Accounting

The Role of AI in Automating Routine Accounting Tasks: Efficiency Gains and Workforce Implications (Published)

The integration of Artificial Intelligence (AI) in accounting has revolutionized the profession by automating routine tasks and streamlining workflows. AI-driven automation in accounting involves the use of advanced algorithms and machine learning techniques to perform repetitive tasks such as data entry, reconciliation, and financial reporting. By leveraging AI, organizations can achieve significant efficiency gains, reduce manual effort, and enhance accuracy in accounting processes. One of the key efficiency gains of AI-driven automation in accounting is the acceleration of repetitive tasks. AI algorithms can process large volumes of data in a fraction of the time it takes for humans, enabling organizations to complete tasks such as data entry and reconciliation more quickly and efficiently. This not only saves time but also allows accountants to focus on more value-added activities such as data analysis and strategic decision-making. Moreover, AI-driven automation improves accuracy in accounting processes by minimizing errors and inconsistencies that are inherent in manual tasks. AI algorithms are trained on large datasets and learn from past experiences, enabling them to identify patterns, detect anomalies, and make accurate predictions. By reducing errors and ensuring data integrity, AI-driven automation enhances the reliability of financial information and strengthens compliance with regulatory requirements. However, the widespread adoption of AI-driven automation in accounting also brings workforce implications that must be carefully considered. While AI streamlines routine tasks, it may also lead to concerns about job displacement and the future of the accounting profession. As AI takes on repetitive tasks, accountants must adapt by acquiring new skills and expertise in areas such as data analysis, strategic planning, and technology integration. Additionally, the role of accountants is evolving from data processors to data analysts and strategic advisors. Accountants are increasingly expected to leverage AI-driven insights to provide strategic guidance, identify opportunities for process improvement, and drive business growth. By embracing AI as a tool to augment their capabilities, accountants can enhance their value proposition and remain indispensable in the digital age. The role of AI in automating routine accounting tasks offers significant efficiency gains and workforce implications for the accounting profession. While AI-driven automation accelerates tasks and improves accuracy, it also requires accountants to adapt to new roles and acquire new skills. By embracing AI as a transformative technology, organizations can optimize efficiency, enhance accuracy, and empower accountants to provide strategic value in an increasingly digital world. Implications.

 

Keywords: Accounting, Artificial Intelligence, Automation, efficiency gains, workforce

Effects of COVID-19 pandemic on accounting and financial reporting in Nigeria (Published)

The predicament that befell the entire world as a result of the Covid 19 has been a matter of concern researchers. This paper hereby examines the effects of COVID-19 pandemic on accounting and financial reporting in Nigeria. The objectives of this paper are to ascertain the differences between the published financial reporting before and during COVID-19 era; determine how firms in Nigeria reported events after the reporting period during the COVID- 19 era as recommended by the Financial Reporting Council; ascertain the extent to which COVID-19 affects the going concern of firms in Nigeria; determine how COVID-19 affects the interim financial reporting affected; and to examines how firms in Nigeria reported changes in expected credit losses for financial assets as stated in the guideline recommended by Financial Reporting Council during COVID-19 era. The study employs cross-sectional approach where data were collected at a particular point in time from different companies. Secondary financial data was collected from multiple sample sources to ensure a fair representation, namely: The Manufacturing sector, financial sectors and conglomerates of the Nigerian economy. Independent t-test and Logit Binary Regression Model was employed to test the hypotheses of the study using SPSS version 25. This paper revealed that there is significant difference between the published financial reporting before and during COVID-19 era; COVID-19 has significant effect on the events after the reporting period, going concern of firms in Nigeria, interim financial reporting, and COVID-19 has significant effect on changes in expected credit losses for financial assets. Arisen from the findings of this study, this paper recommended that management of industries should embrace all the COVID-19 precautions, and government should salvage this devastating effect of COVID-19 by channelling more funds to the sectors affected by the pandemic.

Citation: Raimi Adekunle ANISERE-HAMEED (201) Effects of COVID-19 pandemic on accounting and financial reporting in Nigeria, European Journal of Accounting, Auditing and Finance Research, Vol.9, No. 6, pp.50-63

 

Keywords: Accounting, COVID-19, Financial Reporting, pandemic

The Challenges of Comprehensive Account Auditing and the Rampant Use of Accounting Software (Published)

This study determined the challenges of comprehensive account auditing and the rampant use of accounting software. Specifically, the study determined the effect of accounting software over efficient bookkeeping and documentations as regards to sufficient audit evidence after comprehensive account auditing. The study also ascertained the effect of complacency in filing and bookkeeping common with firms that rely on accounting software in relation to misstatement, accounting error, fraud and corruption among the top managers and accountants. Finally, the study shall throw a spot light on accounting efficiency among firms. Three research questions guided the study. The design adopted for this study was descriptive survey and correlational research design. The study population comprised76 accountants in the 19 ministries in Anambra State. Mean and standard deviation were used to analyze the research questions. The instrument was validated by experts in accounting and Cronbach Alpha was used to determine the reliability of the instrument which obtained an overall reliability coefficient of 0.79. The study concluded that quality audit reveals the true profitability nature of a company in relation to its total assets, business transactions are lacking in source documents often called business paper due to the use of accounting software, absence of sufficient audit evidence from source documents has negative implications during software accounting audit; and auditors lack sufficient audit evidence from source documents during software accounting audit. The study therefore recommended proper book keeping, documentation and utilization of source documents to check mate system entries, constant periodic internal audit, which help to check the duties and activities of the staff. The study also recommended that constraint should be placed on the accessing of the software according to specific job descriptions, constraint should be placed on amendments and modifications of entries except on authorization and must be manned from the IT department and a manual record of all signed and approved amendments and modifications done, must be kept for reference purposes and during audit.

 

Keywords: Accounting, Auditing, accounting software, audit process, source documents

Basic Accounting Education: A Necessity for All (Published)

The paper examined the extent to which Accounting Education is taught to public secondary school students in Akwa Ibom State. The survey research design was adopted for the study. The population consisted of all SS1 students in Public Secondary Schools in Akwa Ibom State, totaling 2493 (1392 males and 1101 females). The cluster sampling technique was used in selecting 249 (136 males and 113 females) students as sample for the study. Data collection was done with a researcher-developed instrument tagged “Basic Accounting Education Questionnaire” (BAEQ). The instrument, which had 10 items, was duly validated and tested for reliability using the Cronbach alpha formula.  Data analysis was done using the independent t-test. The result indicated no significant difference in the mean responses of the two groups of respondents regarding the poor status of Accounting education and dearth of accounting teachers in public secondary schools in the state. On the basis of this, it was concluded that Accounting Education is not given adequate attention in public secondary schools in Akwa Ibom State. The teaching of Accounting Education at the secondary school level in Akwa Ibom State is impeded by dearth of qualified teachers and teaching aids. It was recommended, among other things, that bookkeeping and financial accounting should be made a core and compulsory subjects at both the junior and senior secondary school levels in the state.

Keywords: Accounting, Akwa Ibom, Education, Public Secondary Schools, basic

The Need for Ethics in Professional Accounting (Published)

This paper takes a glance at the vital moral problems faced by skilled accountants as they execute their roles once doing their daily businesses. The study conjointly examines the role of academic institutes in promoting and enhancing ethics within the world of accounting profession. Since, there is a requirement for ethics in accounting and what would result from acting unethical by accountants to the business entity. Accountants and auditors owe their purchasers and society duties and responsibilities demanded in various businesses for guaranteed transparency within the profession. Necessary notifications of accounting profession ethics are realized to be essential in every business background, hence, accounting should either be embedded either on inside associate organization’s culture or in associate individual’s angle.

Keywords: Accounting, Accounting Profession, Ethics, Morals

The Impacting of the Accounting Environment Affecting the Quality of the Accounting Information (Published)

Nowadays, enterprise accounting plays a very important role in providing accounting information for the management and operation of enterprises, which is the basis for making economic decisions and managing the business owners. Besides, accounting information also supplies for the stakeholders such as state management agencies, business partners, investors, etc. Understandably, the information and accounting data presented in the financial statements must be clear and easy to understand for the users. The user here is understood to be a person with an understanding of business, economics, finance, accounting at an average level. Information on complex issues in the financial statements must be explained in the explanatory note. The objective of the study is to find out the factors affecting the quality of accounting information. The study results showed that there were 200 persons who are the accountants in Vietnam who interviewed and answered about 13 questions. Data collected from March 2017 to December 2017 for accountants in Vietnam. The paper had been analyzed KMO test, Cronbach’s Alpha and the result of KMO analysis which used for multiple regression analysis. Accountants’ responses measured through an adapted questionnaire on a 5-point Likert scale (Conventions: 1: Completely disagree, 2: Disagree, 3: Normal; 4: Agree; 5: completely agree). Hard copy and online questionnaire distributed among 1.000 accountants in Vietnam. The research result showed that three components affecting the quality of the accounting information in Vietnam with significance level 5 percent. The research results processed from SPSS 20.0 software.   

Keywords: Accounting, Accounting Environment, Accounting information, HCE, Quality

Overview of Management Accounting Techniques (Published)

In every organization, management must plan, organize, guide, motivate, evaluate and control. The main role of management accounting is to support managers inside the organization in forecasting as well as monitoring the present and past performance, measures and reports financial and non-financial information as well as other types of information on the monthly basis or more frequent depending on organization in the relevance for specific management decisions and control system, that are intended primarily to assist managers in fulfilling the goals of the organization. In this paper, the researcher aims to review some of the modern management accounting techniques, their definitions, process, advantages, and benefits.   

 

Keywords: Accounting, Activity Based Costing, Balanced Scorecard., Budgeting, Just-in-time

THE EFFECT OF USING ACCOUNTING INFORMATION SYSTEMS TO IMPROVE THE VALUE CHAIN IN BUSINESS ORGANIZATIONS – EMPIRICAL STUDY (Published)

The study aims to introduce the conceptual framework of the value chain as an analytical method for business organizations, and the analysis of the role of accounting information systems and the effect of their use in improving the value chain of the business organizations. The two researchers developed a study tool (questionnaire) based on the theoretical framework and previous studies. 64 questionnaires have been distributed to a sample of the study population, which consists of employees in the finance department of public shareholding industrial companies in the Kingdom of Bahrain. 50 questionnaires have been adopted and 14 were excluded due to their incompatibility with the analysis. Using the appropriate statistical analysis tools for the study data (arithmetic mean, standard deviation, and testing of T-test One Sample) the researchers found a deficiency in the level of the availability of the basic components of accounting systems and the level of the quality of accounting information required to improve the value chain of business organizations in public shareholding industrial companies in the Kingdom of Bahrain in general. According to the results of the analysis the researchers recommended the need to work on improving the level of the basic components of accounting systems to improve the quality of accounting information, in order to improve the value chain of public shareholding industrial companies in the Kingdom of Bahrain; specifically in regards to the existence of clear and specific work procedures in the accounting system, the level of the effectiveness of internal control measures, clear definition of responsibilities and authority, and management’s attention in training and continuing education programs for employees.

Keywords: Accounting, Decision Making, Information, System, Value Chain

THE IMPACT OF ACCOUNTING DISCLOSURE ON INCREASING THE PROFITS OF INSURANCE COMPANIES: THE CASE OF JORDAN (Published)

The interest in accounting disclosure recently became of growing interest by various stakeholders by both public and private institutions throughout the world. This is not only due to the orientation toward unifying the global financial systems, but also as an attempt to explain and influence the financial crises. This study attempts to describe the impact of the accounting disclosure on increasing the profits of the Jordanian insurance companies .This study aims  at comprehending the impact of accounting disclosure on increasing profits of insurance companies in Jordan .It mainly tries to explain the relationship between accounting disclosure and  profits on one hand  , and clients satisfaction on the other hand. A questionnaire was administered among a representative sample and statistically analyzed. Results show that a statistical relationship exists between firms accounting disclosure and both attained goals and customer satisfaction. The study recommends more awareness to insurance company of the importance of accounting disclosure form the great importance it entails to such companies.

Keywords: Accounting, Disclosure, Insurance companies, Jordan

A CRITIQUE ON CASH BASIS OF ACCOUNTING AND BUDGET IMPLEMENTATION IN NIGERIA (Published)

In public sector accounting, government ministries and parastatals operate a cash basis of accounting which is believed to be simple in operation and understanding by staff that may not simply have a rigorous training in accounting. A great disadvantage is that it does not recognise assets, debtors and liabilities. This principle negligence is capable of introducing negligence into proper record keeping of how much value of infrastructural assets are being developed in the pass fiscal years, their state of activity and possibly resulting to a repetition of projects, poor monitoring of budget implementation and misappropriation of fund. The authors took a frank analysis of the implications as they relate to the consistent problem of poor budget implementation in Nigeria. This study was based on empirical analysis of one hundred and thirty (130) questionnaires distributed to 130 public servants in the civil service of Bayelsa, Delta and Rivers States of Nigeria. The researchers used version 19 of SPSS to analyse the data using paired sample “t” test with the result that cash basis has a positive effect on budget implementation and fair presentation of the financial position of a government. The researchers recommended that the accrual basis of accounting should be adopted by all government ministries and extra-ministerial departments in Nigeria

Keywords: Accounting, Budget, Cash-basis, Critique, Implementation