Computerized Accounting Software and Profitability of Deposit Money Banks in Nigeria.

ABSTRACT This study examines the impact of computerized accounting software on the profitability of money deposit institutions in Lagos, Nigeria. The research found that the emergence of accounting software has significantly transformed financial management in firms by automating operations and providing easier access to critical data. However, implementing this technology comes with various challenges, including financial considerations, accountant skill levels, organizational support, and internal control issues. The study used a quantitative approach, surveying a sample of Lagos bankers to assess their perceptions of accounting software relevance and usage for measuring profitability. Key findings underscore the critical importance of organizational support for effective software implementation, with factors like staff involvement, financial backing, and company culture serving as essential indicators of financial success. The research also emphasizes the need for robust internal control mechanisms to maintain regulatory compliance and enhance performance. Aspects like segregation of duties, access controls, and system security were identified as crucial internal control components. Furthermore, the study highlights the impact of an accountant's educational background and work experience on their software competency, stressing the need for continuous professional development that blends theoretical and practical training. This is crucial for accountants to adapt to evolving technologies. In summary, the study provides valuable insights into the interrelated nature of internal controls, accountant education, organizational support, and profitability in Nigerian money deposit institutions. It recommends strategic investments in internal controls, ongoing training initiatives, and supportive organizational policies to drive long-term growth and profitability in the banking sector. Keywords: Computerized accounting software, Internal controls, Money deposit banks, Nigeria, Profitability, Word Count: 245