ACCOUNTING IN THE ELECTRONIC AGE IN NIGERIA: OPPORTUNITIES AND CHALLENGES

Abstract

This research examined how the development of new technology is affecting accounting practice in
Nigeria. The major objective of the study was to examine how the adoption of digital/electronic
methods affects accounting practice in Nigeria with a view to unraveling the opportunities and
attendant challenges.Data for the research was collected from primary sources - mainly from
professional accountants through the issue of questionnaire which were analyzed using descriptive
statistics and multiple regression analyses. From the results of the research, it was shown that there
was a positive relationship between improvements in accounting practice and the use of electronic
and digital methods and techniques. The results further showed that the adoption of latest
technology by accountants in Nigeria is quite minimal as a result of lack of awareness of the
inherent benefits.Finally, the results showed that the greatest challenges in the adoption of the
latest technology in the practice of accounting were (in order of importance) power supply, cost of
internet connectivity, poor internet infrastructure, lack of awareness, internet penetration and lack
of skilled manpower. Secondly, connectivity infrastructure that can support high speed internet
connections was of paramount importance.