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The study aimed at assessing the impact of computerized accounting system on financial reporting in public institutions. The specific objectives of the study were to determine the extent of adoption of computerized accounting system on financial reporting, to determine the positive impacts and challenges of computerized accounting system and if the computerized accounting system enhances and produce quality financial reports.
The study used mainly primary data from 34 respondents selected using purposive sampling techniques. This study employed a case study research design. Questionnaires with open and closed ended questions as well as semi structured interview were used.
The main findings indicate that adoption of computerized accounting system on financial reporting has several positive impacts; facilitating financial tasks to be performed easily, easy communication, user friendliness, cost saving, timely and accurate financial reports, through these advantages at hand it is clear that the system actually performs its operations very well and ensuring effective and efficient of institution operations. Based on the findings it is recommended that TANESCO should continue to adopt the use of computerized accounting system, providing training to the staff on how to use computerized accounting system and to put security mechanism to prevent losses of financial data or risk of fraud.
The research concluded that the advantages of a computerized accounting system far outweigh its associated challenges as it has impacted the financial reporting of the authority positively. Hence, there is the need for organizations, particularly public institution to adopt a computerized accounting system.
Recommendations were that TANESCO should acquire computerized accounting system that suits the company resources, update system, routine maintenance should be done to reduce risk of fraud, wrong data entry and further studies should be conducted on computerized accounting system to expand knowledge. |
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