A Research Report Submitted to Mzumbe University – Mbeya Campus College in Partial Fulfilment of the Requirements for the Award of Bachelor Degree of Accounting and Finance (BAF) of Mzumbe University
The study intended at evaluating the effectiveness of computerized accounting and financial reporting in banking sector. The specific objectives of the study were to assess the benefit, risks and challenges and qualities of financial reports brought by computerized accounting system. Researcher tried to solve the problems that brought by computerized accounting system caused when using computerized accounting in its daily operation like double charges to customers, system failure, and network failure.
A case study was applied in conducting the research project. This is due to the fact that, the study was designed to be conducted at a single unit which is CRDB BANK specifically Mt. Livingstone Branch, together with its member staff of 48 in total. Sampling technique employed in the study was purposive with a sample size of 43 at CRDB Bank. Both primary and secondary collection of data were used were interview, field observation, questionnaire and documentary review were used. Data were analyzed by both qualitative and quantitative method through descriptive statistics that are supported by table presentation of data. Research Ethics were considered and was reflected on all of the research problem, research objective, research questions, data collection, data discussion, interpretation and analysis.
From the study findings discovered that employees of CRDB Bank specifically Mt. Livingstone branch are more comfortable and preferred using computerized accounting computerized accounting than using manually accounting system whereby 90.7% chose computerized accounting over manually due to its multi-important factors. So CRDB Bank should increase investment in that field so as to reduce or minimize those risk caused by computerized accounting.
The Researcher came up with the recommendation that, the government should put some strategies to ensure they provides strong power(electricity) networks so that banks which operates under computerized accounting system can work effectively, in order to minimize system failure which can lead to the great loss to the organization. Also recommend that learning institutions that train accountants should trained well on the study of computerized accounting system as part of their courses to ensure that accountants are equipped with both accounting and required information technology skills. As well as in a management point of view it is important that staff who handling transactions are continuously trained so as to improve on speed in posting as well as its accuracy.