The Determinants of Computerized Accounting System on Accurate Financial Report in Listed Banks on the Ghana Stock Exchange

Abstract

With the recent development of information technology, accounting information system has made it easier and faster to use computers. This study was conducted to examine the factors affecting the accuracy of financial reports in listed banks in Ghana. The study was set to addressing the benefits of computerized accounting system and critically examined the qualities of financial reporting and the concept of financial reporting. The study used a descriptive research designed. A sample size of eighty (80) respondents was involved in the study. Questionnaires were used to collect data which was processed with the aid of SPSS. It was revealed that users with better understanding and expertise in computerized accounting affect the quality and accuracy of financial reports in banks in Ghana. Also, assessing the benefits of computerized accounting system, the findings indicated that 85% of the respondents were in agreement that computerized accounting systems minimize errors and duplications, 15% disagree with the view. The study further found that most banks in Ghana run a fully computerized accounting system in financial reporting where they maintained the financial report qualities of timeliness, reliability, accuracy because of computerized accounting system. The study recommended that banks should put in much emphasis on training of staff to match the information needs of the bank with available software.