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IMPACT OF INFORMATION TECHNOLOGY IN
ACCOUNTING SYSTEM
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
Before now,
business Success was built on the ability to move goods and services with speed
and accuracy. Today, information has become the fuel that powers business
Success .In contemporary Cooperate world, information technology is deployed to
gain competitive edge.
Information
technology has been defined as the processing and distribution of data using
computer hard ware, software, telecommunication, and digital electronic
(Encarta Encyclopedia: 2004).
Therefore it
is now obvious that computer component of information technology can no longer
stand alone without the combination of other component. However, management
planning and control responsibilities are also par amount to a successful
enterprise and they represent a mandatory of an Organization to progress and
survive in today highly unpredictable and competitive business environment. The
projected plan of operation must be decisive and dynamic timely, intelligent
planning must be predicated on current known fact and a thorough analysis and
realistic approach to inevitable Feature probabilities .These key requirement
for planning directions will lead to Business probability and an equitable
return on investment, which are the objective of a successful management.
The
techniques and mechanical tools required to accomplish the development of
planning and control objective are now available, but in many instances,
appropriate management organization, interest and progression in fully
acknowledging their utilizations unfortunately lacking. This is a dilemma that
must be overcome.
In addition,
management control system must not be overlooked. It comprises; the plan of an
organization and all of the Coordinates methods and measures adopted within a
business safeguard its assets check the accuracy and reliability of its
accounting data, promote operational efficiency and encourage adherence to
prescribe managerial policy.
In other
word, it could be regarded as whole system of control, financial and otherwise,
establishment by the management in order to carry on the business of the company
or organization in an orderly manner, safeguard its assets and secure as far as
possible measures. The accuracy and reliability of its record for planning
measurements for performance and control purpose .
Information
technology is the technology used for study, understanding planning, design,
construction, testing, distribution, support and operation of software,
computers and computer related system that exist for the purpose of data,
information and knowledge processing.
Another
definition of the information technology (IT)is the industry has evolved
include the study science solution set for all aspect of data, information and
knowledge management, processing.
THE COMPANY
UNDERSTUDY
Unilever
(formerly known as lever brother) Nigeria plc (Rc113) is the largest surviving
manufacturing outfit in Nutria. The company in cooperated as a private company
in 1923 (as lever brothers Nigeria plc) to manufacture soaps based on local
palm oil. The company Strengthen it foot hold in the food and drink business by
merging with Lipton Nigeria limited in July (1985) and also merged with chase
brought products industry in December (1988) to become a giant in personal
product business.
In
accordance with Nigeria enterprises promotion degree of 1972and 1977, 40% of
the company equity is held by Nigeria citizens and institution, while the
remaining 60% is held by Unilever overseas holding limited , Lipton tea company
limited and chase borough product international limited.
Today
Unilever Nigeria plc is a leading company in the industrial sector, engages in
the manufacturing achere and marketing of wild range of household product.
1.2
STATEMENT OF PROBLEMS
Management
will often worry about the cost(financial and social) of putting computer based
system for processing accounting data and generating accounting information.
incident of computer fraud. Problems that may be associated with real time
online operations. Errors of input (garbage in garbage out) (GIGO) Problems of
system errors. Problems that may be associated with the applications of
computer based audit procedures.
1.3
OBJECTIVES OF THE STUDY
Sequel to
the problems highlighted above, the main objective of this research study is to
determine whether information technology improves management effectiveness by
affecting business strategies. The research study were identified as follows:
To ascertain whether or not accountant efficiency contributes to organizational
growth with the information technology deployed. Determine whether information
technology improves management effectiveness by satisfying information needs or
not. Prove that information technology improves competiveness by affecting
business.
Determine
the organization experience with the effect of information technology on accounting
process. Access the role of training in charge management and justification as
measured from the accounting perspective. Ascertain whether information
technology improves business efficiency by automating basic information needs
or not. To emphases on the current development of information technology and
the challenges such pose to accountants in an organization
1.4 RESEARCH
QUESTION
In any
question to carry out this study towards finding out true position of
accountants efficiency in conversant with the information technology deployed
by an organization as an input to the business success. It is very important to
delve into the following research question.
1. Is
introduction of information technology in Unilever Nigeria plc improving
accountant‟s performance?
2. How does
information technology in Unilever Nigeria plc affect the profitability in
financial reporting?
3. Does the
organization embark on training the accountant in other to accommodate the
change?
4. What are
the peculiar problems faced by Unilever Nigeria plc in implementing information
gathered from its information technology.
1.5
HYPOTHESIS OF THE STUDY
With respect
to the statement of the study, the hypothesis below can be deducted.
H0: there is
no relationship between the introduction of information
technology
and the efficiency of the accountants on Unilever nigeria plc.
H1: there is
relationship between the introduction of information technology
and the
efficiency of the accountants on Unilever Nigeria plc.
H0: The
Impact of Information Technology
1.6
SIGNIFICANCE OF THE STUDY
The research
study is primarily meant for accountants and multinational companies. Then the
continent, will guide the organization manufacturing sector with large scale
production of different home use product and how accountants can cope with
current development in information technology and the importance in
organization.
The research
study is also significant to manager and the authorized personnel (accountant
or IT professionals) to have the knowledge that the main threats to information
technology in an organization are human beings.
Information
technology facilities can be manipulated to commit fraud.etc. The human threats
to information technology includes insiders, hackers and phone freaks etc. the
detailed operating plan involves the
manipulation
of a mass data in other to support a valid plan that will fulfill the
requirements of managements appraisal task to determine operational directions,
make resolutions decisions and assures adequate performance measurement
criteria in light of the information system utilization.
Hence
managers and accountants would be better equipped to handle various related
problems.
1.7 SCOPE OF
THE STUDY
In the
course of this research works, the researcher encountered some restriction
which militates against the smooth execution of his work among these issues are
: Unilever is a multinational companies with several subsidiaries under it
which had incapacitated the researcher of getting some of their transactional
data for the research methodology due to the secretiveness of the sampled
population. The problem of retrieval of research instrument administered,
finance, combining my official work which makes it always difficult for me to
go out always not to do anything personal. Other limitation include time
constraint, cost of carrying out research work and unsupportive nature of
respondents.
1.8LIMITATIONS
OF THE STUDY
In this
study the impact of information technology on accounting system, the research
is limited by time. Though this research ought to be very broad and all
embracing the research is limited by time to go that far and treat this
exhaustively. The study was also limited by secrecy of information in the
company, which requires permission of the company higher authority hence most
information was regarded as classified information. Despite these limitations,
the project work will be useful to any person that wants to know about the
impact of information technology on accounting system. This research though is
expected to be very broad and all embracing, it is limited to the impact of
information technology on accounting system and this is due to the fact that
this is the researcher main concern at the moment.
1.9
DEFINITION OF TERMS
1. Data
:these are any non-random set of symbols they are also called raw files o
facts, event, transaction, which have been recorded and they are the input raw
materials from which information is produced
2.
Information: in this research the use of information will signify data have
been produced in such a way as to be useful to recipient.
3.
Application package: this is a set of programs together with the appropriate
system documentation. The package is designed to meet the needs of a number of
users and is modular in construction so that a limited amount of modification
can be carried out to carter for the needs of individual business.
4. MIS:
management information system is the provision of information for all level of
management in order to perform their routine functions such as planning,
directing, organizing and controlling etc.
5. Database:
data base is a stored collection of related data needed by organization and
individual to meet their information processing and retrieval requirement.
6. Internet:
internet is an international computer network made up of numerous networks, internet
is also called “networks of networks”
7. Ethernet:
Ethernet is a popular network protocol and cabling scheme that uses a bus
topology and carrier sense multiple access/collision detection (CSMA/CD) to
prevent network failure or collisions, when two devices try to access the
network at the same time.
8. Intranet:
this is a private network belonging to an organization (which was internet
protocol) it is used in Unilever Nigeria plc .it is accessible
only by
member of the organization require authorization to access such network (this
is called an Extranet).
9. E
Business: this is the use of internet in the conduct of business.
10.
Extranet: this is an intranet that allows non members of the organization to
access the network.
11. Wireless
network: wireless network are wide area network (WAN),that allows user to
access information instantly via handheld wireless device.
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