Research Objective: This study appraised the impact of Information and Communication Technology (ICT) on accounting practices within Nigeria’s banking industry, with FBN Plc in Awka, Anambra State, serving as a case study. Specific objectives included evaluating the effect of ICT on recording accounting transactions, storing accounting data, and retrieving accounting information.
Methodology: A survey design was used, and Taro Yamane's formula determined a sample size of 40 respondents from a population of 45, with data collected through questionnaires. Statistical analysis was performed using SPSS 25 and linear regression to assess the relationships between ICT and various accounting practices.
Findings: Hypothesis testing revealed significant positive effects of ICT on accounting practices. ICT significantly influenced the recording of accounting transactions, with an F-statistic of 9.387 (p < 0.001), explaining 19.3% of the variance in the recording process. Additionally, ICT had a substantial impact on data storage, with an F-statistic of 46.127 (p < 0.001), explaining 54.8% of the variance. For information retrieval, ICT also played a significant role, with an F-statistic of 9.760 (p < 0.001), accounting for 20.4% of the variance. Each hypothesis confirmed that ICT positively affects these aspects of accounting.
Conclusion: The study concludes that ICT significantly enhances the recording, storage, and retrieval of accounting information in Nigeria’s banking industry. The findings underscore ICT’s essential role in advancing accounting practices within FBN Plc, Awka, as evidenced by increased efficiency and accuracy in these areas.
Recommendations: The study recommends that banks prioritize the integration of ICT in accounting practices to remain competitive and align with international standards. It also advocates for accounting firms to invest in IT training for personnel to stay updated with technological advancements. Additionally, the Nigerian government should work to stabilize power supply, as it is essential for maximizing ICT’s potential impact on accounting practices.
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