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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