Integration of Cloud Accounting with Traditional Accounting in Business Organisations: Evidence from Ekiti State, Nigeria

Bamidele Vincent Olawale; Ogundipe Francis Bamidele; Olatunji Francis Opefolu

doi:10.56201/jafm.v10.no9.2024.pg299.311

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Integration of Cloud Accounting with Traditional Accounting in Business Organisations: Evidence from Ekiti State, Nigeria

Bamidele Vincent Olawale, Ogundipe Francis Bamidele & Olatunji Francis Opefolu

Abstract

Cloud accounting is an important development direction of the new generation of information technology, and it is also an important strategic opportunity for Nigeria's accounting information innovation. This study assessed the need for integration of cloud accounting with traditional accounting in business organisations in Nigeria. The study explained the concept of cloud accounting, how cloud accounting works, the benefits of cloud accounting over traditional accounting, services provided by cloud accounting, factors to be considered in adoption of cloud accounting, types of cloud computing models, need for adoption of cloud accounting, cloud accounting's effects on traditional accounting. Pearson moment product co-efficient and regression analysis were used to test the hypotheses, The findings of this study shows that there is a positive and significant correlation between Cloud Accounting and Traditional Accounting at 5%. (P=0.000<0.05) and the standard error value of 0.085. From the study, it was concluded that there is great need for integrating cloud accounting with Traditional accounting to achieve quality financial reporting on business organisations in Nigeria. It was also deduced from this study that cloud accounting does not only makes business easier, but also increases the productivity of the company accounting department and also assist businesses in maintaining their financial diversity and organization. The study therefore conclude among others that Since cloud accounting is a reality that will eventually impose itself, professional accountants should become more knowledgeable about cloud accounting, its application areas, and its impact on the accounting profession. They should also embrace this technology and integrate it with the conventional accounting rather than marginalize or resist it.

Keywords

Cloud AccountingTraditional AccountingBusiness OrganizationInformation

References

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Integration of Cloud Accounting with Traditional Accounting in Business Organisations: Evidence from Ekiti State, Nigeria

Abstract

Keywords

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