IMPACT OF COMPUTERIZED ACCOUNTING SYSTEM ON EMPLOYMENT IN FINANCIAL INSTITUTION
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IMPACT OF COMPUTERIZED ACCOUNTING SYSTEM ON EMPLOYMENT IN FINANCIAL INSTITUTION
CHAPITRE ONE
INTRODUCTION 1.0
During the primitive period, very few or no notes were kept in formal record, particularly those involving money. Records and notes were typically kept in memory (by humans) or by making traces on the ground or trees.
As man progressed from this basic era to a more complex commercial society, his manner of life and occupations grew and expanded noticeably. One of the most troubling issues that man faced at the time was the lack of accounts and records. Being kept and stored appropriately. As a result, inefficiency, breach of contract, and breach of trust are possible.
The greater man’s development, the greater the necessity for systematic record keeping and archiving. The society’s intricacy resulted in a chronological chronology of manual progress in record keeping. Important records can be retained manually for future use, but it is a time-consuming process.
More work was done in the accounting system during a more technological era. Accuracy, efficiency, and durability became serious issues in the accounting system’s manually stored and processed records, so the development and integration of electronic mechanical machines into the accounting system became critical.
However, incremental technical improvement gave birth to what is now known as the computer. A computer is an electronic device that accepts data as input, applies specified procedures to such data, and produces information as output.
A computer can also be described as a machine that manipulates in accordance with established rules in a pre-determined manner. It is an electronic gadget that is used to process complicated and diverse data in the smallest amount of time feasible because to its extremely fast operation.
Data can enter the computer for processing via input devices such as keyboards, diskettes, CD Rom, punch cards, flash drives, and so on. The computer can process data in the smallest amount of time feasible due to its extremely fast functioning.
Data can be entered into a computer for processing using input devices such as a keyboard, diskette, CD Rom, punch cards, flash drive, and so on. The arithmetic and logical unit (ALU) is where data is actually processed. The control unit (CU) is where all of a computer system’s actions are monitored, coordinated, and planned.
There is also memory, which is the unit responsible for storing or retaining all data or information in a computer system for both long and short periods of time. This storage is made feasible by the ROM and RAM’s oversight.
Computers are classified into several categories. Computers are characterised as analogue, digital, or hybrid. A computer can also be either single-purpose or general-purpose. The computer is being used as an accounting instrument to perform many types of mundane office activities that were formerly performed by clerical officers.
The location where the computer is installed and efficiently used. It could calculate payroll, update accounts receivable and payable, control inventories, process insurance data, produce dividends, maintain depositor accounts, and distribute costs and expenses.
Accounting systems in widespread usage range from rudimentary systems in which accounting records are kept by hand to sophisticated systems on magnetic disc. Accounting should be carefully matched to the size and information needs of any specific organisation.
In a computer-based accounting system, the accountant just needs to enter the data needed for the computer to create journal entries. The computer then handles all writings and postings to general ledger and subsidiary accounts.
1.1. BACKGROUND OF THE STUDY
The introduction of computers into the country’s banking system has accelerated the preparation of financial records such as ledgers, client accounts, balance sheets, and so on. Since time immemorial, banks have manually processed information such as money calculations, client account updates, and so on, using pocket calculators.
The number of customer operation accounts with banks has expanded in recent years. As a result, banks opted to utilise a method for efficiently processing information and ensuring reliability in a timely way, which prompted the introduction of computer operation into the banking system.
Many Nigerian banks have since computerised their accounting systems, and UB Nigeria Plc is no exception. As a result, it is envisaged that the computerised accounting system as a whole has boosted the speed with which money may be deposited and withdrawn from the UB Nigeria Plc Ahmadu Bellow Way branch.
It is also predicted that this technology will be of enormous advantage to the bank, and that the bank’s workers, particularly the cashiers, will have gained the essential abilities to perform well utilising the computer by now. Aside from this, the UB is anticipated to have detected difficulties (if any) linked with the use of a computerised accounting system.
1.2. STATEMENT OF THE PROBLEM
Banks in Nigeria have been employing computerised accounting systems in their daily operations. The UB had also adopted this system.
However, the effectiveness with which banks in Nigeria use this system, as well as its shortcomings, must be determined. Identifying the efficiency of the computerised accounting system would go a long way towards accessing it, i.e. identifying the benefits and drawbacks linked with it.
One can also conclude that their advantages outnumber their disadvantages or that their disadvantages outnumber their advantages. Aside from that, one can gain insight into how Nigerian banks have changed or improved in terms of efficiency and accuracy since the advent of the computerised accounting system. The following are the problems that prompted the conduct of this research study in Nigerian banks. They are as follows:
Persistent system failure makes it difficult to provide good service to clients.
Breakdowns or temporary outages in the system also have an impact on the bank’s operations.
Manipulation of computers by workers in an attempt to defraud the bank has a significant impact on the bank’s business.
Frequent changes in computer packages, as well as a lack of proper and enough training, have an impact on the bank’s operation.
1.3. OBJECTIVES OF THE STUDY
Every organisation generates either private or public volumes of paper work on a daily basis, and this volume of paper contains data that must be processed. This study will demonstrate how the computer has aided in reducing job load.
This study also aims to highlight any flaws with the computerised accounting system (if any exist) in the UB Nigeria Plc Ahamadu Bello way branch, where human labour is being substituted by computerised activities. This study also seeks to determine how the computerised accounting system has aided the bank in meeting its aims and objectives.
This project would also look into the future of computerised accounting systems in modern banking.
1.4. RESEARCH QUESTIONS
Instead of establishing hypotheses, the researcher preferred to employ research questions. The following research issues will be addressed in this project.
Do you agree that your company has a training policy?
Do you agree that an employee’s current and future position is determined by the type of training and development he or she receives?
Do you agree that your organization’s training policy is satisfactory?
Do you believe that poor performance demands staff training in your organisation?
5. Do you think that the requirement to increase staff skills and abilities necessitates staff training in your organisation?
1.5. SIGNIFICANCE OF THE STUDY
This study would allow the researcher to pass on their knowledge of the subject matter, namely the problems and prospects of computerised accounting systems in Nigerian banks, to the relevant organisation, namely UB Plc,
Ahmadu Bello way branch, in order for them to be more familiar with any problems that may arise as a result of the use of the computerised accounting system.
The outcomes of this research work will also serve as a reference for academic endeavours for lecturers and students, as well as for bank clients who wish to know about the benefits and drawbacks (if any) of using a computerised accounting system.
1.6.SCOPE OF THE STUDY
The purpose of this research is to identify the benefits that accrue to Nigerian banks as a result of the implementation of a computerised accounting system. It also attempts to identify any issues linked with the use of this technology.
Given the time constraints and other considerations, the researcher has opted to focus his efforts on the UB Nigeria Plc, Ahamadu Bello way branch. The investigation will focus on the UB Ahmadu Bello Way branch in Kaduna.
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