuddin et al., 2010). In today’s business world, without the application and use of computer software, financial information may not be accurate, financial reporting may be delayed, and financial information may not be retained for long periods of time.
Accounting is the systematic art of recording, classifying, summarizing, and interpreting the results of, transactions and events that are at least partially financial in nature in a material and monetary manner. Accounting can also be described as an information system that measures, processes and communicates financial information about economic entities. Advances in information technology have greatly improved accounting systems and changed business life (Adefila, 2008). Computers and other digital technologies have increased office productivity and overall efficiency by facilitating the rapid exchange of documents, research, collaboration with distant partners, and data collection and analysis. . Information technology has provided all kinds of individual economic actors with new and valuable tools to identify and pursue economic and business opportunities.
Financial statements deal with the use of computers to process financial transactions such as: B. Acquisition, Transfer and Editing of Data. It can also be described as rendering data, information, or perceived knowledge in arbitrary visual formats via multimedia delivery mechanisms (Shanker, p. 2013). Accounting plays an important role in the operation of an organization. All businesses need to track financial information related to their business. Also, there are many processes. Some are simple, some are complicated and boring.
The advent of faster computers and internet connections has enabled accounting software companies to create accounting software that is paid upfront with monthly recurring fees rather than higher license fees.The adoption rate for this new business model is , steadily increasing to the point where traditional providers are forced to launch their own online versions. Cloud accounting software appears to be gaining popularity rapidly in regions where transportation costs are high and prices are generally high due to price discrimination practices (Chau, 2001).
By using accounting software, you can cut down on data processing time that would normally be time consuming if done manually or manually, making the process significantly faster and with greater accuracy. The American Institute of Certified Public Accountants (AICPA) has created a new Certified Information Technology Professional (CITP) certificate. CITP is a certification for accountants who have extensive knowledge in technology and an understanding of how information systems technology can be used in a variety of organizations. This reflects her AICPA perception of the importance of information technology systems for accounting (Agarwal & Prasad, 1997).
Accounting students must be able to track developments in information technology, as their understanding and knowledge of technological advancements and developments will enable students to implement accounting information systems techniques. Information system technology. For example, an accounting student should become a competent accountant in the field of information systems engineering. This is supported by the fact that many companies expect accounting graduates to have a good understanding of accounting, backed by specific expertise (soft skills) in information systems engineering such as accounting. B. Accounting software is supported.
1.2 Problem Description
Since the 1950s, when technology was used in business (Otieno and Oima, 2013), most of the world’s developing countries have abandoned the use of pen and paper and started adapting to the use of accounting software to promote quality production. I’m here. Fast and accurate financial reporting. However, due to poverty and other related problems, there is a lack of consistency, coupled with technical field irregularities that prevent the normal use of accounting software and computerized accounting systems. There is limited research evaluating the impact of using this technology to prepare financial reports. The purpose of this study is to evaluate the efficiency of accounting software in preparing financial statements.
1.3 Purpose of the survey
The purpose of this research is to:
To study the impact of accounting software on financial preparation and reporting of bank payroll in banks. Exploring the relevant benefits of accounting software for financial reporting in banks.
Recognition of shortcomings in accounting software compared to bank accounting information systems.
1.4 Research question
Based on the following research objectives, the following research questions were hypothesized.
How does accounting software affect bank financial reserves and bank payroll?
What are the benefits of using accounting software for bank financial reporting?
What are the disadvantages of accounting software compared to bank accounting information systems?
1.4 Research question
Based on the following research objectives, the following research questions were hypothesized.
How does accounting software affect bank financial reserves and bank payroll?
What are the benefits of using accounting software for bank financial reporting?
What are the disadvantages of accounting software compared to bank accounting information systems?
1.5. research hypothesis
The following hypotheses were tested in null form
Ho: Accounting software does not have a significant impact on bank financial reserves and payroll.
Ho: Using Accounting Software for Bank Financial Reporting Has No Big Benefits
Ho: Disadvantages of accounting software do not greatly affect bank accounting information. 1.6. Variable manipulation
Efficiency of accounting software in preparing financial statements.
The topic above has two variables. Accounting software (independent variable) and financial reporting (dependent variable), denoted by X and Y respectively.
X = independent (accounting software)
Y = dependent (annual account)
Independent variables (accounting software) are constant variables
(X) Elements of accounting software
X1 = accounting software
X2 = Advantages of accounting software
X3 = Disadvantages of accounting software
(Y) Elements of Annual Accounts
Y1 = Salary
Y2 = financial report
Y3 = Accounting Information System
1.7. Importance of research
The significance of this research is as follows.
The results of this study will reveal the impact of accounting software on the processing and management of financial statements.
In today’s business environment, most financial accounting systems are computerized and automated, with little or no paper documents. Technology has changed the nature of audits, which have long relied on paper documents. Auditors or Accountant performing attest services for clients that process financial transactions electronically therefore need to go extra miles to be professionally and technically competent in order to perform an acceptable audit.
1.8. Scope of the study
This study is on the efficiency of accounting software in the preparation of financial statement in 5 selected banks in Benin City which are First bank, Guaranteed Trust Bank, Diamond Bank, Access bank and First City Monument Bank.
1.9. Definition of terms
Accounting Software: describes a type of application software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, payroll, and trial balance.
Accounting Information System: is a structure that a business uses to collect, store, manage, process, retrieve and report its financial data so that it can be used by accountants, consultants, business analysts, managers, chief financial officers (CFOs), auditors and regulatory and tax agencies.
Trial Balance: is a list of closing balances of ledger accounts on a certain date and is the first step towards the preparation of financial statements
Financial Statement: is a formal record of the financial activities and position of a business, person, or other entity.
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