AN EVALUATION OF IMPACT OF COMPUTERIZED ACCOUNTING SYSTEM IN BANKS.
During the primitive age very little or no notes were taken into proper record especially those activities and transactions involving money. The records and notes were usually taken either in memory (human being) or some marks on the ground or trees.
As man developed from this primitive era to more complex economic society, there occurs notable growth and expansion in his way of life and activities he undertakes. During this time, the most disturbing problems that man faced was that there were no accounts and records.
Being properly kept and stored. These therefore allow for inefficiency and breach of contract and trust. The more developed man became the more the need for systematic record keeping and storage.
The complexity of the society lead to chronological order of manual development in record keeping. Important records can be kept manually for future use but still in tedious way.
At a more technological era, more work was done in the accounting system. Accuracy, efficiency and durability became pressing problems that faced the manually kept and processed records in the accounting system, hence the development and introduction of electronic mechanical machine into the accounting system became very vital.
A systematic technological advancement however gradually gave birth to what is known today as the computer. A computer is an electronic device capable of accepting data as input, applying prescribed processes on such data and giving out an output which is called information,
computer can also be said to be a machine that manipulates in accordance with given rules in a pre-determined manner. It is an electronic device that is used to process complex and variety of data within the shortest possible time: This is because it has very high speed of operation.
Data can get into the computer for processing via the input devices such as keyboards, diskette, CD Rom, punch cards, flash drive etc. the actual processing of data within the shortest possible time: this is because it has very high speed of operation.
Data can get into the computer for processing via the input devices such as keyboard, diskette, CD Rom, punch cards, flash drive etc. the actual processing of data takes place in the arithmetic and logical unit (ALU). The control unit (CU) is where all the activities of a computer system are being monitored or coordinated and planned.
There also is the memory that is the unit in charge of storing or keeping all data or information in a computer system for a long and short period of time. This storage is made possible under the supervision of the ROM and RAM.
There are various types of computers. They are classified as either analogue, digital or hybrid computers. A computer can also be a single purpose computer or a general purpose one.
The computer is being used as an accounting device to perform various types of routine office jobs which formerly required the services of the clerical officer. Where the computer is installed and used effectively. It could perform payroll calculations, update accounts receivable and payable, control inventories, process insurance data, prepare dividend, keeping depositors accounts, distribute costs and expenses.
Accounting system in common use ranges from simple system in which accounting records are maintained by hand to sophisticated system on magnetic disk.
The accounting to be used in any given company should be well tailored to the size and to the information need of the business in a computer based accounting system, he accountant need only to enter the data needed for the computer to prepare journal entries. All the writings and postings to general ledger and subsidiary accounts are then handled by the computer.
1.1 BACKGROUND OF THE STUDY
Computer being a new remarkable thing in the banking system in the country has increased the rate of which financial records such as ledger, customers accounts, balance sheets etc. are prepared. Since there immemorial banks usually process information such as calculations of money, updating of customers account etc manually, or with the aid of pocket calculators.
In recent times, the number of customer operation account with the banks have increased. As a result of this, banks there fore decided to employee a means through which information can be processed efficiently and to ensure reliability in a speedy manner and this therefore initiated the introduction of computer operation into the banking system.
Many Nigeria banks had since computerized their system of accounting, UBA Nigeria Plc is not an exception. It is therefore expected that by now the computerized accounting system whole have increased the speed in the deposit and withdrawal of money from the UBA Nigeria Plc Ahmadu Bellow Way branch.
It is also expected that this system would be of immense benefit to the bank and that staff of the bank especially the cashiers would have by now, acquired the necessary skills that would enable them perform effectively using the computer.
Apart from these, the UBA is expected to have discovered problems (if there are) associated with the use of computerized system of accounting.
1.2 STATEMENT OF THE PROBLEM
Banks in Nigeria have been using the computerized accounting system in their day-to-day activities. The UBA had adopted this system also. The efficiency however of using this system by banks in Nigeria needs to be ascertained alongside its problems.
Identifying how efficient the computerized accounting system has being would go a long way in accessing it i.e. knowing the advantage and disadvantage associated with it. Also one can be able to conclude that their advantage out numbered its disadvantage or their disadvantage over-power it advantages.
Beside this, one can also have an insight on how Nigerian banks had change or improved over the years in terms of efficiency and accuracy since the introduction of the computerized accounting system. Into Nigerian banks the following therefore are the problems that promoted the undertaking of this research study.
i. Persistent system failure hinders the effective rendering of service to customers.
ii. Break down or temporary lack of service in the system also affect the operation of the bank.
iii. Manipulation of the computers by the staff with the attempt to defraud the bank also make important effect on the operation of the bank.
iv. Frequent changes in the computer packages and without proper and adequate training also affect the operation of the bank.
1.3 OBJECTIVES OF THE SUDY
In every organization, either private, public volumes of paper work are being created daily and these volume of paper represents data that must be processed. This study will highlight the ways the computer has help to minimize the work load this study is also aimed at highlighting the problems of computerized accounting system,
(if there are) in UBA Nigeria Plc Ahamadu Bello way branch where manual efforts are being replaced with computerized activities.
It is also the aim of this study to find out how the computerized accounting system has assisted the bank in achieving their goals and objectives. This work would also analyze the prospects of the use of the computerized accounting system in modern banking.
1.4 RESEACH QUESTION
The research questions were chosen to be used by the researcher instead of formulating hypothesis. This study will attempt to provide answers to the following research questions.
1. Do you agree that your organization has training policy?
2. Do you agree that the type of training and development undertaken by an employee determine his/her present and future position?
3. Do you agree that the training policy of your organization is satisfy able?
4. Do you agree that poor performance necessitates training of staff in your organization?
5. Do you agree that the need to improve staff skills and ability is what necessitate training of staff in your organization?
1.5 SIGNIFICANCE OF THE STUDY
This study would enable the researcher to pass their experience on the subject matter i.e. the problems and prospects of computerized accounting system in Nigeria banks to the concerned organization i.e. UBA Plc, Ahmadu Bello way branch so as to enable them be more conversant with any problem that might be identified as a result of the use of the computerized accounting system.
The findings of this research work will also serve as reference for academic endeavor to lecturers and students and also help customers of banks who would want to know about some advantages and disadvantages (if any) of the use of the computerized accounting system.
1.6 SCOPE OF THE STUDY
This study focuses on identifying the benefits that accurse to Nigeria banks as a result of the use of the computerized accounting system. It also tries to figure out any problem associated with the use of this system.
Considering the time frame within which this work is to be completed and other factors; the researcher have decided to limit is work on the UBA Nigeria Plc, Ahamadu Bello way branch. The research will cover UBA Ahmadu Bello way branch Kaduna.
1.7 HISTORICAL BACKGROUND OF THE STUDY
The UBA has its antecedents rooted in that of its precursor, the British and French bank Ltd. The British and French Bank ltd itself metamorphosed from BNCI, Parish (banquet National Pour Le Commerce ETL Industries) reestablished in 1932.
In 1949, the British and French Bank began operations in Nigeria at broad street, Lagos and officially opened for business in December with staff strength of twelve (12).
The bank went public in 1960 in accordance with the policy and intention of the French owners of the bank to sell some of their shares to Nigerians. UBA became the First Bank among the international banks operating in Nigeria at that time to be registered under the Nigeria law. Its paid up capital was over 4 million.
By 1961 the bank grew from it one office structure to ten branched ;located in Lagos, Kano, Kaduna and Port Harcourt. The branches that pioneered this early development of the bank include Kano branch established in 1934, Ebute meta branch (May 1933), Apapa, were huse road (March 1936) and Port-Harcourt, Aggrey Road (October 12936).
Due to the recent consolidation in the banking industry UBA was acquired by standard trust bank plc, however, the name of the bank stood as UBA. This was probably because of the good name and popularity of UBA. The acquisition took place some times between July and August 2005.
After the merging, UBA now have four hundred and twenty six (426) branches nation wide with a capital and assets base of about 100 billion and N400 billion respectively.
UBA is the first to emerge a mega bank in Nigeria. Through the merger resulted in the retrenchment of some of its staff, UBA staff has increased in number when compared to the number before the merging, presently, the chairman of the bank is Barrister Sofola (San).
AN EVALUATION OF IMPACT OF COMPUTERIZED ACCOUNTING SYSTEM IN BANKS.
INSTRUCTIONS AFTER PAYMENT
- 1.Your Full name
- 2. Your Active Email Address
- 3. Your Phone Number
- 4. Amount Paid
- 5. Project Topic
- 6. Location you made payment from