Ict an Important System in the Processing of Accounting Information Essay

INTRODUCTION: We are in an era referred to as the JET AGE; an era where people are no longer interested in cars; they will prefer to fly, why? Basically because it is more comfortable and faster. An era that people will not want to try by guess work, everyone wants to be sure of the outcome of their actions. It is a generation that pays attention to speed and accuracy. It is pertinent to account for our resources as humans either as individuals or as a group hence the need for the preparation of accounting information and such information can become so voluminous over time but humans as a matter of nature, have limited speed and retaining capacity especially when it has to do with figures and are prone to mistakes every now and then. This brings to the mind of every concerned individual the question; how can accounting information irrespective of their volume be processed with the fastest possible speed with little or no error? As a result of technological advancement, the first thing that comes to mind when such a question is raised is Electronic Data Processing Method. (EDP which gave birth to ICT) MOTIVATION: Accounting and Information technology have been around for a long, long time. Basically as long as people have been around, there has always been the need for accountability of personal or joint resources and also, rendering of stewardship to superiors, top family heads and co-owners as the case may be. Also, there has always been ways of communicating through technology available at each point in time. There are 4 main ages that divide up the history of information and communication technology. Only the latest age (electronic) and some of the electromechanical age really affects us today. The subject of Accounting Information and ICT is interesting because it cuts across every length and breadth of human activities since ACCOUNTIBLITY is one foremost issue to be considered both in governmental and non-governmental organisation, profit and not-for-profit outfits alike. In recent times, several individuals and corporate bodies have woken up to the reality of the importance of ICT in the processing of accounting information. On a regularly basis, new hardware are created, new software and programmes are written to facilitate the effective and efficient processing of accounting information electronically. Even as you read, the available software and hardware are being improved upon to match up with the demand of recent times. PROJECT SUMMARY The aim of this project is to stress on the benefits achievable from the adoption of the use of ICT for processing accounting information, it will at certain points compare and contrast the use of ICT and the manual method of processing accounting information PROJECT DETAILS In course of this work; Living Faith Church World Wide Inc. (LFC) which is a non-governmental establishment and at the same time a not-for-profit organisation, shall be our case study. Software and Hardware of different kinds shall be analysed and some of such include; computer set, spread sheets, printer, internet connection, to mention but a few. At the end of this project a comprehensive report will be produced revealing how far technology (ICT) have contributed to the compilation, processing and interpretation of accounting information in recent time. The produced report will also analyse how business owners, accountants and other users of accounting information in this part of the world (Nigeria; Africa) have welcomed and taken advantage of ICT as regard accounting information processing. CONCLUSION The world have left the realm of data to the realm of processed data (Information), that is to buttress the fact that information has encountered revolution just like the human race. Accounting on the other hand has come a long way in human existence also and in recent time though they are both in different paths they have crossed path and have brought about answers to a lingering question in the heart of some concerned individuals; the question of; how can accounting information irrespective of their volume be processed with the fastest possible speed with little or no error? The report that will be provided at the end of this project will bring to the notice of all business owners and accountants that are ignorant of the usefulness of ICT in the processing of Accounting Information, the importance and role of ICT in the processing Accounting Information. It also, will broaden the scope of those individuals concerned in the subject of accounting information and ICT.