TECHNOLOGICAL CHALLENGES OF ACCOUNTING AS A TOOL FOR SOCIO-ECONOMIC DEVELOPMENT IN NIGERIA AND THE WAY OUT

SANNI, Michael Rotimi
Redeemer’s University, Ede, Osun State, Nigeria
sannir@run.edu.ng
ADEGOKE, Asimiyu Kolawole
Redeemer’s University, Ede, Osun State, Nigeria
kolawolegoke@achievers.edu.ng
ABU, Joseph Adetokunbo
Redeemer’s University, Ede, Osun State, Nigeria
abujoseph953@gmail.com
OJO, Joshua Abayomi
Redeemer’s University, Ede, Osun State, Nigeria
jaojo@achievers.edu.ng
ABSTRACT
Accounting is crucial to socioeconomic development of every nation due to the variety of economic
information it provides. The efficient use and management of resources influences economic growth and
prosperity. Lack of thoroughly thought-out accounting methods lead to inefficient resource allocation and
underutilization. In light of this, this paper explored accounting’s technological challenges, as well as the
role of accounting to socioeconomic development in Nigeria. The extensive literature review conducted
showed that if accounting is to remain relevant in the quickly changing corporate environment,
technological challenges brought on by artificial intelligence, cyber security, and remote work must be
overcome. Further, the paper identified significant accounting-related problems brought on by
technological advancements. The conclusion is that the position of accounting is becoming more difficult
in the light of constantly evolving technology. The study recommends that the best way to make sure
accountants stay up to date with modern economic and technological developments is ongoing training.
The study also recommends that government agencies and businesses that employ accountants should offer
necessary support in this area.
Keywords: Accounting, artificial intelligence, socio-economic development, technological challenges