International Journal of Advanced Research and Development

International Journal of Advanced Research and Development

ISSN: 2455-4030
Impact Factor: RJIF 5.24
www.advancedjournal.com
Volume 3; Issue 6; November 2018; Page No. 46-53

Computerized accounting in Ghana: The shift from books to software: The benefits and challenges
associated with the transition
Kojo Akuokoh Frimpong1, Isaac Kwafo Yawson2, Evans Amoh Akomeah3
1
Faculty of Business, Wisconsin International University College, Ghana
2
Faculty of Business Studies, Wisconsin International University College, Ghana
3
Business School, University of Ghana, Ghana

Abstract
The purpose of this study was to provide an overview of computerized accounting in Ghana and also investigate challenges and
benefits associated with its usage. The stratified probability sample method was adopted for the study. The population was divided
into six categories, namely; banking information technology, hospitality, service, manufacturing and multimedia. Respondents
were sampled from the aforementioned categories. The findings of the study showed that despite certain challenges identified with
the use of computerized accounting in Ghana, its usage is very predominant among businesses in the country. Businesses are urged
to invest in computerized accounting because it simplifies and speeds up accounting operations and any investment thereof with
regards to accounting software new releases and updates in the short and long terms is worth doing.

Keywords: computerized accounting, challenges, benefits, e-commerce

1. Introduction cited 2 Kings 12:15 which concern the building of a Temple.

The practice of accounting both as a profession and a field of According to the Holman Christian Standard Bible (HCSB), 2
study has undoubtedly undergone tremendous metamorphosis Kings 12:15 says, “No accounting was required from the men
for the past many years. “Accounting is an exciting, dynamic who received the money to pay those doing the work, since
field of study; its body of knowledge, theories, and practices they worked with integrity”.
as well as the methodologies of teaching its concepts is Besides the above, Hagerman (1980) [10] also cited Luke 16:2
constantly evolving” (Kieso, Weygandt, 1995) [17]. to buttress his point that the history of accounting is traceable
Today, it is no longer necessary for large companies to have further back to the Bible. Luke 16:2 is a story told by Jesus
huge store rooms full of ledgers and records. Instead all of an Christ about a money wasting steward who was suddenly
organization’s accounting information can be stored in asked by his master to account for all the resources which was
computer hard disks, saved on Flash Drives for easy entrusted to him. The story further asserts that accounting was
transferability or even burned unto compact disks. in full practice even during the time of Jesus Christ.
Financial accounting has not only become better in modern The emergence of computers unto the consumer market
times, it also has a wonderful history. Hagerman (1980) [10] during the early 1980s paved the way for the development of
reported that modern accounting is usually traced to Luca Computer software. This software changed the face of
Pacioli (1445–1517), a 15th century Italian Franciscan friar business and social life forever (Hunton, 2002) [12].
who according to Alexander (2002) [2] was versed in many Fortunately, accounting was not left out. Soon computer
disciplines such as mathematics, religion, business, military programs capable of handling accounting transactions were
science, medicine, art, music, law and language and also developed. Notable among them was Lotus 1-2-3 which was
collaborated with Leonardo Da Vinci by helping to calculate developed by Lotus Corp which is now part of IBM (Ury,
the quantity of bronze needed for Da Vinci’s statue of Duke 2011).
Lidovico Sforza of Milan. Today, there is Microsoft Excel, Tally, Sage, QuickBooks,
Even though Pacioli contributed significantly to what is now and other accounting software which together had transformed
known as accounting (Alexander, 2002) [2], Hagerman accounting and brought about what is now known as
believes that most of the fundamental ideas that define modern computerized accounting. The various programs that make
accounting can be traced further back to a time that preexist this type of accounting possible have been termed
Pacioli. In his paper titled Accounting In the Bible published Computerized Accounting Systems (CAS).
in The Accounting Historians Journal, Hagerman (1980) [10]
argued that, “The Bible, which is generally viewed as 1.1 Objectives
covering events between 1800 B.C. and 95 A.D., contains General objectives
several references both direct and indirect, to accounting and The primary objective is to investigate the transition from
basic accounting concepts”. To support his claim, Hagerman manual to computerized accounting.

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International Journal of Advanced Research and Development

The specific objectives are as follows: common objective (Marfo-Yiadom, 2005) [20].
 To find out the type of accounting system used in selected Daniel Katz and his colleague theorists came up with two
organization in Ghana. kinds of systems: open and closed systems. An open system as
 To compare and contrast manual accounting and its name suggests, is not self-contained but one that is able to
computerized accounting. receive information and inputs from sources outside itself.
 To study why businesses transition from manual Closed systems on the other hand are systems that are self-
accounting to computerized accounting and what contained and thus do not receive any information or inputs
challenges are associated with the transition. from external sources (Jones et al, 2000) [16].
The systems theory, especially the open system, is applicable
2. Literature Review to accounting because both manual accounting and
2.1 Theoretical Framework computerized accounting denotes a kind of system.
Accounting practices both in the manual or computerized Accounting as a system has transaction data and source
formscan be viewed in the context of the systems theory. The documents as its inputs. The accountant, accounts officers or
systems theory was developed by Daniel Katz, Robert Kahn accounting software packages represents the system’s
and James Thompson in the 1960s as seen in Contemporary processing components which leads to the production of
Management (Jones, George & Hill, 2000) [16]. outputs such as financial statements, reports, and other
A system can also be seen as a group of interrelated but information needed for decision making. The system and its
distinct elements which function together to achieve a processes can be illustrated in a model as shown below:

Fig 1: The Accounting System Model

2.2 Accounting Standards comes to mind; the IASB and IFRS. The International
With the practice of accounting comes the need for accounting Accounting Standards Board (IASB) is the standard setting
practices and procedures to be standardized. This is necessary body for the International Financial Reporting Standards
due to the fact that accounting is now intertwined with (IFRS) foundation (IFRS, 2013) [14].
business and thus calls for standardized practices to ensure The IFRS foundation has a three-tier structure which function
equity and reliability of accounting information. When we hand-in-hand to achieve the foundation’s objective. Figure 2
speak of accounting standards, two abbreviations usually below depicts the three-tier structure of the IFRS.

The three-tier structure of the IFRS foundation

Fig 2: The Three-tier Structure of the IFRS Foundation. Source: IFRS, 2013. www.ifrs.org

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International Journal of Advanced Research and Development

The studies by Dunne, Helliar, and Power (2003) [7], programs, automatically accepting, storing and processing
Wagenhofer (2009) [30] and Nguyen (2010) [22] offer important data to produce information that is the result of that
perspectives on accounting standards and their implication on processing” (French, 1996) [8]. French further stated that, the
accounting practices and procedures. Computerized computer is a device which accepts data in one form,
accounting and accounting software are designed to work not processes that data, and produces it in another form.
in isolation but to conform with laid down accounting The raw data that the computer accepts is called input and the
procedures. processed data is the output. Between the input and output lies
two functions of the computer—processing and storage
2.3 Accounting System (French, 1996) [8].
The nature of accounting makes it fit into the description of a Accounting on the other hand, is the chronological and
system. It receives inputs in the form of transaction data systematic recording, processing, summarizing and reporting
recorded manually or with the aid of an accounting software of information relating to the economic activities of business
which is usually a component of an Enterprise Resource units. The aim of accounting is to provide information relating
Planning (ERP) package. The data is then processed manually to the financial position, financial performance and cash flows
or with accounting software in the case of computerized of individuals, companies and public institutions (Teiuşan,
accounting. That is, accounting as a system exists in two main 2009) [28].
forms: manual accounting system and computerized From the definition of computer and brief explanation of what
accounting system. accounting does, it is evident that the concept of computer and
the concept of accounting are significantly divergent.
2.4 The Manual Accounting System However, Teiuşan (2009) [29] believes that we can marry the
Since the invention and popularization of the double entry two, and such a marriage leads to the creation of what Teiuşan
system of accounting in 14th century Italy, the accounting that called computer-assisting accounting which is a reference to
has been in practice is the manual accounting system computerized accounting. Of computer-assisted accounting
(Alexander, 2002) [2]. The manual accounting system is the Teiuşansaid the following:
kind that makes use of handwritten records in large notebooks “Computer-assisted accounting is a term with a general
called ledgers. The use of books for manual accounting led to character; it refers to the accounting kept with the help of the
the development of terms like “doing the books” and computer or to the use of the computer to automate the
“bookkeeping” (Ury, 2011) [29]. operations in the activity of the person in charge of
The work of Waterfield and Ramsing (1998) [31] emphasized accounting, the accountant; it is a concept used to define the
that the accounting system in an entity can be a simple manual computer applications in the accounting activity”.
system where transactions are recorded in a chronological or
date-wise manner as debits and credits. In their study, they 2.6 Computerized Accounting in Ghana
described manual accounting system as starting with The work of Adjei (2013) [1] like that of Dacosta et al (2012)
[6]
journalizing of transactions in the general journal and other reviewed earlier was directed at investigating the effects of
supporting journals like purchases and sales. Recordings in the computerized accounting on Ghanaian banks. The study was
journals mainly have to do with determining which accounts focused on Amanano Rural Bank, and revealed that the bank’s
will be debited and which will be credited. From the journals, adoption of computerized accounting software actually
the general journal transactions are posted to the general expedites the operations of the bank with respect to both their
ledger and those in other supporting journals are posted to customers and staff. For example, customers’ information
their respective ledgers. Their study also highlighted that, the could now be instantly fetched and supplied to the cashier just
actual activity of accounting is done in the ledgers. after keying-in few particulars of the customer. The
The advantages of manual accounting system includes: introduction of computerized accounting system therefore
reliability, skilled labour which is readily available, manual ensured that transactions were effected with ease and at a
accounting resources are relatively cheaper, and independence faster pace.
from computers and its associated problems such as computer In a contrast study, Simpson (2012) [26] shifted from the
failure, harking and so on. Nonetheless, manual accounting is private sector to the public sector and sought to study the
not without demerits. Dacosta et al (2012) [6] stated that developments in public sector accounting in a post-
manual accounting system is slow, raises workload of independence Ghana. Simpson noted that the fewness of
accountants, and hinders internal control reporting. In researches in public sector accounting in emerging economies
addition, manual accounting is repetitive and routine in nature like Ghana influenced his choice of the public sector
and thus creates boredom. Then there is also the issue of accounting for his research. The study found that entire public
backups. The use of books makes backing up information very sector accounting practices and reporting procedures are being
burdensome. This had led to loss of important financial computerized.
records in developing countries like Ghana in the event of fire To conclude, the diagram below depicts how Gelinas and
outbreaks. colleagues in (Adjei 2013; Dacosta, 2012) [1, 6] demonstrated
the workings within a computerized accounting system.
2.5 The Computerized Accounting System
“A computer is a device that works under the control of stored

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International Journal of Advanced Research and Development

computerized accounting representing 16 responses. Manual

accounting userswere4 which is 9.3% and only a company
does not account for its operations.

Fig 3: The Computerized Accounting System Model. Source:

Dacosta et al (2012)

In summary, computerized accounting has become an

important factor both globally and in Ghana as has been seen
in the works that has been reviewed.

3. Methodology
The descriptive research approach was selected for the study
as it systematically explain the phenomena or characteristics
connected with a subject and allows the researcher to obtain Source: Field Study
direct information from participants of the study. Fig 4: Satisfaction with current accounting system
The population consist of accountants, account officers and
other accounting staff of both businesses that use manual The above diagram shows satisfactory level with current
accounting systems and those using computerized accounting accounting system in use. 51% are satisfied, 42% responded
systems. The population is one hundred (100).A sample size very satisfied and only 7% were not satisfied.
of forty-three (43) made up accountants, account officers and
other accounting personnel of the companies from which 4.2 Types of Accounting Software used in Ghana
respondents were fetched. ‘Most Used’ Accounting Software in Ghana
To ensure representativeness of the population, the stratified
random sampling technique which is a type of probability Table 2: Most Used’ Accounting Software
sampling was adopted for the study. Using the stratified
random sampling, the researchers subdivided the population Responses
into subcategories known as strata. There were a total of six Frequency Percent
Microsoft Excel 40 93.02%
strata namely; banking industry, information technology (IT)
Sage 15 38.88%
industry, hospitality industry, service industry, manufacturing
Tally 16 37.21%
industry and multimedia industry. At least one company was
QuickBooks 4 9.3%
conveniently selected from each stratum and their SAP 9 20.93%
accountants, account officers and other accounting personnel Pastel 3 6.97%
were served with questionnaires. SPSS, tables and diagrams Others 17 39.53%
was used for illustration and analysis. Source: Field Study

4. Findings and Discussion The researchers sought data on the ‘most used’ accounting
4.1 Presentation of Results for Research Objectives software by businesses in Ghana. The results, as represented
Current Accounting System in respondent’s organization above shows that Microsoft Excel is the ‘most used’
accounting software with 93.02% usage. The data collected
Table 1: Respondents’ Current Accounting system showed that even companies that stated manual accounting as
Frequency Percent (%) their current accounting system also stated that they use
Manual accounting 4 9.3 Microsoft Excel for some of their accounting operations such
Computerized accounting 16 37.2 as computing sales or payroll.
Both manual and computer 22 51.2 This finding puts a highlight on Microsoft Excel as a great
No accounting 1 2.3 tool for the accounting profession. Even though Excel does
Total 43 100.0 not come pre-automated to carry out accounting operations
Source: Field Study like Sage or Tally does, it still stands out as a great tool for
accountants and account officers.
Table 1 illustrates the current accounting system systems in
use in some organization in Ghana. According to the above 4.3 Differences between Manual and Computerized
table 51.2% representing 22 out of 43 responses use both Accounting Systems
manual and computerized accounting. 37.2% use only Another objective of the study was to investigate the

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International Journal of Advanced Research and Development

differences that exist between manual and computerized four options from which to respond. They had the option to
accounting. To achieve this, the researchers proposed four “strongly agree”, “agree”, “disagree” or “strongly disagree.”
differences and presented it to the respondents via The proposed differences and the accumulated answers given
questionnaires. For each difference, respondents were given by the respondents are as presented in the Table 4 below.

Differences between Manual & Computerized Accounting

Table 3: Difference between manual and computerized accounting

Agreed Disagreed
Total
Frequency Percent (%) Frequency Percent (%)
Manual accounting is simpler to use than computerized accounting 20 46.6 23 53.4 43
Accounting software processes and generates reports faster than manual accounting 42 97.7 1 2.3 43
Manual accounting is cheaper than computerized accounting 32 74.4 11 25.6 43
Back up is easy and efficient with computerized accounting than manual accounting 41 95.3 2 4.7 43
Source: Field Study

The table above shows that the first proposed difference, that “accounting software processes and the fact that it generates
is, ‘manual accounting is simple to use than computerized reports faster than manual accounting” as a difference. Also
accounting’ is not a strong difference because 23 respondents 32 (74.4%) and 41(95.3%) respondents agreed with the third
representing 53.4% did not agree with it as a difference. (manual accounting is cheaper) and fourth (backup is easier
However, the remaining three differences appear to be major and more efficient with computerized accounting) questions
differences between manual and computerized accounting. An respectively.
outstanding 42 (97.7%) out of 43 respondents agreed with

4.4 Factors That Prevent Businesses from Switching from Manual to Computerized Accounting

Table 4: Preventive factors

Agreed Disagreed
Total
Frequency Percent (%) Frequency Percent (%)
The complexity of accounting software packages 29 67.4 14 32.6 43
High cost of accounting software 29 67.4 14 32.6 43
Fear of computers and technology as a whole 23 53.5 20 46.5 43
Resistance to changes and modern ways of doing things 38 88.4 5 11.6 43
Source: Field Study

The results above explains that 29 and 14 respondents out of manual to computerized accounting. The following additional
43 representing 67.4% and 32.6% respondents agreed and factors were also given by the study respondents as being
disagreed respectively to the questions whether or not other factors that hinder the transition from manual accounting
complexity of accounting software packages and high cost of to computerized accounting:
accounting software preventing businesses from switching  Computerized accounting is associated with computer
from manual to computerized accounting. For fear of virus issues
computer as a whole account for 23 responds representing  There is difficulty of staff to adjust to the use of
53.5% agreeing whiles 20 respondents representing 46.5% computerized accounting software
disagreed. 38 and 5 respondents out of 43 representing 88.4%  There is the problem of unskilled labour and the cost of
and 11.6% respectively agreed and disagreed respectively to training in other to use computerized accounting.
resistance to change and modern ways of doing things.  Inadequate after-sales service by accounting software
The results showed that the proposed factors are indeed valid vendors.
factors which prevent organizations from switching from

4.5 Factors That Cause Businesses to Switch from Manual to Computerized Accounting

Table 5: Switch factors

Agreed Disagreed
Total
Frequency Percent (%) Frequency Percent (%)
Speed of processing financial data and generating reports 41 95.3 2 4.7 43
Storing financial information and reports for future use 42 97.7 1 2.3 43
Computerized accounting requires use of fewer accounting personnel 42 97.7 1 2.3 43
Accounting software is able to process large volumes of financial data 42 97.7 1 2.3 43
Source: Field Study

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International Journal of Advanced Research and Development

From Table 5, it is evident that speed of processing financial manual to computerized accounting.
data and generating reports was agreed by 41 out of 43 In addition to the above factors, respondents were also asked
respondents representing 95.3% with just 4.7% representing 2 if any of the following; accounting needs of the organization,
respondents disagreeing. Regarding storing financial government regulations or law, the benefits of computerized
information and report for future use, computerized accounting, and any other reason apart from those listed in the
accounting requiring use of fewer accounting personnel and Table 2 above, had caused their organization to switch from
accounting software being able to process large volumes of manual accounting to computerized accounting. The
financial data, 42 out of 43 respondents representing respondents’ response to these second set of reasons that cause
whooping 97.7% agreed to all these questions with only 2.3% businesses to switch from manual to computerized accounting
which is a respondent disagreeing. The proposed factors above are as presented below.
are indeed factors that cause organizations to switch from

Source: Field Study

Fig 5: Other factors chart

It can be seen from the diagram above that most organizations generation of reports and ease of storage and back up.
switch from manual to computerized accounting in order to Followed by 29% which were the accounting needs of the
enjoy the benefits that come with computerized accounting organization, requiring accounting software. Other reasons
operations. This alone account for 56%, These benefits were 8% whereas switching necessitated by regulation and
include faster processing of accounting information, quicker law is 7%.

4.6 Factors That Cause Organization to Move from One Accounting Software to Another

Table 6: Change factors

Agreed Disagreed
Total
Frequency Percent (%) Frequency Percent (%)
The nature of business (that is, small/medium/large) 43 100 0 0 43
The needs of the organization 40 93 3 7 43
Differences in accounting software costs 35 81 8 19 43
Tastes, competence and preference of the accountants and accounting staff 33 76.7 10 23.3 43
Source: Field Study

Finally, the above Table 6 shows respondents’ answers to factor that caused businesses to change accounting software.
questions about proposed reasons why some businesses For example at one of the service companies surveyed, the
sometimes change accounting software. The table shows that researchers gathered that the company switched from Sage to
all four factors are justifiable reasons why companies Tally because the latter allows for easy printing of receipts,
sometimes move from one accounting software package to payment vouchers and other critical reports.
another. All the respondents to some extent agreed that the Differences in accounting software costs and tastes and
‘nature of the organization’ is a factor that necessitates the preference of the accountant and accounting staff were also
transition to another. 40 out of the 43 respondents representing affirmed by 81% and 76.7% respectively as valid reasons why
93% also agreed that ‘needs of the organization’ is another some organizations switch between accounting software types.

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International Journal of Advanced Research and Development

5.1 Conclusion 5. Cooper DR, Schindler PS. Business Research Methods.

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