Authors
- Nkenchor Eluagwuni Daniel
Abstract
Information and Communication Technology (ICT) is a panacea for ensuring an effective and efficient accounting system, focusing on its application in transforming traditional, paper-based accounting into digital, automated processes. With the rapid advancement of technology, the reliance on manual accounting methods has become cumbersome, necessitating the adoption of ICT tools such as accounting software (e.g., QuickBooks, Sage, Oracle), cloud computing, and automated reconciliation systems to enhance efficiency and accuracy. It is also certain that the adoption of ICT has significantly improved the speed of accounting practices, ensures timely delivery of financial reports, and enhances data security and storage, thereby increasing overall organizational performance. It also depicts a strong positive relationship between ICT utilization and the reliability of financial reporting, reducing human errors, and facilitating informed management decisions. Despite challenges such as high implementation costs, power instability, and the need for staff training, the research has also shown that ICT is essential for modern accounting practices and strongly recommends its implementation across all strata of the sectors for improved productivity.