The Importance Of Accounting On Organizations Effectiveness

Project and Seminar Material for Accountancy / Accounting

Abstract

Reference to the numerous problems facing the treasury in the quest to have an effective accounting system in pursuance of nations building this work is aimed at ascertaining the importance and significance of this government accounting system an identify causes of this ineffectiveness. This study covers the responsibilities and duties of federal ministry/department and implementation of the accounting principles rules and regulation for effective and efficient performance . the duties includes the compliance to the treasury requirement, the enforcement of the rules and regulation. In the financial regulation so as to always produce proper and credible account of public fund. The importance and effectiveness of this accounting system to the organization and finally the shortcoming of the accounting system on organization of any.

Chapter One

Introduction

1.1 Background of the Study

In the early days, that is before the advent of modernization, the practice of accounting is not well pronounced in our organizations. This is the period when men were considered to display unquestionable character in the management of private and public find, and as such they were to a reasonable extent, honest, transparent and accountable in their dealings. The reason which can be attributed to the virtue of self contentment that characterized the attitude of men. However, after the era of modernization, the desire to get rich quick by every means possible, became the order of the day for both administrators and accountants, and as a result of this development, the incidences of fraud, mismanagement & embezzlement were recorded to a great extent, and as such the practice of accounting was intensified in our organizations, to ensure that the pre-determined goals of the system are achieved to a reasonable extent. In this regards organizations in order to achieve high level of effectiveness, decided to install a competent, reliable, transparent and hones accounting machinery in the organization, this combating the adverse condition known as organizational ineffectiveness the topic which is extensively discussed in this context, using federal pay office, Enugu as a study.

1.2 Statement of Problems

The present research topic provides the following research problems:- Firstly, The problem of incompetent accountants to handle the accounting operations of the said organization. Secondly, the problem of incompetent auditors, to audit the state of accounts of the organization. Also, the problem of human negative attitudinal tendencies such as dishonesty, unreliability and fraud, all of which hinders the successful implementation of good accounting operations. More so, the problem of improperly defined organization efficient and timely accounting operations. Finally, the problem of non-futuristic accounting records, due to variations in inflationary deflationary rate and monetary policies.

1.3 Objective of Study

The primary objective of the study is as follows

To examine the need for a well accounting operations in the actualization of organization’s objectives.
To find out some of the intricacies that are associated with the accounting practices, which must be clearly understood by accountants in organization’s.
To find out how accounting effectiveness can improve an organizations performance
To proffer a probable solution to the ineffectiveness of accountants in an organization.

1.4 Research Questions

The following questions have been prepared for the study

Is there a need for a well accounting operations in the actualization of organizations objectives?
Are some of the intricacies that are associated with the accounting practices, clearly understood by accountants in organization’s.
Can accounting effectiveness can improve an organizations performance?
Are there solution to the ineffectiveness of accountants in an organization.

1.5 Significance of the Study

The significance of this study cannot be underestimated as:

This study will examine the importance of accounting on organizations effectiveness
The findings of this research work will undoubtedly provide the much needed information to government organizations, federal inland revenue and academia

1.6 Scope of Study

This study examines the importance of accounting on organizations effectiveness. Hence will be delimited to federal pay office Enugu.

1.7 Limitation of Study

This study was constrained by a number of factors which are as follows:

Just like any other research, ranging from unavailability of needed accurate materials on the topic under study, inability to get data

Financial constraint , was faced by the researcher ,in getting relevant materials and in printing and collation of questionnaires

Time factor: time factor pose another constraint since having to shuttle between writing of the research and also engaging in other academic work making it uneasy for the researcher

1.8 Definition of Terms

Accounting:

The process or work of keeping financial accounts.

Effectiveness:

The degree to which something is successful in producing a desired result; success.

Organization:

An organized group of people with a particular purpose, such as a business or government department.

Chapter Five

Summary, Conclusion and Recommendation

5.1 Summary

In this study, our focus was to examine the importance of accounting on organizations effectiveness using federal pay office Enugu as a case study. The study specifically was aimed at highlighting the need for a well accounting operations in the actualization of organization’s objectives. intricacies that are associated with the accounting practices, which must be clearly understood by accountants in organization’s. how accounting effectiveness can improve an organizations performance. probable solution to the ineffectiveness of accountants in an organization.

The study adopted the survey research design and randomly enrolled participants in the study. A total of 30 responses were validated from the enrolled participants where all respondent are drawn from active staff of federal pay office Enugu.

5.2 Conclusion

Based on the finding of this study, the following conclusions were made:

There a need for a well accounting operations in the actualization of organizations objectives?
Some of the intricacies that are associated with the accounting practices, are clearly understood by accountants in organization’s.
Accounting effectiveness can improve an organizations performance
There are solution to the ineffectiveness of accountants in an organization.

5.3 Recommendation

Based on the responses obtained, the researcher proffers the following recommendations:

That thorough control of government finances, especially debt, is critical for the entire economy, as well as the political and social environment
That organizations employ qualified accountants in other to reduce ineffectiveness in an organization
That accountant in an organization should go through constant training in other to know what is new and obtainable in the accounting world.

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