HE IMPACT OF FINANCIAL TECHNOLOGY AND AUTOMATION ON ACCOUNTING PRACTICES IN NIGERIA
Abstract
The rapid advancement of technology and automation has significantly transformed accounting practices across the globe, and Nigeria is no exception. This study investigates the impact of technological innovations and automated systems on accounting processes in Nigeria, with particular attention to efficiency, accuracy, cost-effectiveness, and professional roles. The research explores how tools such as accounting software, cloud computing, artificial intelligence, and robotic process automation (RPA) have redefined traditional accounting functions, reduced manual workload while enhancing real-time reporting and decision-making. It further examines the extent to which Nigerian firms have adopted these technologies. The advent of technology and automation has significantly transformed accounting practices globally, with Nigeria being no exception. This study examines the impact of these advancements on accounting practices in Nigeria, highlighting their implications for efficiency, accuracy, and professional competency within the sector. Data for the study are drawn from secondary sources, including academic journals, industry reports, and policy documents, complemented by primary insights from practicing accountants in Nigeria. Findings indicate that technology and automation have improved financial reporting quality, streamlined audit processes, and minimized errors. This research contributes to the discourse on the future of accounting in developing economies, highlighting the need for continuous professional education, policy support, and investment in technological infrastructure. It concludes that while technology and automation present challenges, they ultimately offer greater opportunities for efficiency, transparency, and strategic value in Nigerian accounting practices.
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