Digital Accounting and the Financial Performance of Deposit Money Bank in Nigeria: an Empirical Evidence from Access Bank Plc

The modern accounting profession involves the use of ICT to improve its application in accounting practices and auditing processes. Accounting practices in a digitalized world is a transformative journey from the traditional period to the current period of digitalization. In Nigeria, the increasing use of digital platforms for financial transactions and reporting in the banking system has generated vast volumes of data, presenting both opportunities and challenges in the banking system. This research is on digital accounting and the financial performance of deposit money bank in Nigeria: Empirical evidence from Access Bank Plc. The study employed digital accounting software packages, digital accounting network application packages, blockchain network and cloud accounting as well as return on assets (ROA) as both independent and dependent variables. The research study deployed ex-post facto and survey type of research design. The study employed time series analysis method in obtaining the data used for analysis. The time series data covers from 2014-2023 accounting year of Access Bank Plc. The study made use of descriptive statistics like frequency tables and simple percentages to analyse data collected and simple linear regression method of analysis was used to test the hypothesis at 0.05% level of significance. The result showed that digital accounting practices have significant influence on the financial performance of deposit money banks in Nigeria proxy as investment in computer software and Return on Assets (ROA). It is therefore generally concluded that digital accounting practice influences the financial performance of deposit money banks in Nigeria. Based on this and other findings, the study recommended among others that there is need for investing in training for employees to effectively use digital accounting tools and understand emerging technologies. Keeping staff updated on best practices and software capabilities will maximize the benefits of these systems.