This study is to examine the relevance of accounts department in a small and medium business enterprise (Using some selected SME’s in Etsako West Local Government Area as a case study). In this study, the extent to which the presence of the accounts department is being felt in an organization and the significant role between the accounts department and the management of the organization was looked at. The research also examines the relationship between the accounts department and the various departments of the organization and how their activities are co-ordinated to achieve the overall objective of the organization. The study also seeks to find out the problems encountered by the accounts department in the course of carrying out their operations and how it can be resolved. Relevant journals, textbooks and related work on the relevance of accounts department in small and medium scale business enterprises written by different authors were consulted. The stratified random sampling technique was used and questionnaires and personal interview were the research tools used in collection of vital information and the method of data analysis adopted was the chi-square method of data analysis. Some of the result from the research was that the accounting personnel are honest in terms of keeping the books of accounts of the organization, the accounts department does not fulfill its obligation of preparing and publishing regular information to third parties, the accounts department assist the organization in carrying out research and development for new improved methods etc. The following recommendations were also arrived at; regular accounting information should be published and made available to third parties, incentive measures be put in place to compensate workers so as to reduce the issue of fraud in the organization, there should be a good working relationship between the accountant and the management of the organization etc.
TABLE OF CONTENTS
Title Page i
Chapter One: Introduction
Chapter Two: Review of Related Literature
Chapter Three: Research Method and Design
Chapter Four: Data Presentation, Analysis and Interpretation
Chapter Five: Summary of Findings, Conclusion and Recommendations
Appendix I 60
Appendix II 61
The word “Account” as defined in Oxford Advanced Dictionary is a written record of money that is owned to a business and of money that has been paid by it.
An account department is one of the different divisions into which organizations activities are assigned for effective performance so as to achieve desired objectives.
The accountants and the accounting clerks are the account personnel that make up the account department. In most organizations, it has been observed that more often than not, the account department is not appreciated. The researcher have observed that in the past, companies without reliable accounts department always fold up because they cannot ascertain their revenue and expenditure. The situation is the same whether the business organization is small or often associated with organizations without efficient accounts department.
For an organization to be financially operative, all other departments of the organization must be accountable to the accounting department of the organization so as to achieve financial prudency.
Over the years, there has been the problem of ascertaining the importance of accounts department in any organization. The lack of capable and honest accounting personnel has a negative effect to the proper account of an organization. Hence, this research is in view of finding the important role of the accounts department in an organization.
Moreso, suggesting some remedies on the incompetency on the part of the personnel in the collection of information and preparation of the financial statements to the various shareholders or general public to use or work with. Meanwhile, there are numerous problem which will be looked into; this include among others the ineptitude (lack of required and necessary skills) on the part of the accounting clerk who is appointed to keep records of various expenses and receipt incurred by the organization, but due to the boring nature of the work, he/she tend to post erroneously thereby creating an avenue for overcastting or undercasting of the account. Hence, there is need to motivate them with proper incentives so as to bring out the best of the accounting clerk.
Based on the problem stated above, the following research questions were formulated.
The objective of this study is to uncover or find out:
According to the Oxford Advanced Learners’ Dictionary, hypothesis is an idea or explanation of something that is based on a two known facts but that has not yet been proved to be true or correct.
Ho (Null): There is no significant difference between organizations without accounts department and organizations with accounts department.
Hi (Alternative): There is a significant difference between organizations without accounts department and organizations with accounts department.
The importance of accounts department cannot be over emphasized when viewed from the point that accounting personnel supply information that are relevant to various bodies and institutions such as:
Therefore, the accounts department is of great importance since it supplies all accounting information to end users for various and different purposes.
The research work is limited to:
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