Full Project – Computer based system for academic financial accounting
As information technologies grow more progressive, the manual accounting systems have become gradually inadequate for decision needs. Consequently, public and private sector firms in both developing and developed economies view Computerized Accounting Information System (CAIS) as a vehicle to ensure effective and efficient information flow in the recording, processing, and analysis of financial data. Effective and efficient information flow enhances managerial decision-making, thereby increasing the firm’s ability to achieve corporate and business strategy objectives. This in turn, may increase the prospects of the firm’s survival.
CAIS-related issues research, due to its importance to practice and education, is well documented in the accounting information systems literature. Chenhall and Morris, for example, examine the impact of contextual variables such as structure, environment, and interdependence on CAIS design and performance. Brecht and Martin explore opportunities for accountants to contribute to systems design. Poston and Grabski‘s survey focuses on the underlying theory motivating the research and predicted that future CAIS research would maintain a balance between normative and positive work with organizational theory. Subsequently, research considers use of accounting information by operations managers and enterprise resource planning system and management accounting change (Scapens and Jazayeri, Likewise, Arnold, Clark, Collier, Leech and Sutton examine the effects of knowledge-based systems on decision-making and find that the availability of a fully functional explanation facility influence both novices’ and experts’ judgments. Dehning, Pfeiffer and Richardson also consider analysts’ forecasts and investments in information technology (IT) using a dataset of over 1,000 US firms, thus emphasizing that IT spending increases earnings forecasts, dispersion and error. Ferguson and Seow’s review confirms the continuing decline in analytical and model-building research in accounting information system related research, resulting in research that considers accounting information and managerial work and the utilization of generalized audit software by small-medium-sized audit firms in the UK. Research on CAIS in developing economies is at its infancy, for example, practices among SMEs, threats to security, implications for internal auditing, failure, success and local improvisation. Evidence on CAIS-related issues in SOEs in developing countries, however, remains scant, despite the notion that public and private sector in both developing and developed countries are equally affected by the advent of the CAIS. This study attempts to fill this gap.
1.1 Background of the Study
From the inception of the 21st century, it is believed that the application of computers on activities enhances speed, accuracy, efficiency and security of those activities. It is a system that collects and stores data and processes the data into information for decision making. In the past, it was done manually, but today, it becomes computer-oriented. Most companies use it to keep track of accounting activities using information technology. The shift from manual to computerized accounting information system will make an impact to the organization. The impacts are the time, accuracy, cost of disbursement and the internal control.
The institution needs to plan the monetary cost of the equipments, data storage system and technical support for the upgrades. They also need to plan the cost for training the staffs. An efficient computerized accounting information system can reduce the size of the accounting department, thus saving the labour and benefits cost. They also can reduce costs associated with stationeries and paper-related documents.
The accounting staffs and auditors must employ a high ethical standard when working with financial data. The staffs must also understand the confidentiality of the data. The institution is required to select the most trustworthy staffs to handle these data. This will prevent or reduce the number of internal threats.
It can increase the accuracy of the information. A computer is able to spell check any misspells error or find out any missing data when staffs forget to input the data. With the increase in accuracy, the staffs will be able to process the information more efficiently and effectively. To the researcher, this belief is a theory that needs to be proven over and over again until all thinkable activities are computerized. To this end, the researcher wants to further prove this by implementing the Academic financial Accounting for record keeping and management of the accounting information.
1.2 Statement of the Study
School usually record information pertaining to school fees payment and this brings about delay in retrieving of information since they are stored on traditional flat file. These files when in large number usually occupies unnecessary space that would have been utilized in something else. Most times, accountants in this Academic financial Department do encounter difficulties in the analyses of the financial records. Bulgy records in files attract inaccurate accounts from these accountants which gives rise to uncertainty in the decision making of the managements of such school.
More so, below are the problems faced by the users of the existing system
- it takes much time to process and prepare account statement
- It do occupy unnecessary space in the office
- It makes job heavier and tedious to the accountants and cashier.
1.3 Aims of the Study
The aim of this research work is to design an information system that will remove the stress involved in the manual way of operating financial account in the school.
Objectives of the Study
The following are objectives of this research work
- To create financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity.
- To design a machine that can provide capital maintenance in the competing objectives of financial reporting.
- To develop a system that will give up-to-date information on academic financial accounting in an organization.
1.4 Significant of the Study
This research work would be considered to be useless if it has no importance to mankind and organizations. First, this research work will motivate other business firms to see the need of implementing computer system to their accounting processes. Secondly, the boring and tedious way of handling financial issues will be eliminated as everything is electronically based.
Furthermore, centralized control of information on sales other transactions gathered would allow a higher degree of information management and security control. Finally, it will save as a reference material to researchers and scholars searching for information on the same subject.
1.5 Organization of the Study
This research work is arranged in the following order. Chapter one contains the introduction, theoretical background, statement of problem, objective of the study, significant of the study, organization of the research, scope of the study, limitation of the study and definition of terms.
Chapter two focused on the relevant literature reviews. Chapter three is concerned with the system design and methodology which emphasizes on design and flowcharts. Chapter four is the system implementation which gives the direction of the systems and analyses of modules Chapter five summarized and concluded the research work proffering some useful recommendations.
1.6 Scope of the study
The scope of field of accounting is very wide. Accounting is needed not only by business class but also by non-business class. Starting from the private life of a man, the financial activities of school, college, club, society, hospitals and government institutions come within the purview of accounting. The jurisdiction of accounting also includes the financial activities of professionals including doctors, engineers and layers. The monetary transactions which take place in the private life of a man are recorded properly in the books of accounts; it becomes possible to ascertain his receipts and expenditure as well as personal assets and properly in the books of accounts, it becomes to ascertain his receipts and expenditure as well as his personal assets and liabilities. When the financial transactions of a business
1.7 Definition of Terms
- i) Academic Accounting: this refers to the way and manna a school do carryout the assessment of the school concerning finance.
- ii) Accounting: this is the recording of financial transactions of a business or organization. It also includes the process of summarizing, analyzing and reporting these transactions in financial statements.
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Full Project – Computer based system for academic financial accounting