IMPACT OF COMPUTERIZED ACCOUNTING SYSTEM ON EMPLOYMENT IN FINANCIAL INSTITUTIONS
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The research profers an appraisal of the impact of computerized accounting system on employment in financial institution, it analyzes the concept of computerized accounting system and the nature of employment in financial institution. It seeks to determine the impact of computerized accounting on employment in financial institution.
1.1 BACKGROUND OF THE STUDY
Tanenbaum (2010) states that manual processing of accounting data is too slow, and labour intensive in the banking industry. The speed at which computers can get according data processed cannot be matched. Computerized accounting system provides a means for those firms to record, very high volume of transaction with the great speed and financial and prepare a wide range of detailed financial report.
Computerized accounting system affects strongly on the accounting work and on the performance of banking industry the computers can handle the recording process able to spend more time analyzing, planning and controlling financial operations for management, this can provide a greater amount of analytical information for use in decision making.
Pandey (2007) adds that management is also in a better position to monitor the financial performance of all segments of the organization because a computerized accounting system can produce a broad range of detailed reports at short interval. This is highly important for banks used as a study in this research (Diamond, First and ECO Bank Plc.) because of different branches located at different places. Financial Institutions
Thus, computerized systems avoid the time lost in correcting common errors. Computerized accounting system provides management with current accounting balance information since balance is posted as the transaction occur. However this various advantages mitigates the level of manpower employed in the financial institution.The research intends to investigate the impact of computerized accounting system on employment in financial institution