SIGNIFICANCE OF ACCOUNTING PACKAGES IN AN ACCOUNTING FIRM

CHAPTER ONE

1.1     OVERVIEW OF THE SUBJECT STUDY

The world is moving from manual accounting to a computerized   one, thus, the significance of accounting packages in facilitating their accounting processes which include collection of larger data cannot be over emphasised. Accounting firms offers wide range of services from basic book-keeping to more complex issues such as tax return, helping client create budget, perfecting financial statement, preparing local, state and federal tax return.

Accounting firms also offer audit and business valuation service, monitor depreciation of asset, help client in determine cash flow. Some go as far as specializing in setting up computer accounting system.

All these functions performed by accounting firm necessitate the use of accounting packages as this will go a long easy in providing accuracy, eliminate waste of time as manual work tends to make the  work full of paper work which in turn make the work bulky, waste time and increase cast.

However, packages like CCH, Lacerta Tax, Sage So, Quick books etc. provides remarkable helping hand in facilitating their activities.

1.2     STATEMENT OF THE PROBLEM

It is sadden that most accounting firms still carry out their functions in the manual way. This shows down the level of work to be done and affects the time frame set out for the task. Also as a result of the manual processes, most firms run into trouble in meeting customer’s expectation and keeping good account of their financial activities.

Other problems associated with this study include:

1. Inadequate service delivery
2. Waste of time
3. High level of cost
4. Lose of vital documents
5. Inaccuracy

1.3     RESEARCH QUESTIONS

1. Does the organization adequately render service to its customers?
2. Why does it take a lot of time to prepare organization’s accounting information?
3. Does the filling system of the organization ensure data safety?
4. Does the organization take into consideration the cost implication of the system?
5. How does the system ensure accuracy of data?

1.4     PURPOSE OF THE STUDY

1. To determine if he organization renders its services to customer adequately.
2. To identify to reasons why the organization use a lot of time in preparing accounting information
3. To determine if the filling system adopted by the organization ensure safety of data
4. To make apparent if the organization takes into consideration the cost implication of the system
5. To determine how will the system adopted by the organization ensures accuracy of data

1.5     SIGNIFICANCE OF THE STUDY

The significance of this research work cannot be over-emphasized. The research will not only be of benefit to the sector concerned i.e. accounting firm but also other relevant agencies and even the public, as it will give an insight study into the significant role accounting packages plays in accounting firm’s operations.

The research will also serve as a basis for subsequent research work as this will serve as reference material for student who will be carrying out research work on similar area of study.

With the research result, accounting firms using old methods in their operations. Will be encouraged to adopt the modern computerized methods such as accounting packages.

1.6     SCOPE AND LIMITATIONS OF THE STUDY

Scope of the study

The scope of this research work includes access to textbooks and project materials. The researcher also made use of internet facilities in order to get himself acquainted with the latest findings.

The researcher was also able to obtain information relating to the significance of accounting packages in an accounting firms.

Limitation of the study

In the course of the researcher work, the researcher encountered a lot of challenges. These challenges includes restricting the study to few field of relevance due to financials inadequacy to explore other relevant field. Non availability or easy access to sufficient and efficient data to aid the research and the time frame of the research.

The study suffered set back as a result of some of the following:

Financial constraints: the research has to work within his financial capability. Its insufficiency shows a remarkable effect on this research work.

Time: the study has to be conducted sometimes with haste as a result of limited time frame. This leads, the researcher into leaving out some stones unturned.

Data collection: distribution and collection of questionnaire prove evasive as some of the targeted audience co-operated not. Also, there was difficulty in accessing some relevant literature and materials.

Inadequate and outdated source centres: during the gathering of research literature review and information, the researcher encounter difficulties due to the inadequate information from research centre, little found and most are remote and no longer contains recent information and contemporary issues

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